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tax evasion

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Sat, Nov 23, 2024

The Gujarat State GST department conducted searches on seven commercial entities and detected tax evasion of Rs 3.53 crore, an official said. These firms were concealing actual revenues, selling without invoice and underreporting tax liability, he added.

Exposed: Tax Dodging & Fake Volume in Exchange Platforms

Exposed: Tax Dodging & Fake Volume in Exchange Platforms

Mon, Jul 01, 2024

Those who 'play' through the exchange platform will be closed. New rules for those involved in tax evasion or generating artificial volumes from July 7. Know complete details from Brajesh Kumar.

GSTN now under anti-money laundering law: As ED gets more teeth to counter tax evasion, your point-by-point guide to this big story

GSTN now under anti-money laundering law: As ED gets more teeth to counter tax evasion, your point-by-point guide to this big story

Mon, Jul 10, 2023

The Goods and Services Tax Network (GSTN) has been added as the 26th entity to the list of agencies, which are required to share information with the Enforcement Directorate and the Financial Intelligence Unit (FIU) under the PMLA. It will help the ED to zero in on violators who evade taxes by generating fake GST invoices and using other means within the GST network.

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Difference between Tax Planning, Tax Avoidance & Tax Evasion!

Difference between Tax Planning, Tax Avoidance & Tax Evasion!

Tue, Sep 19, 2017

Tax planning is an art to reduce your tax outgo by making sure that all the applicable provisions of our income tax act as designed to reduce your tax liability has been availed of.

Govt may pull up tax evaders via social media posts from next month

Govt may pull up tax evaders via social media posts from next month

Fri, Jul 28, 2017

To catch those who try to escape the taxman the government has been working on Project Insight which monitors people’s social media posts to match spending patterns with tax declarations.

6 steps Govt took to control Benami transactions

6 steps Govt took to control Benami transactions

Wed, Jul 26, 2017

Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha, mentioned about five big steps, the government took:

Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes

Reckitt Benckiser denies Oxfam claims of avoiding millions in taxes

Thu, Jul 13, 2017

British consumer goods giant Reckitt Benckiser Group said on Wednesday its tax structure and practices were in line with other global businesses, denying allegations of tax avoidance in developing countries, after charity group Oxfam levelled charges against it.

I-T department launches online facility to correct errors in PAN, Aadhaar

I-T department launches online facility to correct errors in PAN, Aadhaar

Sun, May 14, 2017

The Income Tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and Aadhaar document.

CBI unearths 393 shell companies used to divert Rs 2,900 crore

CBI unearths 393 shell companies used to divert Rs 2,900 crore

Sun, May 07, 2017

According to sources, CBI has uncovered 393 shell companies which were used to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money.

April 30 last day to provide self-certification for account holders; here's what you need to know about FATCA

April 30 last day to provide self-certification for account holders; here's what you need to know about FATCA

Wed, Apr 12, 2017

The Inter-Governmental Agreement (IGA) between India and USA was expected to come into force on August 31, 2015.

More than Rs 1.3 lakh crore of income tax evasion detected in three years: FinMin

More than Rs 1.3 lakh crore of income tax evasion detected in three years: FinMin

Fri, Apr 07, 2017

The Ministry in a release mentioned that the three year period witnessed "unprecedented enforcement actions in direct & indirect taxes."

CBDT proposes norms for tax benefits for genuine equity deals

CBDT proposes norms for tax benefits for genuine equity deals

Tue, Apr 04, 2017

As per the Finance Act, 2017, the income arising by way of a transfer of long-term capital asset, being equity share in a company, will be exempt from tax if such transfer is undertaken after October 1, 2004 and chargeable to Securities Transaction Tax (STT).

India notifies amended tax treaty with Singapore; to impose capital gains tax at source of investments from April 1

India notifies amended tax treaty with Singapore; to impose capital gains tax at source of investments from April 1

Thu, Mar 23, 2017

The Finance Ministry on Thursday has notified the amended India-Singapore tax treaty under which capital gains tax will be levied at source of investments with effect from April 1.

Govt may table four GST bills in Parliament today, says Minister of State for Finance Arjun Ram Meghwal

Govt may table four GST bills in Parliament today, says Minister of State for Finance Arjun Ram Meghwal

Thu, Mar 23, 2017

Minister of State for Finance Arjun Ram Meghwal has said the government may table four GST supplementary legislations in Parliament on Thursday.

Lok Sabha passes the Finance Bill

Lok Sabha passes the Finance Bill

Wed, Mar 22, 2017

Finance Minister Arun Jaitley while speaking in Lok Sabha on Wednesday said that the government is linking Aadhaar card of individuals while filing Income Tax Returns (ITRs) to stop tax evasion.

HSBC reveals ongoing tax evasion probe in India, US, France, others

HSBC reveals ongoing tax evasion probe in India, US, France, others

Mon, Feb 27, 2017

HSBC bank in its recently released annual report has revealed tax evasion probe carrried against the bank, HSBC Swiss Private Bank and other HSBC companies in US, France, Belgium, Argentina and India.

GST Council clears law for compensating states for loss of revenue, says Jaitely

GST Council clears law for compensating states for loss of revenue, says Jaitely

Sat, Feb 18, 2017

Jaitely in a PTI report commented, "The GST Council clears law for compensating states for loss of revenue from GST implementation."

GST's IT infra firm under scrutiny for tax evasion

GST's IT infra firm under scrutiny for tax evasion

Sat, Feb 18, 2017

"It is a preliminary inquiry to seek clarification. But as a first step, we just send a letter and summon comes only as the second resort. In this case, it looks like the work of an over-enthusiastic assessing officer who has skipped the first step and directly given a summon, which is wrong," the source told IANS.

Tax department summons Sania Mirza for alleged non-payment of service tax

Tax department summons Sania Mirza for alleged non-payment of service tax

Thu, Feb 09, 2017

The service tax department of CBEC issued summon to Mirza on February 6 in connection with tax evasion or non payment of dues, as reported by PTI.

Aim of demonetisation is to bring down real estate prices into the country, says CEA Arvind Subramanian

Aim of demonetisation is to bring down real estate prices into the country, says CEA Arvind Subramanian

Tue, Jan 31, 2017

India's Economic Survey 2016-17 has projected the country's real estate prices to fall further on account of the government's demonetisation announcement made on November 8, 2016.

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source

Thu, Jan 26, 2017

Post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.

Demonetisation drive to favour country's big gold jewellery store chains: World Gold Council

Demonetisation drive to favour country's big gold jewellery store chains: World Gold Council

Tue, Jan 24, 2017

India`s drive to bring transparency to bullion trading, along with the rise of branded gold jewellery, could help major retailers raise their share of the world`s second-biggest gold market to 40% by 2020, the World Gold Council (WGC) said.

India appears to be much better placed today despite fragile world economy: Arun Jaitley

India appears to be much better placed today despite fragile world economy: Arun Jaitley

Thu, Jan 05, 2017

Finance Minister Arun Jaitley on Thursday said that even though the global economy is weak, India appears to be much better placed at present on the back of improvement in its macro-economic fundamentals.

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