"It is a logical step. The information gathered through annual information returns will now be compared with the tax returns of individuals to see if taxes are paid correctly or not," said a consultant with a leading tax advisory firm.
Searches conducted by the Enforcement Directorate (ED) under the anti-money laundering law rose by 86 times while arrests and attachment of assets jumped by around 25 times in the 10 years since 2014 compared to the preceding nine-year period, according to official data.
Brazilian prosecutors filed a formal complaint against Neymar and his father on Tuesday for tax evasion and providing false information.
Tottenham Hotspur manager Harry Redknapp angrily denied prosecution claims on Thursday that he had told a "pack of lies" to a court when giving evidence over tax evasion claims.
The Supreme Court on Tuesday mulled invoking terror and other stringent penal charges against Pune stud owner Hassan Ali Khan, accused of massive money laundering and tax evasion, for his alleged links with arm dealers and people linked to terror activities.
Gerhard Gribkowsky, an ex-BayernLB banker, is on trial charged with selling Formula One rights in return for a bribe, with the involvement of Ecclestone.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
The case relates to alleged wrong classification of mixed xylene
"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 government says banks, MFs, companies issuing shares and debentures, credit card providers, registrars and the RBI will have to file AIR on high-value transactions.
The a/c holder will have to mention the date of opening of foreign a/c.
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.
Uruguayan striker Luis Suarez returned after a nine-match absence but failed to inspire Liverpool to victory in a cagey 0-0 draw with Tottenham Hotspur in the Premier League on Monday.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
The Enforcement Directorate has been granted three days custody of Kolkata-based businessman Kashinath Tapuria, the associate of Pune-based stud farm owner Hasan Ali Khan.
Swiss private bankers are likely to reduce their exposure to wealthy Indian clients as they cut down their discreet banking services in countries like Germany, France and the United States, analysts say.
The Cricket Board, yet to recover from the alleged scams of former Indian Premier League chairman Lalit Modi, has a new problem confronting it with news reports on Sunday saying tax evasion notice has been issued to one of the investors of its new Kochi franchise by the Central Government.
The Enforcement Directorate on Friday questioned Karnataka Congress president D K Shivakumar in the National Herald money laundering case, officials said.
Fatca aims to track all US residents with non-US accounts and US citizens, too.
Shivakumar, 57, was arrested by the Enforcement Directorate on September 3 in a money laundering case.
Stud farm owner Hasan Ali Khan, accused of massive money laundering and tax evasion, was late on Monday night arrested by the Enforcement Directorate which carried out multi-city searches at his Pune home and his associates' premises, cracking the whip to meet Tuesday's Supreme Court deadline.
A united opposition is all set to corner the government in Parliament today on the banning of old notes.
The Central Board of Indirect Taxes and Customs (CBIC) has stepped up its watch on the import of unbranded gold jewellery amid a spurt in seizures on international borders and from importers. During FY24, the CBIC and Directorate of Revenue Intelligence (DRI) jointly seized about 5 tonnes of gold, 30 per cent more than what they did in FY23. In FY23, 3.5 tonnes of gold was confiscated.
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.
Karnataka Congress president D K Shivakumar on Monday appeared before the Enforcement Directorate in Delhi for a fresh round of questioning in the National Herald money laundering case.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
As many as 379 cases of central excise duty evasion were registered in 2013-14.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
We bring you a presentation of the best photos in the last 24 hours from around the world.
The Bill could be referred to the Parliamentary Committee for scrutiny
The Gandhis and senior Congress leader Oscar Fernandes have challenged the Delhi high court's September 10 verdict by which their plea against the re-opening of their tax assessments for 2011-12 was dismissed.
In a major development in the fight against black money, multilateral grouping OECD today unveiled a 'single global standard' for automatic exchange of financial account information by various countries including India and Switzerland.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The latest turn to the case comes just days after Switzerland made it clear that its law does not allow UBS to disclose client information. The US government had filed a suit against UBS demanding the banking major part with details of about 52,000 American clients, as it felt the Swiss bank was helping American citizens in tax evasion.
The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.
