tax evaders

The income tax department, known to be the largest litigant in the country, is working towards reducing the burden of court cases, a move which is in line with the National Litigation Policy mooted by the government last year. The department is mulli Full Article

Although the Income Tax Department is going all out to nab tax evaders in the high profile IPL-related cases, its past record shows that the agency managed to secure prosecution in barely 15 per cent of the cases. Going by this low prosecution rate, suspended IPL commissioner Lalit Modi and the franchisees he is said to have favoured, may not have much to worry about in the immediate future. That is assuming all the investigations against them result in chargesheets pro.. Full Article

Home minister P Chidambaram clarified in Parliament on Thursday that government agencies were fully authorised to tap the phones of suspected tax evaders. Chidambaram said the Central Board for Direct Taxes (CBDT) and other enforcement agencies were empowered to intercept phones to detect cases of tax evasion. However, he admitted that the present regime of phone-tapping needed more safeguards to prevent misuse. Full Article

Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the individual who actually detects tax evasion after going through the assessee’s files, scrutinises an average of 400 cases a year. Full Article

Income tax department in the past has stumbled up on many strange things, but nothing as strange as a company exclusively providing bogus stock contract notes to evade taxes, a trail that may lead to it knocking on the doors of many auditors. The Mumbai I-T department estimates that around Rs 1,000 crore of taxes may have been evaded by producing these bogus investment losses, and it now knows the beneficiaries too, a senior department official in the know of things sai.. Full Article

Last Year, The CBEC, had planned a Third Party Information System (TPIS), a third party information model for excise duty. Now CBEC requires to reproduce the trials with service tax. As per board, it is a very effective and non-intrusive set up to obtain all apposite data to trap the tax evaders. Full Article

Searches conducted by the Income Department are important means for unearthing black money. However, under the scheme before insertion of special procedure for assessment of search cases, valuable time is lost in trying to relate the undisclosed incomes to the different years. Tax evaders generally manage to divert the focus to procedural and legal issues and often invent new evidence to explain undisclosed income. By the time search r Full Article

India and Switzerland will soon start negotiations to enlarge the scope of their bilateral double taxation treaty to allow sharing of details of bank accounts of people accused of tax evasion, visiting Swiss Vice-President and Minister of Economic Affairs Doris Leuthard said on Thursday. Full Article