The ED is also probing alleged violations of foreign exchange rules by the company since 2006.
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.
Trump becomes the first former US president to face a criminal charge.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
The charges of aiding tax fraud, to which Credit Suisse has admitted, are serious and reflect the deep malaise that afflicts the Swiss banking system.
'Quite a few notices have been issued in both black money and benami transactions.'
About 40 per cent of respondents felt fraud had gone up in India, while 67 per cent said the new Act would improve governance.
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.
Names of 100,000 a/c holders in HSBC's Swiss unit recently became public.
'India's emergence as a top crypto market comes despite a regulatory and tax environment that can be challenging for the industry to navigate.'
Barcelona president Josep Bartomeu has reiterated the club's innocence of tax fraud in the signing of Neymar and insisted the operation to bring the Brazil forward to the Catalan capital was "completely legal".
Kamala Harris used her forceful presidential acceptance speech to present herself as a leader who could unite the country to chart a 'new way forward' and warned Americans of 'extremely serious' consequences of putting her Republican rival Donald Trump back in the White House.
Some of the many femme fatales the former Italian prime minister 'dated'
In the wake of recurrent corporate frauds, the income tax department has decided to use a new computer-assisted tool for detecting suspicious entries in the accounts of taxpayers.
The search and survey operation was started at 44 locations in Mumbai and Surat on November 6, on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly in Brihanmumbai Municipal Corporation.
After charge-sheeting Ramalinga Raju and others in the multi-crore rupee accounting fraud at Satyam, the Central Bureau of Investigation is trying to ascertain the role of 'hawala' operators who allegedly brought in crores of rupees from abroad.
Fan tokens are a type of cryptocurrency that allow holders to vote
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
B1 visas are essentially short-term visas for business travellers, which allow a person to stay for six months to a year.
Former United States president and Republican presidential nominee Donald Trump on Thursday refused to debate with his Democratic rival and Vice President Kamala Harris until the Democrats formally decide on their nominee, whereas the latter said that she is ready for a debate.
Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal Internet addresses of many people, the department is adding a word of 'caution' at the end of each mail sent by them.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
Third parties can be used to launder the proceeds of fraud schemes by criminals who gain illegal access to deposit accounts by recruiting them as 'money mules'
The Enforcement Directorate on Wednesday continued raids for the seventh day as it visited 17 locations across the country, including four shell companies in Mumbai, even as the Income Tax department attached assets worth Rs 145 crore in the alleged Rs 11,400-crore Punjab National Bank fraud.
A Brazilian judge threw out a tax evasion case against Barcelona forward Neymar on Thursday because Brazil's inland revenue has yet to finish its own deliberations in the case.
Indian fintechs and associated entities are hoping that the Union Budget 2024 will provide a boost and empower firms to extend their reach beyond Tier-II regions, with an emphasis on supporting enterprises led by women. The fintech industry, which has witnessed regulatory reforms over the last year, expects the Budget, scheduled to be presented by Finance Minister Nirmala Sitharaman on February 1, will further encourage financial inclusion, empower micro-small-medium enterprises (MSMEs) with lending solutions, and push for upskilling initiatives for the country's young workforce.
'Last year, Rs 20,000 crore was ripped off from the banking system.' 'The situation has deteriorated under the Modi government.'
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
Barcelona soccer star Lionel Messi has been sentenced to 21 months in prison after a court in Barcelona found him guilty of three counts of tax fraud, a statement from the court said on Wednesday.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
The I-T department is now checking the account books and financial documents of select Reebok dealers in India, to whom it is issuing notices.
If extra tax has been paid on inflated income, only a 'bona fide mistake' will get refund.
Adani Ports and Special Economic Zone will prepay $195 million of debt due in 2024 as the conglomerate helmed by Gautam Adani looks to boost investors' confidence post being targeted by a US short-seller. In a stock exchange filing, APSEZ said it will buy back $195 million of bonds due in 2024 using its cash reserves. Out of the $520 million principal outstanding, $325 million will be left after the buyback, it said.
Lionel Messi is not interested in leaving Barcelona in the wake of his sentencing for tax fraud, according to club spokesman Josep Vives.
...Even if it means less democracy, so that their everyday problems get solved? argues R Jagannathan.
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.
Spain's High Court said in a written ruling on Friday it had reopened a fraud and corruption investigation into Brazilian soccer player Neymar over his transfer to Barcelona three years ago. The court had initially dropped the charges againt him and his father and agent as well as former Barcelona president Sandro Rossell and ex-Santos president Odilio Rodrigues in July.
Infosys will pay California $800,000 to resolve allegations that, between 2006 and 2017, approximately 500 Infosys employees were working in the state on Infosys-sponsored B-1 visas rather than H-1B visas, California Attorney General Xavier Becerra said. In 2017, Infosys had agreed to pay the State of New York $1 million to settle allegations of submitting wrong documents to federal authorities.
