frauds

Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

Income Tax - You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

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RBI rules on customer’s liability on unauthorized electronic banking transactions (Frauds)

Income Tax - 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....

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Expense Account Fraud related to Employee Reimbursements

Income Tax - 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. ...

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What you need to know about Accounting Fraud and Fraud Triangle

Income Tax - 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...

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Dont use frivolous tax arguments to avoid paying tax: IRS

Income Tax - 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. ...

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CBI registers case against Syndicate Bank Managers, CA, Builder etc.

Income Tax - 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). ...

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Phishing Schemes Lead IRS “Dirty Dozen” List of Tax Scams for 2017

Income Tax - The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of Dirty Dozen tax scams for the 2017 filing season....

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CVC Investigation against Bank Fraud

Income Tax - Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above...

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5 Measures initiated by RBI to prevent fraudulent use of debit cards

Income Tax - Measure initiated by RBI to prevent such frauds is given below: i. In order to focus more attention on IT related matters, Reserve Bank has set up a Cyber Security and IT Examination (CSITE) Cell within its Department of Banking Supervision in 2015....

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Bank Manager, CA & One Private Person imprisoned in cheating case

Income Tax - The Special Judge, CBI Cases, Karkardooma Courts, Delhi has sentenced Sh. K.K. Mishra, then Chief Manager, State Bank of Saurashtra, Lodhi Road, New Delhi & Sh. V.B. Borar, Chartered Accountant (private person), both to undergo five years Simple Imprisonment with fine of Rs. 10 lakh each...

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Recent Posts in "frauds"

Income Tax CPC Frauds – An eye opener for Honest Tax Payers…

You may be surprised to read the heading of this article and it will be very hard to believe for many of us. But it a big eye opener for all honest tax paying citizen, how CPC utilize our hard ended money for paying planned fraudulent Refunds....

Read More
Posted Under: Income Tax |

RBI rules on customer’s liability on unauthorized electronic banking transactions (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....

Read More
Posted Under: Income Tax |

Expense Account Fraud related to Employee Reimbursements

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. ...

Read More
Posted Under: Income Tax |

What you need to know about Accounting Fraud and Fraud Triangle

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...

Read More
Posted Under: Income Tax |

CBI registers case against Syndicate Bank Managers, CA, Builder etc.

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). ...

Read More
Posted Under: Income Tax |

Dont use frivolous tax arguments to avoid paying tax: IRS

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. ...

Read More
Posted Under: Income Tax |

IRS Committed to Stopping Offshore Tax Cheating

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....

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Posted Under: Income Tax |

Don’t invent income to erroneously qualify for tax credits: IRS

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....

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Posted Under: Income Tax |

Don’t use abusive tax structures to avoid paying taxes: IRS

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...

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Posted Under: Income Tax |

Taxpayers should avoid temptation to falsely inflate deductions: IRS

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...

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Posted Under: Income Tax |
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