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Uniform penalty structures for modifications beyond such FPI groups is also being discussed, alongside exemptions for ETF market makers transferring trades to asset management companies (AMCs) to enable smoother settlement.
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A suspected CSR-linked laundering network is under probe after I-T Department uncovered bogus trusts in recent raids. A multi-city crackdown is now on cards to identify the corporates involved with such trusts.
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Income tax authorities are monitoring high-value spending of taxpayers through TCS and TDS, foreign remittances, and examining GST data to assess the spending of HNIs, sources have told Moneycontrol.
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Now, tax authorities can reassess hitherto undisclosed earnings only, and not income that’s already been declared.
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Tax officials can access communication platforms like emails, WhatsAapp and Telegram if they have a reason to believe that a person has concealed cryptocurrency or other taxable income.
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The upgraded ‘Insight’, which is in the final stages of approval, will help I-T authorities, better analyse data received from banks, financial institutions and GST filings among sources others to identify discrepancies
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Earlier in the day, the CEO of Digi Yatra Foundation Suresh Khadakbhavi too denied the media report terming it as "unfounded claims based on unknown sources."
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Rules for IMS have been prepared by the GST law committee. Businesses, particularly MSMEs, may face additional costs for IT upgrades and integrating IMS into their systems
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The amount is double of over Rs 1.01 lakh crore detected in 2022-23 in 4,872 cases. Out of these, voluntary taxes of Rs 26,605 crore was paid in 2023-24, up from Rs 20,713 crore in 2022-23.
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LTIMindtree called the order 'unjustified' and plans to take legal course against the same. As of now, there’s no material impact on financials, it said
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On July 31, Infosys received demand for alleged tax evasion of over Rs 32,000 crore from the Directorate General of GST Intelligence
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Many experts believe that Infosys will come clean on the matter as certain provisions make the company eligible for a return.
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Infosys has refuted the Rs 32,000 crore tax evasion notice, saying that GST is not applicable on expenses claimed by DGGI, and that it has paid all dues.
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Pai said the finance ministry should immediately intervene and that such tax terrorism impacts investment into India in a big way.
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The time for which the Bengaluru-based major is under scanner is from July 2017 to 2021-2022.
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DGGI's preliminary estimates suggest significant revenue losses due to the alleged GST evasion.
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Founder of the hedge fund called attention to the large share of the population who are not eligible for taxes
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Officials said they busted a cartel involved in a massive tax evasion scam
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Alkem Labs clarified that it remains committed to compliance and transparency, and had fully cooperated with the Tax Department officials during an earlier survey in 2023.
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Polycab’s fortunes, impacted by tax evasion reports, will depend upon the annual results, due on January 18. Analysts expect the company to come out unscathed.
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So far, 121 people have been arrested in connection with the cases, the Finance Ministry said.
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As the tax authorities double down on ensuring compliance under the indirect tax regime, a key consequence has been the sheer number of notices received by the industry, with about 33,000 sent so far. One government official told Moneycontrol that AI is primarily responsible for the increase in detection of tax evasions, leading to the surge in the number of notices.
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The airlines under the DGGI scanner include Etihad Airways, Emirates, Saudi Airlines, Qatar Airways, Air Arabia, Oman Air, and Kuwait Airways
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To recover the dues, the I-T department is in the process of issuing tax demand notices to these entities. Additionally, the total amount owed may escalate with the imposition of interest and penalties in due course.
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Phoenix Mills subsidiaries Vamona Developers Pvt Ltd, Offbeat Developers Pvt Ltd, Market City Resources Pvt Ltd, Pallazzio Hotels & Leisure have received showcause-cum-demand notices from GST authorities
