Income Tax Fraud

Tax officers may soon access your social media a/c, emails: What this means

The Income Tax Bill 2025 grants tax authorities the power to access personal digital spaces, including emails and social media, to track tax evasion starting in April 2026.

New Income Tax Bill tabled in LS: Here's what's changing & what's not

If passed, the new Income Tax Bill, 2025 will replace the Income Tax Act of 1961 and come into effect on April 1, 2026

British trader gets 12 years' jail in Denmark for 'cum-ex' tax fraud

Shah has denied any wrongdoing, arguing earlier in court that he used a legal loophole, which meant the trades did not break the law, and that he should be acquitted

Sent large chunk of money overseas? How to ensure you don't get tax notice

The income tax department aims to detect discrepancies between declared income and foreign remittances, which could indicate potential tax evasion.

Congress can't be intimidated by tax terrorism': Karnataka CM Siddaramaiah

Karnataka Chief Minister Siddaramaiah on Saturday said the BJP is wrong if it thought that it can intimidate the Congress Party with "tax terrorism". Reacting to the Income Tax Department's fresh notice to the party asking to pay Rs 1,823 crore, Siddaramaiah alleged that the BJP is afraid of losing the Lok Sabha elections and hence "terrorising" the party by misusing central agencies. "The Bharatiya Janata Party, fearful of impending defeat in the upcoming Lok Sabha elections, has been misusing autonomous institutions like the IT Department, ED, and CBI to undermine the Congress Party. "As part of this tactic, they have unleashed tax terrorism' on our party. The BJP is under the illusion that by weakening our party, it can win the election," Siddaramaiah said in a statement. Quoting Congress leaders, the chief minister said that between 2017 and 2018, the BJP obtained contributions from 92 undisclosed donors and from 1,297 donors lacking address details. "Should the same criteria

Clarification sought from Dheeraj Sahu: Jharkhand Congress in-charge

Jharkhand Congress in-charge Avinash Pandey on Sunday said that a clarification has been sought from party MP Dheeraj Sahu in connection with the recovery of huge cash from premises linked to him. Pandey, however, clarified that is it a private matter of Dheeraj Sahu and the party has nothing to do with it. "Since he is Congress MP, he should make an official statement about how such a big amount of money came to him," Pandey said while speaking to media persons at Ranchi's Birsa Munda airport. He also said, "The party has a clear-cut stand that it is a private matter of Dheeraj Sahu, which has nothing to do with the Congress party. A huge pile of cash has been recovered so far in the searches conducted by the Income Tax department against Odisha-based Boudh Distillery Private Limited and entities linked to it. Premises linked to Sahu were also covered as part of the searches, according to officials. The seizure amount is expected to reach Rs 290 crore, making it the "highest-ever

'Why is Rahul Gandhi silent on Dheeraj Sahu's matter?': G Kishan Reddy

Income Tax sleuths have, so far, recovered more than Rs 200 crore cash from several locations in Odisha and Jharkhand during their raids against companies allegedly linked to Sahu

Why Centre targets only Congress, not BJP: Siddaramaiah on Sahu I-T raids

Karnataka Chief Minister Siddaramaiah on Sunday accused the Centre of targeting only the Congress and not the BJP, in the wake of seizure of unaccounted cash amounting to over Rs 200 crore from premises allegedly linked to Jharkhand Congress MP Dhiraj Prasad Sahu. He was reacting to the recent Income Tax raids on the entities linked to Rajya Sabha MP Dhiraj Sahu in Jharkhand and Odisha. "They (BJP led central government) are only targeting Congress. Let them raid BJP leaders as well. Only then will it be known how much (ill-gotten wealth) they have," Siddaramaiah told reporters. The CM said whoever amasses black money is wrong, according to the Income Tax Act. Let the I-T department take action as per law. However, Siddaramaiah's grouse was that the central agencies were selectively targeting the Congress. "Why their action is aimed at only Congress leaders and not BJP? Huge money will be found if BJP people are raided,' the Chief Minister said. A huge pile of cash has been ...

Congress tried to spread corruption from generation to generation: Lekhi

The amount of cash recovered from Dheeraj Sahu's premises is the highest among corrupt people so far. Its amount has reached Rs 300 crore

Odisha Distillery I-T raid: 156 bags of cash found, Rs 20cr counted so far

The Income Tax department on Friday found 156 bags of cash during search for the third consecutive day in places linked to an Odisha-based distillery group on charges of tax evasion, officials said. From the bags, Rs 20 crore were counted till now, taking the total amount so far recovered to Rs 220 crore. The department officials recovered as many as 156 bags containing cash during the raid at Sudapada in Bolangir district on Friday. "Of the 156 bags, only 6/7 were counted and the amount found was Rs 20 crore," an official said. The raids were carried out at Sambalpur, Bolangir, Titilagarh, Boudh, Sundargarh, Rourkela and Bhubaneswar. The company is yet to provide any reaction to the raids. Around Rs 200 crore in cash was seized on Thursday during raids at the Bolangir office of Baldeo Sahu & Group of Companies, one of the biggest country-liquor manufacturers and selling companies in western Odisha. The raids were conducted at some houses, offices, and distillery at Sargipali in

Misreported income leads to penalty: I-T dept advises to file revised ITR

"Misreporting of Income may result in penalty and prosecution proceedings under provisions of Income Tax Act, 1961," said the I-T department

I-T Department conducts survey at some entities of Hinduja Global Solutions

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules (GAAR). The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

Shakira reaches deal to avoid $15 million tax fraud trial in Spain

"Do you recognise the facts and conform with the new penalties that have been requested?" asked Judge Jose Manuel del Amo Sanchez. "Yes," Shakira responded

Income Tax dept conducts search operations at Lux Industries premises

The Income Tax department Friday conducted search operations at the various premises of hosiery major city-based Lux Industries Limited, the company said in a regulatory filing. It is alleged that the company had evaded taxed to the tune of Rs 200 crore. The company in its regulatory filing with the BSE said that a search is being conducted at the premises of the firm and full cooperation is being extended to the central agency's officials. "We would like to further inform that as the survey is yet to conclude, we are unable to make the assessment of its impact. Once the survey concludes the company will update the stock exchanges in case there is any material impact resulting from the above survey," the company said. The company shares fell 3.02 per cent on the NSE and closed at Rs 1473.50 apiece.

US President Joe Biden's son Hunter indicted on federal firearm charges

Hunter, who is 53, may also face tax fraud and illegal foreign lobbying counts in DC and Los Angeles

Beware! An income tax refund scam is doing the rounds: How not to fall prey

A viral message claims that that the recipient has been approved for an income tax refund of Rs 15,490.

Tax evasion case: Xiaomi moves Karnataka High Court to challenge FD seizure

Xiaomi India's market share in the Indian handset industry has been steadily falling as a result of the legal problems

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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