tax evaders

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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Tax Evaders be Cautious – 26AS now becomes AIS

Income Tax - To achieve the dream of  $5 Trillion Economy by 2024 , Finance Minister present its 1st budget of this Decade with substantial changes in Direct Taxes, policy for leveraging of technology, Infrastructure development projects. One of such changes is ,omission of existing and  introduction, of below specified section`s under Income Tax Ac...

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To Shame or Not to Shame the Tax Evaders?

Income Tax - Tax Authorities around the world are facing the challenge as to determine the policy which will be most effective for long term voluntary compliance from taxpayers. The debate revolves around those who think that penalties and sanctions are necessary and those who think that gentle persuasion is enough....

Read More

Legality of Tax Havens and Black Money

Income Tax - Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...

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

Income Tax - 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 to file returns voluntarily. On the other hand, CBDT amending Income-Tax law in […]...

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Finance Minister asks Tax officers to deal firmly with Tax evaders 

Income Tax - Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders ...

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Disclosure of information of Income Tax Evaders

Income Tax - The disclosure of information respecting assesses under Section 138 does not, in general, prohibit furnishing of information about tax evaders. ...

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Steps taken to curb Black Money within & outside the country

Income Tax - The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below:...

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Plans to render black money & fake notes circulation ineffective

Income Tax - The Government has not issued any guidelines regarding minimising daily financial transactions in cash to curb money laundering, black money and so on. However, the plans of Government to render black money and fake notes circulating in the market ineffective are as under: -...

Read More

Arrest Limit increased in case of outright smuggling or mis-declaration of baggage

Income Tax - In cases of outright smuggling or mis-declaration of baggage, the limits regarding value of offending goods have been revised from Rs. 5 lakh to Rs. 20 lakh. As in the past, there shall be no lower limit for arrest and prosecution in the cases of smuggling of fake Indian currency notes, arms, ammunitions and explosives and endangered spec...

Read More

Computation of undisclosed income in case no incriminating document was found during search

ACIT Vs Surindra Engg. Co. P. Ltd. (ITAT Mumbai) - 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 ...

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Recent Posts in "tax evaders"

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 Evaders be Cautious – 26AS now becomes AIS

To achieve the dream of  $5 Trillion Economy by 2024 , Finance Minister present its 1st budget of this Decade with substantial changes in Direct Taxes, policy for leveraging of technology, Infrastructure development projects. One of such changes is ,omission of existing and  introduction, of below specified section`s under Income Tax Ac...

Read More
Posted Under: Income Tax |

Finance Minister asks Tax officers to deal firmly with Tax evaders 

Finance Minister exhorted Income Tax officers to be prompt in redressing the grievances of the tax payers and to deal firmly with Tax evaders ...

Read More
Posted Under: Income Tax |

To Shame or Not to Shame the Tax Evaders?

Tax Authorities around the world are facing the challenge as to determine the policy which will be most effective for long term voluntary compliance from taxpayers. The debate revolves around those who think that penalties and sanctions are necessary and those who think that gentle persuasion is enough....

Read More
Posted Under: Income Tax |

Legality of Tax Havens and Black Money

Abstract As we all are well aware of the term ‘Tax’ which is defined as a revenue that is levied on the people by the Government based on their income and the commodities they purchase or sell. Evasion of Tax has always been considered to be an illegal action and people with greed often engage […]...

Read More
Posted Under: Income Tax |

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

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 to file returns voluntarily. On the other hand, CBDT amending Income-Tax law in […]...

Read More
Posted Under: Income Tax |

Disclosure of information of Income Tax Evaders

The disclosure of information respecting assesses under Section 138 does not, in general, prohibit furnishing of information about tax evaders. ...

Read More
Posted Under: Income Tax |

The Income Declaration Scheme, 2016- An Overview

Few Words about the scheme:- i. The Income Declaration Scheme,2016 is incorporated as Chapter IX of Finance Act 2016 and is covered in section 181 to section 199. ii. It shall come into force on 1st day of June 2016...

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Posted Under: Income Tax |

Unearth Black Wealth and Buy Peace- IDS, 2016

India is moving towards a lower tax regime with non-litigious approach. Thus, while compliant taxpayer can expect a supportive interface with the department, tax evasion will be countered strongly. Capability of the department to detect tax evasion has improved because of enhanced access to information and availability of technology....

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Posted Under: Income Tax |

Krishna at Rescue of Tax Evaders in Income Declaration Scheme 2016

Arjun: Who can participate in Income Declaration Scheme 2016 (IDS) introduced under Finance Act, 2016 by the Indian Government? Krishna: Following is a list of people, - Every Indian Resident who is guilty of his practices of tax evasion and wants to confess the same....

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Posted Under: Income Tax | ,

Steps taken to curb Black Money within & outside the country

The present Government has taken various decisions and steps to curb the menace of black money both within and outside the country in last two years. Some of the major decisions and actions taken in this regard are given below:...

Read More
Posted Under: Income Tax |

Plans to render black money & fake notes circulation ineffective

The Government has not issued any guidelines regarding minimising daily financial transactions in cash to curb money laundering, black money and so on. However, the plans of Government to render black money and fake notes circulating in the market ineffective are as under: -...

Read More
Posted Under: Income Tax |

कर चोरी की मानसिकता क्यों? कभी सोचा !!

सरकार ने विभिन्न स्तरों पर टैक्स लगा रखे हैं, सरकार द्वारा प्रत्येक टैक्स विभाग में टैक्स की चोरी रोकने के लिए अन्वेषण अनुभाग बना ...

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Posted Under: Income Tax |

Arrest Limit increased in case of outright smuggling or mis-declaration of baggage

In cases of outright smuggling or mis-declaration of baggage, the limits regarding value of offending goods have been revised from Rs. 5 lakh to Rs. 20 lakh. As in the past, there shall be no lower limit for arrest and prosecution in the cases of smuggling of fake Indian currency notes, arms, ammunitions and explosives and endangered spec...

Read More
Posted Under: Income Tax |

IT dept shifts focus on Criminal Consequences in Serious Cases of Tax Evasion

Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion; During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of Rs. 582 Crore; Undisclosed Income of Rs. 6769 Crore has been Admitted by the Tax Payers […...

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Posted Under: Income Tax |

Mumbai – Company MD arrested for service tax default

Service Tax officials have arrested Myron John Remedios, managing director of Rare Hospitality and Services Pvt Ltd, on the charge of collecting service tax to the tune of Rs 4.5 crore and not remitting the same to the department. The Managing Director of the company was allegedly involved in the day to day operations of […]...

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Posted Under: Income Tax |

CBEC detects Service tax & Excise Evasion of Rs. 10286.73 Crore

The Central Board of Excise and Customs(CBEC ) has detected a total Central Excise and Service Tax evasion amounting to Rs.3333.28 crore and Rs.10286.73 crore respectively up to February, 2012 in the Financial Year 2011-12. Further, during the investigation, Central Excise Duty and Service Tax amounting to Rs.972.69 crore and Rs.1182.64 c...

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Posted Under: Income Tax |

I-T dept mulls raising appeal filing limits

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...

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Posted Under: Income Tax |

IPL tax evader have nothing much to worry considering IT department prosecution rate

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, ma...

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Posted Under: Income Tax |

Government agencies fully authorised to tap the phones of suspected tax evaders

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 th...

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Posted Under: Income Tax |

Income Tax scrutiny will be tougher, Department increasing the number of Assessing officers who will scrutinise the cases

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, scr...

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Posted Under: Income Tax |

IT department investigating tax evasion by showing bogus investment losses, May take action against chartered accountants

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 ...

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Posted Under: Income Tax |

CBEC proposed to launch third party information system to tackle service tax evasion

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....

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Posted Under: Income Tax |

Computation of undisclosed income in case no incriminating document was found during search

ACIT Vs Surindra Engg. Co. P. Ltd. (ITAT Mumbai)

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...

Read More

Swiss bank may share detail of tax evaders with India

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....

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Posted Under: Income Tax |

No VDIS for tax evaders : Finance Minister

Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people declaring black money and paying tax. But VDS schemes cannot be hugely successful […]...

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Posted Under: Income Tax |

IT dept. in delhi recovered 860 Crore in search, seizure and survey

Search and seizure operations by the revenue authorities have forced tax evaders in the national capital to cave in and admit that they owe the government more than Rs 860 crore (Rs 8.6 billion) for the last fiscal. According to an official report of the department, taxmen carried out search, seizure and survey operations in nearly [&hel...

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Posted Under: Income Tax |

Sales tax hounds comb Mumbai for Tax evaders

The Department of Sales Tax has issued 1 lakh notices to traders in the last two months for tax evasion. It has also filed 431 FIRs against them for not filing returns. Raids, surveys and business audits have been further intensified. Sources said that hundred of crores of bogus bills and hawala transactions have been unearthed by the dep...

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Posted Under: Income Tax |

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