To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
According to the IT department's complaint, Burman was holding foreign bank accounts but he had not disclosed about it in his income tax returns and there were undisclosed deposits in those two accounts.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Bundesliga champions Bayern Munich achieved record turnover figures for 2013/14 on Friday, matching their success on the pitch by breaking through the 500 million euros (398.05 million pounds) barrier for the first time.
Narendra Modi had stressed need for shifting focus from port development to 'port-led development' model to maximise gains
Sahara group confirmed the development but expressed ignorance as to why this action was being taken against it.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
About 40 per cent of respondents felt fraud had gone up in India, while 67 per cent said the new Act would improve governance.
The raids are underway at three locations, including her residence in Sainik Farm. Misa Bharti and her husband Shailash Kumar are involved in an alleged benami land deals case and were called for questioning by tax officials in June.
A day after the world was rocked by the revelations made by what is now being called the Panama Papers, the Indian Express has disclosed a second list of Indians who were involved in offshore companies.
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
The Gujarat high court on Monday said it does not have faith in the state machinery which gets into action only after innocent lives are lost, as it pulled up the Rajkot civic body over the purported lapses in functioning of the game zone facility where a massive fire killed 27 persons.
As the government submitted a list of 627 foreign account holders to the Supreme Court on Wednesday, the spotlight is on family of former Maharashtra chief minister, former minister in the UPA government, a Mumbai-based corporate among others. Vrishti Beniwal reports
The finance ministry on Saturday asserted that Indian customer deposits in Swiss banks have fallen since 2019, but said it is seeking details from Swiss authorities on the relevant facts along with their view on possible reasons for changes in the funds parked by individuals and entities in 2020. In a statement, the ministry said the deposits have halved but did not give numbers. Quoting data from Switzerland's central bank, PTI had reported on June 17 that funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, jumped to a 13-year high of 2.55 billion Swiss francs (over Rs 20,700 crore) in 2020 on a sharp surge in holdings via securities and similar instruments, though customer deposits fell.
As the service tax department is probing the evasion of service tax on bulk discounts offered by the print media to advertising agencies
Ajit Balakrishnan on understanding the anti-cash chorus.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
After resisting for more than three years, the Centre on Tuesday revealed names of 18 persons in the Supreme Court who allegedly stashed black money with the LST bank in Liechtenstein and against whom prosecution have been launched by the Income Tax department.
Economists have asked Finance Minister Arun Jaitley to lower interest rate, rationalise subsidies, remove all cess and surcharge, do away with the retrospective tax amendments and scrap dividend distribution tax to revive investment cycle and promote growth.
German tennis great Boris Becker was jailed by a London court on Friday for hiding hundreds of thousands of pounds of assets after he was declared bankrupt.
The SIT will ask the RBI for transaction details over 15 years
Tata Motors might have to rethink its association with sportstar Lionel Messi.
The Enforcement Directorate on Monday detected cash deposits totalling over Rs.104 crore in an account belonging to the Bahujan Samaj Party and Rs 1.43 crore in an account belonging to party Supremo Mayawati's brother Anand in a branch of United Bank of India in New Delhi, sources in the Enforcement Directorate said.
The agency's probe till now found that huge monies were transferred through RTGS transfers to some shell companies including a case where the director of such a firm was a petty labourer
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The finance ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources. Four years after the roll out of the national Goods and Services Tax (GST), which replaced the complex indirect tax structure, the centre and states have started work on moving towards a "simpler rate structure in GST" by reviewing the current rate slabs, including special rates and merger of rate slabs. The Group of Ministers (GoM) on rate rationalisation would also review items under inverted duty structure to help minimise refund payout, and review the supply of goods and services exempt under GST with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain.
The Swiss Finance Ministry spokesperson recently confirmed that a meeting is expected in the coming weeks, but did not disclose any further details.
Formula One world championship leader Nico Rosberg's contract with the Mercedes team has shown up in the Panama Papers, leaked documents which reveal offshore financial dealings, German broadcaster ARD reported on Monday.
ED orders Chanda Kochhar to appear with asset lists also provide income-tax returns in her individual capacity and of companies if she was a director or held any position.
Acknowledging that effective taxation of mobile income is a key challenge, G20 leaders including Prime Minister Manmohan Singh on Friday vowed to take steps to change rules to tackle tax avoidance, harmful practices and aggressive tax planning.
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
This and more from the happenings in the world of football
Justice G Jayachandran said there is ample evidence placed before the court by the prosecution to show that these accused were involved in cheating the government by producing forged documents.
The finance ministry on Sunday highlighted its achievements during the past six months, including the Jan-Dhan Yojana, Varishtha Pension Bima Yojana, and actions taken to curb black money.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
These stocks are prone to manipulation and have been earlier reported by probe agencies.
Short-term capital gains tax of 30% is likely to be levied if bitcoin is held for less than three years and 20% if held for longer than 36 months.
