Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
'It is unlikely that foreign portfolio investors (FPIs) might increase their India allocation, given the overweight status for most FPIs.' 'Given the commentary from the Republican Party, an anti-imports approach means money will not flow out of the US.'
'India is not so distant from years of high and entrenched inflationary expectations that it should start trying to play games with the economy the way the West's central bankers think they are entitled to,' argues Mihir S Sharma.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
'The BJP gets most of its contributions in cash.' 'Now they may show that donations are made in small amounts, less that Rs 20,000, but everyone knows this is just absurd.'
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
The Virtual ID, which would be a random 16-digit number, together with biometrics of the user would give any authorised agency limited details like name, address and photograph, which are enough for any verification.
Shivakumar, arrested on September 3 by the ED, was produced before the court on the expiry of his 9-day custodial interrogation by the agency.
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
I-T officials say many lawyers, CAs, consultants, designers have not filed their TDS
Work in mandis across UP and in northern India which till Tuesday, witnessed heavy arrivals of newly harvested paddy, saw a steep decline.
The Supreme Court on Friday reserved its order on interim bail plea of Sahara Chief Subrata Roy who pleaded to the court to show 'raham' (mercy) and allow him to come out of jail to sell off his properties to deposit Rs 10,000 crore (Rs 100 billion) with SEBI as directed to get regular bail.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The task force has provided probe agencies with a list of attributes, including disproportionate investments, debt, advances or cash, to red-flag such firms.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Shivakumar's lawyers Abhishek Manu Singhvi and Dayan Krishnan opposed the ED's plea for custodial interrogation saying that he had joined the probe and never absconded.
James Wilson tracks down discrepancies in the much-hailed demonetisation policy and the subsequent statements of the government and the Reserve Bank of India.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
A whopping Rs 30,000 crore is likely to be spent by the government, political parties and candidates in the upcoming Lok Sabha elections, making it by far the most expensive electoral exercise in Indian history.
The money was allegedly diverted by an ATM servicing company in criminal conspiracy with bank officials.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The raid was carried out at a hotel in Karol Bagh in the national capital.
'Deep pockets have become a prerequisite for contesting elections on a major party symbol in most states.' 'Given the premium parties place on self-financing candidates, once you have accounted for the suspected criminals, dynasts, industrialists, and celebrities, there is not much room for anyone else.'
IMF said the repercussions from India's currency exchange initiative will likely persist through the first quarter of 2017.
The government could carry out the demonetisation exercise over periodic intervals along with its surprise element, says Soumya Kanti Ghosh.
The government can seek details from sellers such as sources of funds while buying.
It is possible that this experiment might see a rise in the Union government's cost incurred on tax concessions, without any increase in the tax base or coverage, says A K Bhattacharya.
Two districts where most of the cash and jewellery has been recovered are Madurai and Tiruchirapalli, both bastions of the rulng DMK.
In a crackdown ahead of Republic Day, the National Investigation Agency has arrested 13 suspected Islamic State sympathisers for plotting attacks in different parts of the country.
Finance minister Arun Jaitley has few feathers in his cap for taking serious eff
We may be witnessing a slow erosion of the democratic republic and the emergence of the police State, warns Sunanda K Datta-Ray.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
'Why can't a country that builds and manages airports of acknowledged excellence at home and abroad produce passports of durable quality for its citizens?' asks Sunil Sethi.
Underlines need to reduce human interface; wants tax e-assessment in more cities
'It is going to be as high as 50% in the coming one or two months and can be about 20% to 25% in the medium term.'
He said the bearer bonds can be purchased by corporate donors and donated to political parties without revealing their identity.
The ED is investigating Lodha after it booked him on criminal charges for his alleged involvement in two high-profile black money cases of illegal conversion of old notes post demonetisation.
