Which entrepreneur would willingly part with her or his hard-earned money for grasping, self-serving politicians? asks Debashis Basu.
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.
These transactions are based on the Annual Information Reports (AIR) filed by entities like banks, mutual funds and companies.
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 searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion, they said.
Brazilian prosecutors filed a formal complaint against Neymar and his father on Tuesday for tax evasion and providing false information.
"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.
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.
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.
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.
The case relates to alleged wrong classification of mixed xylene
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.
From taxation of EPF contributions to new wage code, life won't be the same in FY22.
These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
Shivakumar, 57, was arrested by the Enforcement Directorate on September 3 in a money laundering case.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
The a/c holder will have to mention the date of opening of foreign a/c.
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.
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.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
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.
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.
Fatca aims to track all US residents with non-US accounts and US citizens, too.
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.
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.
A united opposition is all set to corner the government in Parliament today on the banning of old notes.
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.
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.
As many as 379 cases of central excise duty evasion were registered in 2013-14.
A bench comprising Justices R F Nariman and S Ravindra Bhat rejected the request of the Solicitor General, appearing for the Enforcement Directorate, to issue a notice to the other side on the appeal.
We bring you a presentation of the best photos in the last 24 hours from around the world.
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.
The development followed the arrest of chartered accountant Rajesh Kumar Agrawal by the ED.
The Bill could be referred to the Parliamentary Committee for scrutiny
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