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.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Referring to her party's pre-poll alliance with the Samajwadi Party in Uttar Pradesh, she said it was based on "mutual respect" and "honest intentions", adding that "the SP-BSP alliance is perfect enough to defeat the BJP, especially in Uttar Pradesh.
The developing world lost $859 billion in illicit outflows in 2010, an increase of 11% over 2009, according to Global Financial Integrity.
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
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
Department has decided to keep a tab on the trade by putting its intelligence wing on the job.
The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.
Bourses chiefs say, they are keeping a constant vigil to thwart any attempt to make undue gains through the markets.
The income tax department has conducted searches at the office and residential premises owned by cricketer Gautam Gambhir's family in New Delhi for alleged tax evasion. Sleuths of the department conducted raids on Wednesday on at least five premises owned by Gambhir's family, and seized cash, jewellery, share certificates and some incriminating documents.
I-T department defended its probe saying that the investigation has entered the "fifth layer" and the approach towards the case has not been tardy.
However, the exact number of persons contained in the list and the illegal money in the accounts of German banks could not be ascertained immediately.
Last year, HSBC agreed to pay $1.92 billion to settle allegations of violating American sanctions with respect to Iran and other countries, among others.
Bernie Ecclestone's eye for a deal has made him a fortune and turned Formula One motor racing into a global money-spinner, but a bribery trial threatens to end his long reign as the head of the business.
ICICI Infotech outsmarted Tata Consultancy Services and Wipro to get the mandate from states for setting up a national tax information exchange system (Tinxsys) to track inter-state transactions and check tax evasion.
Former Haryana Chief Minister Om Prakash Chautala on Wednesday accused Rahul Gandhi of tax evasion in land purchase in a village in Palwal district, a charge rejected by him as "entirely false, utterly baseless and defamatory".
Sources said that the capital markets regulator Securities and Exchange Board of India has come across quite a few cases where GDR route could have been used for round-tripping of funds in the name of capital-raising activities of listed companies from abroad.
High food prices have pushed 44 million people into poverty since June.
The Central Bureau of Investigation on Thursday carried out searches at 19 places across Tamil Nadu, including the residence of Dravida Munnetra Kazhagam chief M Karunanidhi's son M K Stalin in Chennai in a case of alleged tax evasion of imported cars.
In a fresh turn to the UBS' legal battle with the US tax authorities, the Swiss government has said that the country's law prohibits the bank from disclosing details about the account holders.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
Tax authorities on Friday notified a four-page income tax returns form that would ultimately replace Saral (simple) one-page form in a bid to capture undisclosed income of taxpayers.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
The service tax department had issued notice to Microsoft India in September 2008 demanding Rs 400 crore (Rs 4 billion), which consisted of a duty demand of Rs 255 crore and interest on the amount for three years, over an alleged tax evasion for services provided by the company to its sister concern in Singapore.
President Pratibha Patil has rejected the Delhi Lokayukta's recommendation to sack Delhi's Public Works Department Minister Raj Kumar Chauhan for his alleged involvement in protecting a leading resort in a tax evasion case.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
The finance ministry on Monday said the recent raid on perfume trader Peeyush Jain's house in Kanpur, from where more than Rs 177 cr unaccounted cash was unearthed, was the "biggest ever seizure of cash" by an enforcement agency. The December 26 raid, which resulted in Jain's arrest, included searches at Jain's residential/factory premises in Kannauj, where about Rs 17 crore in cash have been recovered, the ministry said in a release. Further searches are underway at Jain's residential/factory premises in Kannauj.
A court in New Delhi on Thursday extended the Enforcement Directorate custody of Chief Minister Arvind Kejriwal till April 1 in the excise policy case.
During the trial proceedings on Tuesday, John Dowd, Galleon Group founder Rajaratnam's defence lawyer, cross-examined Kumar, a former McKinsey & Co. partner who gave his direct testimony.
The Indian Premier League scandal gets murkier and murkier by the day.
The department has now sent the reports of such accounts to the respective chief commissioners of Income Tax in various parts of the country to check the veracity of such accounts in their regions. More than 6,50,000 frozen demat accounts were taken under scanner and investigated by the Income Tax department in December last year on the suspicion of huge evasion of taxes and benami transactions.
Close aide of former chief minister Madhu Koda Sanjay Chaudhary, alleged to have been behind dubious investments of the leader, was arrested in the United Arab Emirates on Thursday.
Prime Minister Manmohan Singh has urged the G20 nations to send a strong message to control the 'serious problems' of tax evasion and illicit flows that have grave bearing on the developing nations' future.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
These transactions are based on the Annual Information Reports (AIR) filed by entities like banks, mutual funds and companies.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances