-The Times of India India's GDP growth rate may have dropped in the past few years but that has had little impact on the bottomlines of the country's leading political parties. The coffers of the main parties have been swelling, with the richest amongst them, the ruling Congress, having made a cool Rs 1,662 crore in the last five years till 2011-12 and the BJP in second place with Rs 852...
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CBI cracks racket of fake I-T returns, I-T refunds-Rahul Tripathi
In what the CBI says could be the “tip of an iceberg”, the agency has found at least 1,100 cases of allegedly fraudulent refund checks issued by the Income Tax department that has resulted in the illegal withdrawal of more than Rs 6 crore over the last three months. The CBI has arrested two persons, including an accountant: Pankaj Kumar Gupta and Amit Kumar Sharma. Both, allegedly in league with IT...
More »Black money: I-T may get to re-open returns beyond 6 yrs
-PTI The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT...
More »Head rolls for Ponty Chadha fiasco that left I-T red-faced
-The Times of India The finance ministry has replaced S S Rana with Madhavan Nair as member investigation in the Central Board of Direct Taxes (CBDT) in a change that is seen to be linked to the income tax department's embarrassment over the failed "search-and-survey" operation against Gurdeep 'Ponty' Chadha, a politically-connected businessman. Apart from Rana, who was instrumental in the raids against Chadha a day before the Uttar Pradesh polls got...
More »How did CBI arrive at $500bn black money figure? by Neeraj Chauhan
-The Economic Times While there are ripples in political circles over the estimated black money stashed by Indians in tax havens abroad - as quoted by the Central Bureau of Investigation chief Amar Pratap Singh on Monday - sources say that the agency has arrived at the figure following cross-checking several sources, reports and a rough estimation. "Most of the illegal money abroad forms part of tax evasion by individuals and companies,"...
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