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.
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.
New data show tax reform, better tracking needed
A former employee of Swiss bank Julius Baer, Rudolf Elmer shot into limelight as a whistleblower in 2008.
The developing world lost $859 billion in illicit outflows in 2010, an increase of 11% over 2009, according to Global Financial Integrity.
Department has decided to keep a tab on the trade by putting its intelligence wing on the job.
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.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
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.
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 former Karnataka minister said the ED has asked him to appear before it in Delhi on Friday by 1 pm and he was considering all legal options.
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.
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 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.
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.
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.
"Heard. Judgement reserved. Learned counsels of the Union of India and Reserve Bank of India are directed to produce the relevant records," the bench, also comprising Justices B R Gavai, A S Bopanna, V Ramasubramanian, and B V Nagarathna, said.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
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.
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.
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.
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.
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.
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.
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.
The EOW conducted searches at the house of PC Singh, the bishop of the Church of North India Jabalpur Diocese, on Thursday morning following registration of a case of cheating against him.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
New-age tech tools and 'mystery shoppers' are helping the country's top bourse stay ahead of the curve against dabba trading platforms and entities dolling out unsolicited investment tips. In the past one month, the National Stock Exchange (NSE) has issued close to two dozen warnings and advisories against such activities. "We saw a rise of dabba trading or illegal trading platforms after the pandemic.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
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.
The Enforcement Directorate has arrested four persons including the MD of the Lava International mobile company and a Chinese national as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo, official sources said on Tuesday. They identified the four as Hari Om Rai, the MD of Lava International company, Chinese national Guangwen Kyang, chartered accountant Nitin Garg and a person called Rajan Malik. They have been taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA).
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.
