Page 5 - Tax Evasion

I-T dept raids two luxury watch sellers in Delhi amid tax evasion probe

The Income Tax Department has conducted searches against two major luxury watch sellers in Delhi as part of a tax evasion probe, officials said Tuesday. The sleuths launched the raids on Monday on the premises of Kapoor Watch Company and Johnson Company and their promoters on Monday, they said. Phone calls and email sent by PTI to the two companies did not elicit a response. The officials said the tax department looked at the account books, sales bills and other documents as part of the searches conducted to probe alleged tax evasion and charges of reported cash sale of watches that are worth a few lakhs. The two companies have showrooms in prominent Delhi markets and deal in several high-end watches, including that of foreign brands.

SC to hear plea to establish special anti-corruption courts on Oct 31

The Supreme Court is scheduled to hear on October 31 a plea seeking to establish special anti-corruption courts in every district to decide cases related to various economic offences like money laundering and tax evasion within one year. According to the cause list of October 31 uploaded on the apex court website, the petition is slated to come up for hearing before a bench comprising Chief Justice U U Lalit and Justices S R Bhat and Bela M Trivedi. The PIL filed by advocate Ashwini Kumar Upadhyay has also sought directions to high courts to take appropriate steps to decide cases related to economic offences. The PIL, filed through advocate Ashwani Kumar Dubey, contended that the Centre and State governments have also not taken appropriate steps in this regard. None of the government departments are corruption-free, it submitted. Due to long pendency and ineffective anti-corruption laws, even after 73 years of Independence and 70 years after becoming a socialist secular democratic

GST officers can launch prosecution in cases of over Rs 5 cr tax evasion

GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the Finance Ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence, the GST investigation wing under the Finance Ministry said, while issuing instructions for launching prosecution. Prosecution should normally be launched where the amount of tax evasion, or misuse of ITC, or fraudulently obtained refund is more than Rs 5 crore, it said. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. This limit will not apply and prosecution can be launched in the case of a company/taxpayer habitually involved in tax evasion or misusing Input Tax Credit

I-T dept going into new areas to check tax evasion: CBDT chairman

The Income-Tax department is going into "new areas" of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said. The Central Board of Direct Taxes, the administrative body for the tax department, undertakes search and seizure operations to check instances of tax evasion apart from performing its regular task of collecting revenue for the government under the direct taxes category. "We are covering a variety of sectors of the economy (while undertaking searches and raids). We are not limiting ourselves to real estate or developers only...our action is spread across sections of economy right from healthcare to pharma to developers to industries, manufacturers, service providers etc. "We are touching new areas and various sectors of the economy which were never touched like asset reconstruction companies, gaming, betting etc.," Gupta said during an ...

German chancellor Scholz faces grilling over alleged role in tax scam

German Chancellor Olaf Scholz is due to appear on Friday before a parliamentary panel in the northern state of Hamburg to answer lawmakers' questions regarding what he knew about a tax evasion scam when he was mayor of the city. Political opponents have called on Scholz to provide more information about meetings he had in 2016 and 2017 with private bank MM Warburg that faced demands to repay millions of euros in tax refunds it had wrongly claimed for share trades. Scholz has previously stated that he doesn't remember details of the meetings, but denies that he intervened to get Hamburg officials to drop the repayment demands. Opposition leader Friedrich Merz of the centre-right Christian Democrats said he didn't believe Scholz's memory lapses. When you're talking about a tax demand in the three-figure millions concerning such a big bank in your own city, then you don't forget what was said during the conversation, Merz told German business daily Handelsblatt in an interview publish

Germany: Pressure grows as opposition calls Olaf Scholz over tax scam ties

Scholz has been dogged by questions about meetings he had with private bank M.M. Warburg in 2016 and 2017.

No more scheming: Bourses step up scrutiny of investors from Sikkim

Asked to re-verify clients and check order locations, following reports of tax evasion

Notices issued to 3 Chinese mobile companies for tax evasion: FM Sitharaman

The government is looking into cases of alleged tax evasion by three mobile companies of China and notices have been given to them, FM Nirmala Sitharaman informed Rajya Sabha

Indian phonemakers served notices by Customs, get Rs 20,000 cr tax bill

Before September 2020, there was no import duty on such panels, but from October 1, 2020, an import duty of 10% is levied under the Centre's phased manufacturing programme

Delhi banquet halls get notices for 'massive' tax evasion in wedding biz

Based on GST records, the income tax department's investigation arm has begun to piece together the evidence and send out notices

G-20 meet: FM Sitharaman for info sharing on crypto, immovable assets

Tax evaders explore other avenues to shift their unaccounted wealth through investment in non-financial assets, Sitharaman pointed out

Chinese mobile maker Oppo India evaded customs duty worth Rs 4,389 cr: DRI

During the investigation, searches were conducted by DRI at the office premises of Oppo India and residences of its key management employees

Huawei India sent Rs 750 crore to parent firm even as revenues fell: Report

The I-T department has accused Huawei's Indian unit of repatriating large amounts to the parent company in China to reduce its taxable income here

What is global minimum corporate tax?

The global minimum corporate tax on MNCs was aimed at discouraging them from shifting profits to low-tax countries. But it will reduce the incentives to attract investment in developing countries

Need for ethics, corporate governance standards in startups: Piyush Goyal

While Goyal did mention the name of the startup, his statement comes after there have been several reports of corporate governance lapses at the unicorn Bharat Pe over the last few months.

Xiaomi says fully cooperating with ED on alleged tax evasion probe

In a statement shared with IANS, Xiaomi said it is a law-abiding and responsible company.

IT dept attaches 41 properties linked to Shiv Sena leader Yashwant Jadhav

The attached properties include 31 flats in Bilkhadi Chamber Building in Byculla, a flat worth Rs 5 crore in Bandra and Hotel Crown Imperial in Byculla.

Income in US on I-T radar in FY23, non-disclosure to invite action

The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets

GST authorities expand probe into alleged tax evasion by BharatPe

GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover

CBDT claims Huawei manipulated account books to reduce taxable income

The CBDT statement made multiple charges against the company including that it 'made inflated payments against receipt of technical services from its related parties outside India'