Indian tax authorities have sought the Swiss government's assistance in its probe against this company, after which Switzerland's Federal Tax Administration (FTA) has issued a notice to the firm asking it to nominate a person for exercising their right to be heard.
Thakur was responding to a query on estimation of total black money in the country and the reasons behind such amount generation.
The timing in the shift of destination coincides with Switzerland agreeing to share data of Indians holding Swiss bank accounts with the Indian government.
The details that Switzerland would share with Indian tax authorities under the Automatic Exchange of Information (AEOI) framework would include account numbers, credit balance and all kinds of financial income for each Indian client of every Swiss financial institution.
Forget the recovery, India doesn’t even have a proper definition of black money. It’s quite akin to the international community fighting the menace of terrorism for decades without having a universally acceptable definition for it.
Wilful failure to declare information relating to foreign income and assets in the return of income may lead to prosecution with punishment of rigorous imprisonment of up to seven years
The parliamentary panel on finance of the 16th Lok Sabha, in its report submitted to the Lower House on Monday, has said it is difficult to provide a “credible estimate” of the black money stashed away overseas by Indians
The Sena, a BJP ally, said in the last few days, there have been I-T raids on prominent political parties and their leaders in which large amount of cash is claimed to have been confiscated.
Corruption and the enticement of voters, either through cash or other benefits, is not looked down upon by a majority of people in the state. This is a disturbing fact.
A bench of Chief Justice Ranjan Gogoi and Justice Sanjiv Khanna issued notice to Chidambaram's wife Nalini and their son Karti, who is contesting Lok Sabha election from Sivaganga constituency in Tamil Nadu.
"The Prime Minister had promised that if he failed to recover black money in 100 days, he is ready for punishment ofhanging in public.
The Centre vehemently supported the scheme saying that the purpose behind it is to eliminate the use of black money in elections and asked the court not to interfere with it at this stage and examine the whether it has worked or not only after the elections.
The amount was calculated by NIFM at 'current value' in August 2014, when the institute submitted its study to the NDA government.
Every Indian should be a proud tax payer and partner in nation building, the chief minister said in a official press release.
"Anti-black money measures including demonetisation led to the discovery of undisclosed income of Rs 1.30 lakh crore, seizure of Rs 50,000 crore," Goyal said while presenting Interim Budget for 2019-20 in the Lok Sabha.
As on October 31, 2018, there were 18.10 lakh registered companies in India, of which 11.16 lakh were active
"The undisclosed income detected in this case is for various assessment years and the firm has assured it will soon pay the due tax," a senior official said.
Sakshi Batra gets in discussion with Ravi Krishnan, Deputy Executive Editor, Moneycontrol to understand the extent of success of demonetisation.
People intending to park their unaccounted money in real estate under the nose of the tax authorities are known to engage in benami transactions
The corporate affairs ministry is also examining companies’ data to see if they are involved in tax evasion or money laundering
Moneycontrol’s Sakshi Batra in conversation with Gaurav Choudhury, Policy Editor, Moneycontrol to find out how GPS will soon help the government in tracing black money and identifying shell companies.
In a series of tweets, the former finance minister also attacked the Narendra Modi government for allegedly failing to curb the flow of black money in the economy.
Last month, interim Finance Minister Piyush Goyal had told the Rajya Sabha that Indian deposits had fallen by 34.5 percent in 2017 alone and by 80 percent since the Narendra Modi government came to power in 2014.
Though there are no official estimates of such money stashed in foreign countries a tax demand of Rs 5,447 crore has been made in HSBC undisclosed income of Rs 8,448 crore.
The ministry of corporate affairs (MCA) has found that 736 out of the total 1,313 firms or companies were either never listed or have been delisted from the domestic bourses