Page 7 - Tax Evasion
I-T dept uncovers tax evasion of Rs 38,000 cr
Issues notices to 147 promoters, investors, who could face penalty at rate of 200% on evaded tax
 "I-T dept uncovers tax evasion of Rs 38,000 cr")
Why govt is punching below its weight on tax evasion
While the collection from the 'amnesty' scheme has been impressive, the income tax department has not managed to bring new tax payers under its ambit
 "Why govt is punching below its weight on tax evasion")
Singapore, Australia agree to share financial data to fight tax evasion
Singapore has said that it would exchange information with countries that can ensure the confidentiality of data and offer reciprocity
 "Singapore, Australia agree to share financial data to fight tax evasion")
Letters: Complex laws
A V Rajwade, in his column, "What's the logic behind tax evasion?" (May 5) wonders why people evade taxes despite the poor marginal utility of the move to seek foreign banks to deposit their savings. Could there be some non-theoretical reasons?When the wealth is earned through illicit means, taxpayers may find it difficult to explain the source of income to the authorities, though they might be willing to pay the tax. Second, they have more trust in the soundness and confidentiality retention of foreign banks.Third, as a nation, we are prone to breaking the law. One reason for this is that our laws are either too rigid or too lax or too complex to understand. India's Income Tax Act is a complicated legislation, with many provisos and exceptions. Careful filing of returns does not guarantee there won't be any litigation.Also, there is a perception that only a fraction of taxpayers' money is spent well by the government, the bulk lining the pockets of the authorities. So why squander har
