Indians with undisclosed foreign assets and offshore bank accounts will be in for a shock this Budget if the finance ministry clears a proposal empowering income tax authorities to reopen assessments up to 16 years as against 6 years now.  The proposed amendment, the ministry feels, may not only act as a deterrent, but also put pressure on people to declare their wealth stashed away in Swiss banks and tax havens.  In...

In the past week the media has been Reporting that the SIT has filed a closure report that gives a “clean chit” to Gujarat Chief Minister Narendra Modi on the grounds that there is no prosecutable evidence against him. However, Tehelka has now scooped amicus curiae Raju Ramachandran’s explosive confidential report that had told the Supreme Court that Modi should be chargesheeted and prosecuted for serious criminal offences like promoting religious...

The government’s draft report on black money — that has been circulated to members of the high level committee on black money for final comments — confirms that details of the HSBC accounts in Geneva have given the country its biggest black money trail. Citing this as an instance where the government has moved fast in tracing the coded account holders, the report states that the receipt resulted in information...

-The Financial Express   Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account Number)"...

Malaria deaths in India could be more than 40 times higher that what is presently estimated. New research published in the Lancet shows that malaria kills 1.2 million people worldwide each year - twice as high as the figure in the World Malaria Report, 2011. In India, the study estimates that "4800 malaria deaths in children younger than 5 years and 42000 malaria deaths in those aged 5 years or older," for...