Tag Archives: tax evasion

Post-Demonetisation, Swift IT Raids Greet 400 Cases

Income Tax (IT) Department has carried out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016. More than Rs. 130 Crore in cash and jewellery has been seized and approximately Rs.2000 Crore of undisclosed income has been admitted by the taxpayers, said a statement. Detecting serious irregularities beyond the ...

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Action on Black Money Continues: Minister

There is no official estimation of the amount of black money within the country and stashed abroad and a panel commissioned to study it through National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM), reported action against tax evasion as is seen now. Appropriate action against tax ...

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Maldives No Longer Tax Haven for Indians?

The Union Cabinet, chaired by Prime Minister Narendra Modi has approved the signing and ratification of an Agreement for the exchange of information between India and Maldives with respect to taxes, which will stimulate effective exchange of information between the two countries which will help curb tax evasion and tax avoidance. This follows close on the heels of External Affairs ...

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Authorities detect huge tax evasion by Skylark group

India’s excise tax evasion amounting to Rs.33 billion and Rs 102 billion in excise and service tax respectively came to light when authorities conducted raids on Skylark Group of companies. The Directorate General of Central Excise Intelligence(DGCEI) officers have detected evasion of Central Excise duties and Service Tax amounting to Rs.9.7 million and Rs 4.6 billion respectively in 2011-12 fiscal ...

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