Page 7 - Tax Evasion

GST officials book 8,000 cases involving fake ITC of over Rs 35k cr in FY21

Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.

Trump Organisation CFO Allen Weisselberg surrenders to New York prosecutors

Trump Organisation's chief financial officer Allen Weisselberg has surrendered to Manhattan District Attorney's Office as he faces criminal charges on alleged tax crimes

130 countries agree to Biden-backed 15% global minimum tax for companies

The deal calls for a global minimum tax of at least 15%, a key element pushed by Biden as he seeks to raise more revenue for his infrastructure and clean energy plans

Trump Organisation, CFO Weisselberg indicted by grand jury for tax crimes

A grand jury in Manhattan has filed criminal indictments on Wednesday against former US President Donald Trump's company and its longtime chief financial officer Allen Weisselberg

GST evasion by winning bidders: Rly purchases since July '17 face enquiry

DGGI decision relates to misclassification of supplies

Statsguru: 6 charts explain how corporate taxes help govts globally

A look at select countries - four advanced economies, three emerging markets and India - shows the extent to which corporate taxes help governments

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