Prime Minister Narendra Modi on Tuesday announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight, making these notes invalid in a major assault on black money, fake currency and corruption According to an official statement by PM Modi, persons holding old notes of five hundred or one thousand rupees can deposit these notes in their bank or post office accounts from 10th November till close of […]

The income-tax department may soon swoop down on participants in the stock market after a probe revealed that alleged tax evaders are parking money in companies listed on the BSE in order to avoid paying tax and hiding alleged “black” money. The I-T department has collated information on the alleged dealings of individuals and companies through the securities transaction tax (STT) data submitted by NSE and BSE for 2013-14 and […]

It was just last week that the Income Tax Department made an announcement about raiding roadside eateries. These small tiny businesses that thrive on curbs make thousands every day – yet nobody has questioned it before.A little before September ended, the IT Department ensured that they would investigate every nook and corner of this flourishing industry, and see what emerged. The next move was the notice that was sent to many […]

With the deadline for Indians to disclose their hidden black money under the Income Declaration Scheme (IDS) 2016 finished on Friday, reports suggested that the total amount declared was over Rs 65,000 crore. India Today reported that the department would recover tax worth around Rs 30,000 crore in its kitty (at 45 per cent) on the declared amount. However, in a surprising turn of events, Mumbai came second in declaring […]

Eminent lawyer and RJD MP Ram Jethmalani said on Sunday that he felt “guilty” and “cheated” for helping Prime Minister Narendra Modi who failed to deliver on his promise of bringing back black money stashed abroad.   While addressing a regional convention of Samajwadi Sindhi Sabha, Jethmalani claimed he contributed to making Modi the Prime Minister after BJP leaders promised to bring back black money parked in foreign banks. He […]

Prime Minister Narendra Modi has reached Switzerland on a day-long visit, where he is likely to seek support for India’s membership to the elite 48-member Nuclear Suppliers Group or NSG. He is also likely to raise the issue of black money stashed by Indians in Swiss banks. Switzerland is the third stop on PM Modi’s five-nation tour and is considered one of its high points. He reached Geneva after a […]

The volume of black money stashed in the country is much more than that kept abroad, vice-chairman of Special Investigation Team (SIT) Justice (retd) Arijit Pasayat said here today. “The volume of black money stashed in India is much more than it is now in the foreign countries. If the generation of black money is stopped, its flow to the foreign countries will be substantially reduced,” Pasayat, who held a […]

  BERNE: Two Indian women figure among scores of foreign nationals with Swiss bank accounts, whose names have been made public by Switzerland in its official gazette for being probed in their respective countries. Making public these names, the Swiss Federal Tax Administration (FTA) has asked the two Indians to file an appeal within 30 days before the Federal Administrative Court if they do not want their details to be […]

A harsh black money law is believed to have triggered an exodus of several wealthy Indians to destinations like Dubai and Singapore, according to an informal email and text messages exchanged by traders in Mumbai’s financial markets on Tuesday. A leading tax professional said that many of these people with undisclosed offshore bank accounts are exploiting loopholes in tax and foreign exchange laws. reporterUsing their contacts they are arranging job […]

India has said it is writing to the Swiss authorities, seeking details of Indians who have parked untaxed wealth in Swiss banks. Finance Minister Arun Jaitley’s comments came after reports that Switzerland was sharing with Delhi a list of Indians holding “black money”. The Swiss said there had been no meeting with Delhi since February, but it was committed to fight tax evasion. Indians are estimated to hold $500bn (£297bn) […]