frauds

On 6th July , 2017, RBI has come out with a new circular capping the liabilities of Bank customers in the event of unauthorized electronic banking transactions (put simply, frauds). The guidelines given in the circular is applicable for all Commercial banks, Small banks and payment banks in India....

Expense fraud may not seem serious compared to more commonly reported types of fraud such as embezzlement or theft of company funds. However, filing phony expense reports is a type of company theft, and employees should be encouraged to see it as such. ...

Accounting fraud is intentional manipulation of financial statements to create a window dressing of a company's financial health. It involves an employee, account or the organization itself and is misleading to investors and shareholders. A company canfalsify its financial statements by overstating its revenue or assets, not recording exp...

CBI registered case on a complaint from Syndicate Bank against two then AGMs & two then Chief Managers of Syndicate Bank and six private persons including CA, Builder etc. related to a fraud in its two branches at Jaipur and one at Udaipur (Rajasthan). ...

Frivolous Tax Arguments: Dont use frivolous tax arguments to avoid paying tax. Promoters of frivolous schemes encourage taxpayers to make unreasonable and outlandish claims even though they have been repeatedly thrown out of court. ...

The Internal Revenue Service said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the Dirty Dozen....

Don’t invent income to erroneously qualify for tax credits, such as the Earned Income Tax Credit. Taxpayers are sometimes talked into doing this by con artists. Taxpayers should file the most accurate return possible because they are legally responsible for what is on their return....

Don’t use abusive tax structures to avoid paying taxes. The IRS is committed to stopping complex tax avoidance schemes and the people who create and sell them. The vast majority of taxpayers pay their fair share, and everyone should be on the lookout for people peddling tax shelters that sound too good to be true...

Falsely Padding Deductions on Returns: Taxpayers should avoid the temptation to falsely inflate deductions or expenses on their returns to pay less than what they owe or potentially receive larger refunds. Think twice before overstating deductions such as charitable contributions and business expenses or improperly claiming credits such a...

Excessive Claims for Business Credits: Avoid improperly claiming the fuel tax credit, a tax benefit generally not available to most taxpayers. The credit is usually limited to off-highway business use, including use in farming. Taxpayers should also avoid misuse of the research credit....