The government has detected over Rs 1 lakh crore of undisclosed income in the last financial year, a figure more than double as compared to the search and seizure action undertaken by the Income Tax department during 2012-13 to check black money.
Financial institutions at the risk of US sanctions as sharing of documents on SC directive amounts to violation of existing agreements.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
The White House said it would push US states to create registers of the true ownership of American companies.
In April last year, tax authorities had questioned Deepak Kochhar over a Rs 405-crore investment by Accion Diversified Strategies Fund through its Mauritius subsidiary, DH Renewables Holding
During a verification of electronic returns, the department found that as many as 1,714 taxpayers under the self-assessment scheme (where tax-payers determine their tax liability and pay accordingly) had not paid their tax dues. In a few cases, the amount due was around Rs 100 crore (Rs 1 billion). The government made it compulsory for companies to file their returns online from 2006.
India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
The study report will be based on the investigation and intelligence reports of the Income Tax department which conducts nation-wide searches and raids in the country to unearth tax evasion and flow of blackmoney.
The disclosure comes hours after Cameron admitted that he could have handled the tax row arising out of the Panama Papers leak "better", saying he will imminently publish details of his personal tax affairs.
According to I-T department sources, the need for increased scrutiny comes following the department's own report for last fiscal which mentions that 'educational institutions' among other 'various sectors' have indulged in huge 'tax evasions'. The I-T department exempts educational trusts and institutions enjoying 'tax benefits' from the Act.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
On the steps being taken by the government to check the generation and transfer of black money to foreign countries, the Minister said that India has been renegotiating its Double Taxation Avoidance Agreements with other countries to bring Article on Exchange of Information at par with international standards.
It was not immediately known if the residential premises of the industrialist were also being searched by the sleuths.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Are the political parties in India fooling us on the issue of illicit wealth parked abroad by winking at the obvious.
The two media groups have been critical of the Covid-19 management in the country and have done numerous news stories on the subject during the second wave of the pandemic that hit the country between April and May.
In more trouble for Finnish mobile firm Nokia, whose immovable assets were attached in an alleged tax evasion case recently, the Income Tax department is set to issue fresh demand notices for payment of taxes to the tune of Rs 1,000 crore (Rs 10 billion).
The Income Tax department is mulling to arm its soon-to-be-appointed 'special agents' who will be tasked to crack high-profile tax evasion and money laundering cases in the country.
He says current arrangement is working fine.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
The aim of the department is to check suspected tax evasion by the banking institutions and possible loss of revenue by illegal acts done by authorised individuals.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
Tax sleuths conducted search operations on Thursday on 10 premises of Noida-based Uflex Ltd (formerly Flex Industries), besides telecom equipment maker Himachal Futuristic Communications Ltd for suspected tax evasion.
The Enforcement Directorate on Wednesday carried out searches at the Pune residence as also the office of Sunil Shinde, the chartered accountant of businessman Hasan Ali Khan, who is facing charges of money laundering and tax evasion.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
The government has initiated an inquiry into US-based Kraft Food Inc's takeover of Cadbury India for alleged tax evasion and flouting of buyout norms.
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
As many as nine crore people would be out from the state of abject poverty in next 5 years if India could stop inequality from rising and levy a nominal tax on the super riches to narrow the rich and poor divide, a report said.
Hours earlier, a Spanish court issued a preliminary ruling in favor of the 75-year-old tycoon's extradition to the United States to face tax-related criminal charges.
More than half the transactions under four of eight categories tracked under a scheme to reduce tax evasion lack a "valid" identification number issued by the Income-tax (I-T) Department.
Sanjay Bhandari, an accused arms dealer wanted in India on money laundering and tax evasion charges, is pursuing a separate legal battle of his own in France over an alleged unpaid cut from a large Indian defence contract dating back over 10 years, according to a UK media report.
Under attack from Bharatiya Janata Party, former Union Minister Virbhadra Singh on Tuesday brushed aside allegations of income tax evasion, money-laundering and forgery as "false and fabricated" and threatened action against those behind the "malicious" campaign ahead of Himachal assembly polls.
Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, a finance ministry statement said on Wednesday.
The income tax department on Wednesday conducted raids in multiple states as part of a pan-India tax evasion probe against certain registered unrecognised political parties (RUPP) and their alleged dubious financial transactions, official sources said.
The provision, made in Budget 2009-10, is applicable from today and is aimed at plugging the loopholes leading to tax evasion and compelling more and more people to obtain PAN.
Last month, the DRI had claimed to have busted over Rs 1,000 crore hawala racket in Punjab.
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