Searches were also conducted at the residential premises of top company officials, the source 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.
Shivakumar, 57, was arrested by the Enforcement Directorate on September 3 in a money laundering case.
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 case relates to alleged wrong classification of mixed xylene
"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.
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 disputed region witnessed clashes on Saturday between the police and activists of a rights movement, leaving at least one police official dead and injuring over 100 people, mostly policemen.
Income tax department sends out notices to cryptocurrency investors on suspicion of tax evasion.
These illicit financial flows were generally the product of: tax evasion, corruption, bribery and kickbacks, and criminal activities.
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 a/c holder will have to mention the date of opening of foreign a/c.
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 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.
Switzerland has been facing international pressure as countries step up efforts to curb illicit fund flows.
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.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
The searches since December 22, which resulted in Jain's arrest, also included searches at the trader's residential/factory premises in Kannauj, wherein about Rs 17 crore in cash, 23 kg of gold and 600 kg sandalwood oil having a market value of about Rs 6 crore have been recovered, the ministry said in a release.
A united opposition is all set to corner the government in Parliament today on the banning of old notes.
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.
A three-judge bench headed by Justice Sanjay Kishan Kaul was hearing the pleas seeking reconsideration of the July 27, 2022 verdict by a three-judge bench on certain parameters.
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.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
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.
As many as 379 cases of central excise duty evasion were registered in 2013-14.
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.
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Three persons are being questioned in connection with the massive seizure.
The Bill could be referred to the Parliamentary Committee for scrutiny
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 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 rehabilitation policy, which is being currently formulated by the Ministry of Rural Development, is unlikely to affect the special economic zones already approved by the government.
Both the senior officers were arrested yesterday from their residences in Goa, CBI's Anti Corruption Bureau SP S S Gavli told PTI on Tuesday, refusing to divulge the exact location and names and designations of the officers.
It was not that differences did not crop up over other issues between the two erstwhile allies, but Parkash Singh Badal always ensured that these were amicably resolved and the ties remained intact.
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