The 2023-2024 figures showed that the size of the industry, excluding those having an annual turnover of Rs 20 crore, could be Rs 30,652 crore, assuming no tax evasion.
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The 'in substance' agreement with India under Foreign Account Tax Compliance Act was concluded on April 11, the US Treasury said.
Legal hurdle cited in I-T action against 32,000 entities.
China became the 56th signatory to the agreement by signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. With this all the G20 nations, including India, have become official partners to combat the menace of tax crimes and evasion across international borders.
An earlier tax fraud case against Messi is to be heard in a Barcelona court between May 31 and June 3 after the World Player of the Year and his father Jorge were accused by the tax office in 2013 of defrauding the Spanish state of 4.2 million euros ($4.5 million) from 2007-09.
The parents of Brazil forward Neymar have denied any wrongdoing after a judge froze 188.8 million reais ($47.6 million) of the player's assets in a tax evasion case.
This will add to the woes of the conglomerate that had received a show-cause notice from the Directorate of Revenue Intelligence (DRI) last week for alleged over-valuation of imported machinery by Rs 2,000 crore.
Bayern Munich President Uli Hoeness will stand trial for tax evasion in March, a German court said on Monday, but his club wants him to stay on in his current role.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The crackdown on black money has led to seizing of Rs 3,963 crore of smuggled goods in two years.
The Income Tax Department detected bogus expenditure claims and alleged transfer of share capitals worth crores of rupees through shell companies after it recently raided some entities in Karnataka and Uttar Pradesh, including people linked to the Samajwadi Party.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
Fresh PoEM guidelines will affect pharma, energy, automobiles, manufacturing and software companies.
DRI seized contraband worth Rs 504.39 crore.
Sebi imposed trading restrictions on 33 entities.
The subprime crisis followed by global meltdown has had its share of fallouts; yet there is a silver line which has the world order gearing up for a new era of financial discipline, tax transparency and enhanced regulation.
The searches at the Tamil television channel were conducted over alleged tax evasion.
After Singer and Rapper Honey Singh's show concluded on Saturday, the Indore Municipal Corporation seized the concert goods over alleged entertainment tax evasion.
Festive buying spree unleashed by lower tax rates pushed gross GST collection to about Rs 1.96 lakh crore in October, registering a 4.6 per cent year-on-year growth -- the slowest rate so far this fiscal.
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
Simply put, tax evasion occurs when any trust, individual, or firm, seeks to avoid paying taxes by illegal and unfair means, by, for example, deliberately hiding income from the tax authorities to reduce the tax liability.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
The finance ministry and Reserve Bank of India plan to put in place a Tax Information Network proposed by the Kelkar Task Force, in a bid to improve tax administration and check evasion.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
Cristiano Ronaldo will avoid serving a 23-month prison sentence after agreeing a deal.
More than 900 entities have been banned from the capital markets by Sebi
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
Sebi has also been asked to put in place a mechanism to monitor the beneficial owner of P-notes
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
The Congress party has criticized Prime Minister Narendra Modi's handling of GST reforms, calling them inadequate and demanding an apology for the tax imposed on essential items. They argue that the reforms are merely a 'band-aid' solution and that the government should address the states' demand for extended compensation.
An estimated $344 billion has been illegally removed from the Indian economy between 2002 and 2011
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