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...
The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009 parliamentary polls. Verification of the assets declared by the Lok Sabha candidates, many of whom have now become MPs and even ministers, will help the department to assess if they had paid appropriate taxes as declared in their statements with the two different authorities.
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 227 (Bom) and (ii) Hela Holdings Pvt. Ltd. v. CIT (2003) 263 ITR 129 (Cal), the Revenue suffered any loss or such a change of methodology attracts tax evasion. Concededly, there is no finding to that effect in the assessment order or in the order of the Commissioner of Income-tax (Appeals).
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 producing these bogus investment losses, and it now knows the beneficiaries too, a senior department official in the know of things said.
The scrutiny of returns had been a regular measure to check tax evasion since long. The collection of information for the purpose of making enquiries in the course of such scrutiny assessments is as much important as the assessment proceedings itself. There are various provisions in the Income-tax Act, 1961 for the purpose of collecting information directly from the assessees as also from the others for the purposes of making such enquiries at various stages of assessment proceedings. The findings of such enquiries are utilized for the purposes of completing the assessment proceedings in the case of a particular assessee.
Tax Planning :- Tax planning as a concept had at a point of time suffered degradation and for a while seemed to be a euphemism for tax evasion. This was the fall-out of some observations in McDowell’s case, [154 ITR 148 (SC)] especially in the separate opinion of Justice Chinnappa Reddy. But the libel did not stay too long. Sabyasachi Mukherjee, Justice of the Supreme Court salvaged its respectability by observing tax avoidance by genuine transactions is not evil.
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.
Mumbai: A late-night adventure by two senior income-tax (IT) officers, who sneaked into the room of one of their colleagues and broke open a cupboard to gather information on a leading city builder, went awry recently, leaving the investigation wing of IT red in the face. The duo was caught on the closed-circuit television at Aaykar Bhavan, and the issue has now snowballed into a nasty fight, with the IT top brass in Mumbai trying to pacify the warring officers.
A special court on Wednesday granted bail to arrested income tax c o m m i s – sioner from N a g p u r, Ajoy Singh, his wife, Mrinalika and two other relatives arrested in Hyderabad. While Singh was released on a bail amount of Rs 5 lakh, the others were released on Rs 1 lakh each.
Indian American doctor convicted for $16 mn tax evasion Oct 9 (IANS) A federal jury has convicted an Indian American cardiologist for evading more than $16 million dollars in income taxes and filing false tax returns.
Income Tax department today recovered documents of tax evasion worth crores of rupees during a survey at a software company in Sitapura industrial area here. Teams of Mumbai, Kanpur and Pune directorate of IT department in coordination with the Jaipur office raided three places in Jaipur and conducted survey of three companies in Jaipur, Kota and […]
