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TAX EVASION
US fines HSBC's private Swiss arm USD 192.4 mn over tax dodging
Federal prosecutors say that for a decade starting in 2000, the Geneva-based HSBC Private Bank helped American customers hide offshore assets from US authorities, using code named and numbered accounts, hold-mail agreements and shell corporations in tax havens like Panama. US authorities have aggressively pursued Swiss banks for enabling tax evasion.
GST: Promoters move high court over taxman’s power to arrest, attach accounts
The tax department had arrested several promoters on the basis ...
Central GST falls short of budget estimate by 40pc in April-November
CGST collection during Apr-Nov stood at Rs 3.28 lakh crore against budge...
Hawala probe: I-T Dept issues notice to Congress for receiving Rs 170-cr funds from Hyderbad-based firm
The notice has been issued to the party here to take the probe forward in a case that was unearthed last month after multiple raids were conducted in Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector.
Police shares findings on PMC’s arrested auditors with ICAI
According to the police, Rakesh and Sarang Wadhawan of real estate firm HDIL, who are among the accused in the case, had allegedly tampered with the bank’s core banking solution to operate 44 password-protected accounts. Overdrafts disbursed by the bank to these accounts eventually made it to the accounts held by HDIL or its promoters, the police had alleged.
Agencies suspect Jet owners siphoned Rs 8k cr via bogus bills
Investigators specifically probing the role of Goyal in alleged irregularities at what was once the country’s largest airline are looking into more than 5,000 bills raised by operation creditors, including aircraft lessors, maintenance agencies and general sales agents (GSAs). They suspect most were bogus and raised through entities related to Goyal or associates.
Income Tax dept raids ex-Karnataka dy CM's residence, others in tax evasion probe
The department took the action as part of its probe to check alleged irregularities in some medical colleges run by a trust.
Income Tax department raids BMC contractors
IT said they had conducted search action in Mumbai and Surat on November 6 on entry providers and beneficiaries who have been engaged in execution of civil contracts mainly BMC.
View: India’s economy needs PM Modi to reinvent himself — again
Modi has already reinvented himself once, from a business-friendly CM to a welfarist PM.
CBDT apprises CEC of I-T action against Lavasa family
The CBDT has recently written to CEC Sunil Arora with details on the alleged income tax evasions by Lavasa’s family members. IT notices have been issued to Lavasa’s wife and son.
Income Tax dept seizes Rs 30 cr paintings in tax evasion probe against Kuldeep Bishnoi
Sources said the department had got the valuation of the seized paintings done by government-approved experts and their total value is about Rs 30 crore.
Finally, some good news: November GST collections up 6%
GST collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year. The increase in collections was a sign of economic revival, recovery in demand and measures to ease compliance, government officials told ET. After two months of negative growth, GST revenues witnessed an impressive recovery.
Supreme Court dismisses ED plea challenging bail to Shivakumar in money laundering case
Shivakumar, a 7-time MLA in Karnataka, was booked along with Haumanthaiah -- an employee at Karnataka Bhavan in New Delhi-- and others for alleged offences under the PMLA. The case was based on a charge sheet filed by the Income Tax Department against them last year on charges of alleged tax evasion and 'hawala' transactions worth crores or rupees.
India's fiscal deficit goals threatened by tax evasion as demand wanes
There have been many cases of bogus billings, tax evasion and fake invoicing, according to PwC.
I-T department busts Rs 3,300-crore hawala racket involving infrastructure firms
The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and Goa on a group of people indulging in issuing bogus bills and carrying on hawala transactions. Hawala denotes illegal transaction of funds by skirting the legal banking channels.
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