India and OECD -- grouping of mostly industrialised nations -- have agreed to strengthen cooperation in cross border taxation issues, the finance ministry said on Wednesday.
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
All entities operating in India must fully comply with relevant laws, External Affairs Minister S Jaishankar Wednesday told his British counterpart James Cleverly, who raised the BBC tax surveys issue during a meeting with him.
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.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
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 Enforcement Directorate has filed its first charge sheet in connection with its money laundering probe against Chinese smartphone maker Vivo-India and some others, official sources said on Thursday. The prosecution complaint was filed before the court of Special Judge Kiran Gupta in New Delhi on Wednesday under the criminal sections of the Prevention of Money Laundering Act and Vivo-India has been named an accused apart from those arrested in this case, the sources told PTI. The judge posted the matter for consideration on December 13.
'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.
It was not immediately known if the residential premises of the industrialist were also being searched by the sleuths.
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.
Are the political parties in India fooling us on the issue of illicit wealth parked abroad by winking at the obvious.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
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
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.
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.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
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.
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.
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.
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.
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.
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.
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.
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.
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.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
Last month, the DRI had claimed to have busted over Rs 1,000 crore hawala racket in Punjab.
Hassan Ali Khan is a Pune-based stud farm owner, but says that he is a scrap dealer with an annual income of Rs 30 lakh (Rs 3 million).
Stating that the focus of Parliament's winter session is bound to be on black money, senior Bharatiya Janata Party leader L K Advani on Saturday asked the government to reveal names of three members of Parliament who figure in the income tax probe list in connection with the Swiss bank accounts.
A former employee of Swiss bank Julius Baer, Rudolf Elmer shot into limelight as a whistleblower in 2008.
New data show tax reform, better tracking needed
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.
It is not clear whether the two judgements will be concurring or dissenting.
