Income Tax Fraud

CAs, advocates mustn't be arrested sans proof of role in business fraud: HC

Ruling was delivered in a case in which a CA and an advocate were arrested for rendering service to exporters who were alleged to have fraudulently claimed a refund of IGST

Donald Trump's longtime CFO faces sentencing for tax fraud scheme

Allen Weisselberg, a longtime executive for Donald Trump's real estate empire whose testimony helped convict the former president's company of tax fraud, is set to be sentenced Tuesday for dodging taxes on USD 1.7 million in job perks. New York Judge Juan Manuel Merchan is expected to sentence Weisselberg, a senior Trump Organisation adviser and former chief financial officer, to five months in jail, in keeping with a plea agreement reached in August. Weisselberg, 75, was promised that sentence when he agreed to plead guilty to 15 tax crimes and testify against the company, where he's worked since the mid-1980s. When he begins serving his sentence, Weisselberg is expected to be locked up at New York City's notorious Rikers Island jail complex. He will be eligible for release after little more than three months if he behaves behind bars. As part of his plea agreement, Weisselberg must also pay nearly USD 2 million in taxes, penalties and interest, which he said he has made significa

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Ex-prez Trump's organisation criminal tax fraud trial in jury's hands

Jurors started deliberating Monday in the Trump Organization's criminal tax fraud trial, weighing charges that former President Donald Trump's company helped executives dodge personal income taxes on perks such as Manhattan apartments and luxury cars. The deliberations follow a monthlong trial that featured testimony from seven witnesses, including longtime Trump Organization finance chief Allen Weisselberg and Senior Vice President and Controller Jeffrey McConney. An outside accountant who spent years preparing tax returns for Trump and the company also testified. About 40 minutes into deliberations, jurors sent a note asking the judge to reread the elements of one of the charges, conspiracy to defraud in the fourth degree. Judge Juan Manuel Merchan obliged, reading through the charge and pausing occasionally for a cacophony of car horns honking 15 stories below. Weisselberg, who pleaded guilty to dodging taxes on $1.7 million in extras, testified that he and McConney conspired to

Auditors in Iraq uncover $2.5 billion tax fraud from nation's authority

Auditors in Iraq have uncovered a massive scheme in which a network of businesses and officials embezzled some $2.5 billion from the country's tax authority, despite layers of safeguards. The scandal poses an early test for Iraq's new government, which was formed late last month after a prolonged political crisis. Prime Minister Mohammed Shia al-Sudani has vowed to crack down on corruption, but few expect any senior officials or political leaders to be held accountable. The scale of the embezzlement is remarkable, even for an oil-rich country where corruption has been rampant for decades. Transparency International, a global watchdog, rated Iraq 157th out of 180 countries on its 2021 index for clean governance. The auditors' report, obtained by The Associated Press and first reported by the Guardian, suggests the theft was orchestrated by a broad network of officials, civil servants and businessmen. In Iraq's deeply-rooted patronage system, such individuals often have links to ..

I-T Dept alleges business, tax irregularities against Dolo-650 maker

The CBDT on Wednesday accused the makers of the widely-known Dolo-650 medicine tablet of indulging in "unethical practices" and distributing freebies of Rs 1,000 cr to docs and medical professionals

TN: I-T dept detects Rs 400-cr tax evasion after raids on hospitality group

The Income Tax department has detected a "large-scale tax evasion" of over Rs 400 crore after recently raiding a Tamil Nadu-based group engaged in liquor manufacturing and hospitality, the CBDT said

GST body finds more instances of tax fraud at fintech firm BharatPe

Bharatpe, In October 2021, had accepted it had issued invoices to non-existent vendors and paid about Rs 11 crore, in dues and penalty, to the tax department

Two 'foreign-controlled' mobile companies can be fined Rs 1k cr: I-T Dept

I-T Dept's remarks came after searches were carried out on December 21 across country

I-T department searches 2 business groups based in several states

The first group is engaged in digital marketing and campaign management while the second group searched is engaged in solid waste management

New grand jury seated for next stage of investigation into Trump's business

New York prosecutors have convened a special grand jury to consider evidence in a criminal investigation into former President Donald Trump's business dealings

IT Dept finds Rs 450 cr undisclosed income during search across four cities

IT SEZ developer, ex-director of the company and a stainless-steel supplier are on the radar

Trump tax write-offs now included in two separate fraud investigations

Inquiries into the president and his businesses, one criminal and one civil, are now looking at tax deductions taken on consulting fees. Some of the payments appear to have gone to Ivanka Trump

Fraudulent IGST claims worth Rs 1,875 crore by risky exporters identified

These people are untraceable and the list includes seven 'star' exporters, government sources said

India among top 3 nations getting Swiss info on bank accounts: Group

India rated as 'largely compliant' on transparency and exchange of information for tax purposes.

I-T dept searches 39 locations to check tax evasion by BSE brokers, traders

Over 39 locations spread across Mumbai, Kolkata, Kanpur, Delhi, Noida, Gurugram, Hyderabad and Ghaziabad were covered under the operation, the department said in a statement on Saturday

I-T detects Rs 735-cr financial fraud in raids on BMC contractors

The operation "also led to the detection of the use of bogus companies (floated by entry providers) for giving entries to businesses in the form of loans or bills for expenses, among others".

With unprecedented discounts, will Sabka Vishwas scheme earn sabka trust?

By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme

I-T dept carries out searches on 'certain businessmen' in Meghalaya

These persons were depriving the state government of legitimate revenue by suppressing sales and non-deposit of local taxes collected

Infosys, Income Tax officials under CBI scanner for 'role' in I-T fraud

An email sent to Infosys did not elicit any response while the company executives could not be reached over the phone for their comments on this issue