Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within its jurisdiction to verify the books of account or other documents.
Chinese companies, already suffering from a poor image in corporate ethics, are continually violating the laws through corruption and criminality in Bangladesh, causing loss to the national treasurer.
A clear message from the Kanpur episode is that the cash economy is alive and kicking. Probably, instead of outlawing cash, the Government should try to integrate the cash economy in the formal economy. Also, Direct and Indirect Tax provisions should be harmonised. That said, ersatz solutions like tinkering with tax rates cannot solve the deep-rooted structural problems of our tax system
The biggest stumbling block to booking the persons involved in money laundering and large-scale tax evasion is the tedious procedure for exchange of information. Tax havens are understandably reluctant to share information but no country in the world is willing to part with information that has the potential of harming its citizens, so, procedural reasons are routinely cited to deny the request for information from foreign jurisdictions.
The I-T department filed a case saying the foundation did not have a Foreign Contribution Regulation Act (FCRA) license at that time to receive payment from a foreign organisation.
The matter relates to the alleged non-disclosure of Rs 1.35 crore received by Karti Chidambaram, and his wife Srinidhi in cash for sale of land at Muttukadu near Chennai
Industry experts are of the view that the very method of the crackdown on tax evasion has not only proven futile but also hampered entrepreneurship and the overall economic scenario in the country.
Newly-appointed Karnataka Water Resource Minister DK Shivakumar is facing trouble from the Income Tax department after a court issued a fourth summons to the Congress leader for alleged tax evasion.
Modric is the latest in a line of current and former Real Madrid players to have problems with the tax authorities.
The Income Tax Department has unearthed tax evasion of Rs 1,430 crore during its raids/searches spread over five days at…
