Income Tax : Why does tax evasion still thrive despite all the efforts to stop it? And more importantly, what can be done to fix it? This blog ...
Income Tax : Learn the key differences between tax avoidance and tax evasion in India, legal provisions, real-world cases, and government measu...
Income Tax : One of the most infamous tax evasion cases in India is the Sahara India tax evasion case, which highlights the legal implications ...
Income Tax : This blog will examine the causes of tax evasion in India, the effects it has on society, and possible remedies to guarantee a mor...
Corporate Law : Updating circle rates to match market value can reduce tax evasion, black money, and cash transactions in real estate, ensuring tr...
CA, CS, CMA : Government surveys tax evasion, improves services, and details state-wise tax collections, highlighting growth in direct and indir...
Goods and Services Tax : Details of GST evasion cases by cryptocurrency exchanges in India, including investigations and actions taken by the Government of...
Goods and Services Tax : DGGI reveals over 6,000 fake ITC cases, ₹57,000 Cr GST evasion, and 500 arrests from April 2020 to September 2023. Explore the f...
Goods and Services Tax : We need to better utilize AI, data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of ta...
Goods and Services Tax : Centralized suspension of registrations pertaining to registered persons who default in timely filing of returns is being carried ...
Goods and Services Tax : Saurabh Jindal & Yashik Jindal Vs Union Of India (Rajasthan High Court) In a significant legal development, the Rajasthan High...
Custom Duty : Explore the detailed analysis of the judgment in Babulal Qazi vs Union of India by Rajasthan High Court. Learn about the legal int...
Goods and Services Tax : Explore the full text of the Rajasthan High Court judgment on Mohammad Shadab Kadris bail application amid GST Act violations. Leg...
Goods and Services Tax : Explore the detailed analysis of the bail granted to Mohammed Ali Akram Khan vs Union of India by Rajasthan High Court. Learn abou...
Income Tax : Since the penalty was reduced from 300% to 100% of the tax sought to be evaded, assessee was entitled to the benefit of Section 27...
Goods and Services Tax : CGST, Vadodara, upon intelligence developed through data analysis, have booked a case of issuance of fake invoices valued at Rs. ...
Goods and Services Tax : DGGI arrested a managing Director (MD) of a company Following intelligence developed by the officers that fake invoices were recei...
Goods and Services Tax : The officers of Daman Cornmssionerate have detected a case of default in GST payment against Mrs Radha Madhav Corporation Limited ...
Goods and Services Tax : The registration procedure under Goods and Services Tax Act is simplified with the objective of ease of doing business. After onli...
Excise Duty : Circular No. 1009/16/2015-CX Whoever commits any of the offences specified under sub-section (1) of Section 9 of the Central Exci...
Organisation for Economic Cooperation and Development (OECD) has appreciated the action taken by India in handling tax evasion and black money issues. During the two day high level Seminar held on 13th and 14th June on “Adopting Tax System and International Tax Rules to the New Global Environment : a Shared Challenge for India and the OECD” at Vigyan Bhavan in New Delhi, both OECD and India decided to enhance their cooperation in dealing with issues relating to transfer pricing and promote better tax compliance and measures to improve the prevention and regulation of cross border dispute.
The government can do without making tax evasion a criminal offence as the existing income tax laws , which provide for rigorous imprisonment up to seven years for willful default, has not been used effectively to unearth black money , say experts . ,One can be jailed for seven years (rigorous imprisonment ) for willful evasion of tax (above Rs.1 lakh).
Finance Minister Pranab Mukherjee today exuded confidence that modified tax avoidance agreements with various countries and pacts with tax havens will help in dealing with the menace of black money. Income Tax Department is engaged in ways to tackle with black money, he told reporters on the sidelines of an income tax conference here.
Grappling with the problem of blackmoney, India on Wednesday asked the international community to impress upon non-cooperative jurisdictions to share information about funds stashed there. The governments of those countries should share tax information through regular instruments, finance minister Pranab Mukherjee said at the Governors’ seminar at the Asian Development Bank (ADB) meet.
In the first major operation in the current financial year, income tax (I-T) department officials cracked on four real estate groups in the city on Wednesday. Suspecting tax evasion and parking of black money, the IT officials began search and survey on 60 premises, including offices, houses and project sites of the groups on Wednesday afternoon.
CBDT has also lauded the Mumbai IT department on April 19, which released a book aimed at plugging tax avoidance or evasion techniques by India Inc. The CBDT has further indicated that pending corporate refunds are no longer a matter of concern.
The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10.Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor General (CAG) of India has said that 2,357 cases of evasion of tax were detected by the Commercial Tax Department and 688 cases of evasion of tax were detected by Passenger Tax Department in 2009-10.
Amid increasing cases of tax evasion, frauds and corruption, Indian government on Tuesday announced it would revamp its nodal economic intelligence agency. President Pratibha Patil has sanctioned the constitution of a committee that will make recommendation to restructure the Central Economic Intelligence Bureau (CEIB), the finance ministry said in a statement.
Finance Minister Pranab Mukherjee today said revenue authorities have detected tax evasion of about Rs 1 lakh crore during the past 18 months as a result of international cooperation as well as domestic surveillance. “Almost one lakh crore of rupees, may be a little less than that, we have been able to bring under the tax net in last 18 months,” Mukherjee said while replying to the general discussion on Budget in Rajya Sabha.
India has decided to press for removal of a distinction between tax evasion and tax fraud which has helped Indians conceal their income in tax havens abroad. Pranab Mukherjee This is part of India’s drive to get back the monies abroad. Sources said a number of countries have refused to give information on the ground that tax evasion was not an offence under their law but if tax fraud was included, they would cooperate.
