-PTI In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the Central Board of Direct Taxes CBDT has ordered the I-T department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The CBDT fears that if these names are leaked and they are publicised, global financial bodies like OECD...

More than Rs 18,700 crore of unaccounted wealth has been unearthed across the country after searches were conducted by the income tax officials in the last two years, the Central Board of Direct Taxes said on Friday. The body has, however, denied any harassment has been caused to any industrialist or business establishment anywhere in the country due to I-T search and survey operations. "Search and seizure is conducted on the basis...

The Government is contemplating legal action against HSBC Bank for what is being described as the “active’’ role of their executives in persuading Indian account-holders to open accounts to park undeclared money in their branch in Geneva. The Central Board of Direct Taxes (CBDT) has sought the opinion of the Law Ministry for this and underlined that a similar course of action has been taken by other countries who, like India,...

Chances of a single answer to two opposing questions on the RTI Act means there is something to it which the rule-books don’t tell you about—but you can bowl googlies to them, too, when the system expects you to hold a straight bat to their bouncers Here is a single answer to two diametrically opposite questions—“Yes, you can file an application under the Right to Information Act of India 2005 (RTI...

-The Hindu   Revised pact with Switzerland will allow India to obtain banking information in specific cases: Finance Minister   Having impressed upon the G-20 nations the need to adopt automatic sharing of banking and tax-related information at the Paris Ministerial meeting last weekend, Union Finance Minister Pranab Mukherjee on Wednesday sought to highlight the “noteworthy” achievements and the progress made back home in unearthing unaccounted income. In his inaugural address at the ‘Economic Editors'...