Department has decided to keep a tab on the trade by putting its intelligence wing on the job.
The developing world lost $859 billion in illicit outflows in 2010, an increase of 11% over 2009, according to Global Financial Integrity.
Purchase of three plots of land in Haryana in 2005-06 by Congress leader Sonia Gandhi's son-in-law Robert Vadra from a real estate agent is being probed along with a land deal made by his wife Priyanka Gandhi Vadra, the Enforcement Directorate (ED) claimed in a recently filed money laundering case charge sheet.
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.
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.
Bourses chiefs say, they are keeping a constant vigil to thwart any attempt to make undue gains through the markets.
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.
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.
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.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
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.
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.
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.
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.
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.
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.
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.
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".
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.
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.
High food prices have pushed 44 million people into poverty since June.
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.
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.
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.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
The National Informatics Centre uses AI to automate document analysis and detect fraud in government departments.
Income Tax officials surveyed the British broadcaster's offices in Mumbai and Delhi.
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 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.
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.
These transactions are based on the Annual Information Reports (AIR) filed by entities like banks, mutual funds and companies.
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.
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
Searches were also conducted at the residential premises of top company officials, the source said.
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.
