Page 4 - Tax Evasion

Making of Bidenomics

The idea of a global minimum tax rate has merits

Crackdown on tax evaders: I-T notices to holders of foreign assets

Seek action under black money and benami laws for non-disclosure

Govt improving GST evasion detection but recovery a problem: CAG report

Authorities were good at recovering amounts from medium firms but failed to pin down large and small ones.

GST e-invoicing mandatory for turnover of Rs 50 cr and above from April 1

The government had earlier planned to extend e-invoicing to all entities from April 1, 2021, but has refrained, taking care of interest of small entities

Trump's tax returns, long guarded, will soon be in prosecutor's hands

Trump's refusal to release his taxes during the 2016 campaign marked a break with every presidential candidate of the last four decades

Decoding 15th FC's estimate of mismatch in two sets of salary income data

The Commission asserts salary incomes shown by taxpayers are understated by 50%, finds scope to extract more direct tax by chasing evasion without changing tax rates; experts aren't convinced

Cleaning up taxes

Govt must seize opportunity to reform holes in tax system

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy, said a tax official privy to the preliminary findings

CBDT launches e-portal for lodging complaints on tax evasion, benami assets

Tax Dept will allot unique number to each complaint; the complainant will be able to view status on Dept's website

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

Firms face I-T heat over GST evasion charges; L&T, Zee offices 'surveyed'

The crackdown is part of coordinated action against thousands of entities identified by the Directorate General of GST Intelligence, which recently shared the information with the I-T department

Income Tax dept conducts searches at Zee offices for alleged tax evasion

Income tax officials are conducting a search and survey at offices of media firm Zee Group for alleged tax evasion, an official of the tax department said

Over 180 arrested for tax evasion in past 2 months: Union Finance Secretary

In the last 1.5 to 2 months over 180 people including managing directors of companies and chartered accountants have been arrested for tax evasion, said Union Finance Secretary Ajay Bhushan Pandey

GST officials detect over Rs 830 cr tax evasion by Delhi pan-masala unit

Central GST authorities have detected a tax evasion of over Rs 830 crore by an illegal pan-masala manufacturing unit here and arrested a person for his involvement, according to an official statement

Clampdown on fake bills: Rs 50 lakh a month biz to suffer 1% GST in cash

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well

I-T Dept finds Rs 700 cr unaccounted income in recent search in Tamil Nadu

Seizes cash amounting to Rs 21 cr in a search operation covering 15 premises at Erode and Chennai

Plea in SC seeks life imprisonment for offences like bribery, tax evasion

A petition has been filed before the Supreme Court seeking a direction to the Centre to ascertain the feasibility of confiscating black money, benami properties and disproportionate assets. The petition, which is likely to come up for hearing in the coming days, has also sought life imprisonment for offences such as bribery, black money, benami property, tax evasion, money laundering, profiteering, grain hoarding, food adulteration, human and drug trafficking, black marketing and cheating. The petition was filed by Ashwini Kumar Upadhyay in view of corruption watchdog Transparency International placing India at 80 in Corruption Perception Index earlier this year. Due to weak and ineffective anti-corruption laws, India has never been ranked even among top the 50 in the Corruption Perception Index but the Centre has not strengthened the laws to weed-out the menace of corruption, which brazenly offends rule of law as well as right to life, liberty and dignity guaranteed under Articles

DGGI's Mumbai Zonal Unit busts Rs 408-crore GST fraud, arrests 4

The Directorate General of GST Intelligence has arrested directors of four companies on charge of involvement in GST fraud totalling Rs 408 crore, an official said here on Thursday.

Tax records reveal how fame gave Donald Trump a $427 million lifeline

There was $500,000 to pitch Double Stuf Oreos, another half-million to sell Domino's Pizza and $850,000 to push laundry detergent.

SC declines to stay proceedings against D K Shivakumar in tax evasion case

The Supreme Court on Thursday declined to grant a stay on proceedings in the income tax evasion case against Congress' Karnataka unit President D K Shivakumar