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Following investigations into mobile phone manufacturers, laptop companies have come under scrutiny by tax authorities. According to credible sources, both income tax and indirect tax enforcement units are accusing laptop companies of evading taxes. Insiders familiar with the matter have revealed that intelligence agencies, including the Directorate of Revenue Intelligence (DRI), Directorate General of GST […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
In order to strengthen digital tax administration, the state taxation department will adopt the latest software and technological solutions so as to meet the problems of the environment where the businesses are functioning, says Punjab Finance and Taxation Minister Harpal Singh Cheema. Cheema, who presided over a review meeting with tax commissioner representatives visiting Telangana […]
The Goods and Services Tax (GST) Council, the federal indirect tax agency, has been urged to address the challenges faced by small enterprises and combat GST fraud. Amit Mitra, the principal chief advisor to West Bengal Chief Minister Mamata Banerjee, has written a letter to Union Finance Minister and GST Council Chairperson Nirmala Sitharaman, expressing […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
The existing notes will remain legal tender, the RBI announced on Friday, and ₹2000 notes will be removed and added. According to sources aware of the move, sudden significant deposits in numerous Jan Dhan accounts may also be examined in an effort to uncover tax evaders using third-party bank accounts to hide their income while […]
“It is saddening to note that tax evasion has been mushrooming in our State / Country day-by-day, which is purely illegal, and such evasion includes hiding true income and portrayal of false income, not reporting cash flow, etc” In a recent decision, a Division Bench of the Madras High Court expressed its sadness about the […]
Tax Evasion has been prevalent from ancient times, persistent to date and will continue in future. Nevertheless, the regulatory authority can limit its intensity if they infuse the efforts aptly and by utilizing the latest technology. To date, In the April-June quarter of the present financial year, Tax evasion worth Rs1,920 crores has been recovered […]
The norm w.e.f 15 February 2020, states that all the importers and exporters are obliged to duly mention their GST Identification Number or GSTIN in the goods shipping documents. This current norm is a part of the government’s endeavor to demolish tax evasion from the country. Relevant to the scenario, the Central Board of Indirect […]
