Tax Evasion

Budget 2017: Budget of Tax Terrorism; Makes Tax Law more Complicated

Income Tax - Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Income-Tax Law Has Been Made More and More Complicated In Every Budget Mr. Modi Govt. in Budget 2017 has made the Income-Tax law more complicated. On One side Income-Tax Deptt. says that only assesses e-mail address should be provided to enable them [&...

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Why Indians don’t like to pay taxes??

Income Tax - 1) Why should I pay? I am already earning very less. 2) When others are not paying....why should I? 3) What is the benefit of paying taxes? The corrupt politicians and bureaucrats will wipe it for their personal gains. 4) Tax rate ( Income tax) is too high. When i can survive in a profit margin of 5-8 percent, Why govt needs 30 percent ...

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Lovers of Money and tax non-compliance society

Income Tax - The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Section 115BBE of Income Tax, 1961 requires Immediate change

Income Tax - Section 115BBE seems to be the biggest loophole in the Income Tax Act, 1961 whereby, any person can evade tax on concealed income of previous years by declaring such accumulated income as income of current financial year and paying tax @ 30%+surcharge+cess thereon (without causing any penalty, interest and prosecution)....

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Deterrent Action against tax evaders under Central Excise laws

Income Tax - To deal firmly with the problem of planned and deliberate non-compliance of tax laws, and put in place deterrent provisions to discourage default, concept of deterrent Action against Tax Evaders was inserted under Central Excise Laws...

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India Signs MLC to Prevent Base Erosion and Profit Shifting

Income Tax - Finance Minister Shri Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at Paris on 7th June, 2017 on behalf of India....

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Crackdown against thousands of shell companies in last 3 years

Income Tax - Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16)...

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Tax evading notices by Directorate of Revenue Intelligence (DRI)

Income Tax - The details of show cause notices issued to various firms by the Directorate of Revenue Intelligence (DRI) for evading taxes are as under....

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India discusses ‘Panama Papers’ with 30 Revenue Authorities of world

Income Tax - 30 Revenue Authorities shared their findings on investigations arising from the Panama Papers including the role of tax intermediaries such as financial institutions, advisers etc., who facilitate tax evasion....

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Need for move towards a mindset of voluntary Tax compliance: FM

Income Tax - Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable;...

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Change of method of accounting of overdue charges from mercantile basis to cash system does not create any income

CIT Vs. Annamalai Finance Ltd. (Madras High Court) - In the instant case, learned counsel for the Revenue is not in a position to demonstrate or satisfy us that due to the change of accounting method adopted by the respondent/assessee , which is permissible in law as per the ratio laid down in (i) CIT v. Matchwell Electricals (I.) Ltd. (2003)263 ITR 2...

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Prosecution Guidelines in case of Excise duty / Service Tax Evasion

Circular No. 1009/16/2015-CX - (23/10/2015) - Circular No. 1009/16/2015-CX Whoever commits any of the offences specified under sub-section (1) of Section 9 of the Central Excise Act, 1944 or sub-section (1) of section 89 of the Finance Act, 1994, can be prosecuted. ...

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Arrest of IT Service Company Director in Service tax evasion case

F.NO.INV/DGCEI/CHZU/ST/35/2015 - (22/09/2015) - Officers of the Directorate General of Central Excise Intelligence (DGCEI), Chennai Zonal Unit, Chennai arrested the Director of a Limited Company based at Chennai providing Information Technology Software Service and Internet Communication Service, for collecting Service Tax of Rs.2.94 crores from ...

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India has signed its fourth TIEA with Bahamas

Press Release No. 402/92/2006-MC (04 of 2011) - (12/02/2011) - India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of...

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All about Benami Transactions (Prohibition) Act, 1988

Act no. 45 of 1988 - (05/09/1988) - Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II In 1973, the Law Commission of India after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue. Accordingly, the Benami Transactions (Prohibition) Act, 1988 was ...

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Recent Posts in "Tax Evasion"

India Signs MLC to Prevent Base Erosion and Profit Shifting

Finance Minister Shri Arun Jaitley signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting at Paris on 7th June, 2017 on behalf of India....

Read More
Posted Under: Income Tax |

Crackdown against thousands of shell companies in last 3 years

Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16)...

Read More
Posted Under: Income Tax |

Budget 2017: Budget of Tax Terrorism; Makes Tax Law more Complicated

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Income-Tax Law Has Been Made More and More Complicated In Every Budget Mr. Modi Govt. in Budget 2017 has made the Income-Tax law more complicated. On One side Income-Tax Deptt. says that only assesses e-mail address should be provided to enable them [&...

Read More
Posted Under: Income Tax |

Why Indians don’t like to pay taxes??

1) Why should I pay? I am already earning very less. 2) When others are not paying....why should I? 3) What is the benefit of paying taxes? The corrupt politicians and bureaucrats will wipe it for their personal gains. 4) Tax rate ( Income tax) is too high. When i can survive in a profit margin of 5-8 percent, Why govt needs 30 percent ...

Read More
Posted Under: Income Tax |

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

Read More
Posted Under: Income Tax |

Tax evading notices by Directorate of Revenue Intelligence (DRI)

The details of show cause notices issued to various firms by the Directorate of Revenue Intelligence (DRI) for evading taxes are as under....

Read More
Posted Under: Income Tax |

India discusses ‘Panama Papers’ with 30 Revenue Authorities of world

30 Revenue Authorities shared their findings on investigations arising from the Panama Papers including the role of tax intermediaries such as financial institutions, advisers etc., who facilitate tax evasion....

Read More
Posted Under: Income Tax |

Need for move towards a mindset of voluntary Tax compliance: FM

Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable;...

Read More
Posted Under: Income Tax |

Details of detection / recovery in Excise and Service Tax evasion cases

The total number of detection and recovery made in respect of Central Excise and Service Tax evasion cases during 2013-14 to 2016-17 (upto October, 2016) is given in the ANNEXURE....

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Posted Under: Income Tax |

Cabinet approves DTAA between India and Tajikistan

The protocol, after it enters into force, will enable sharing of information exchanged under Double Taxation Avoidance Agreement, DTAA with other law enforcement agencies for non tax purposes. ...

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Posted Under: Income Tax |
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