Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: due date for vat payment :: form 3cd :: empanelment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit
 
 
Direct Tax »
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal

Govt notice to HSBC for abetting tax evasion
February, 23rd 2016

Armed with "sufficient evidence", Indian tax authorities have issued notices to global banking giant HSBC, warning of prosecution against its Swiss and Dubai arms for allegedly abetting tax evasion by four Indians and their families.

The UK-based HSBC, which also disclosed on Monday ongoing probes by tax authorities from various countries in connection with alleged abetment of tax evasion and money laundering through its Geneva branch, said it is cooperating with the relevant authorities and cautioned of "significant" financial impact as a result of these investigations.

HSBC has been under scanner ever since a leaked list of hundreds of Indian clients of its Geneva branch found its way to Indian tax authorities. Similar lists made their way to tax authorities in various other countries, prompting probes.

Indian government has stepped up its fight against black money, allegedly stashed in Switzerland, in recent years and there have been apprehensions that the so-called illicit wealth might have been shifted to other places such as Dubai.

Without disclosing the names of Indians who indulged in the alleged tax evasion through its Swiss or Dubai units, HSBC said while announcing its annual results that it had first been issued summons in February 2015 from Indian tax authorities, while fresh notices were issued in August and then in November.

The bank on Monday reported a revenue of $1.84 billion from India in 2015, up from $1.74 billion in 2014. Its profits from India operations stood at $606 million, largely from global banking and market businesses. For India, its customer accounts had balance of $11.8 billion at the end of 2015, up from $11.7 billion in the previous year.

"In India, in February 2015, the Indian tax authority issued summons and request for information to an HSBC company in India. In August 2015 and November 2015, HSBC entities received notices issued by two offices of the Indian tax authority, alleging that the Indian tax authority had sufficient evidence to initiate prosecution against HSBC Swiss Private Bank and its Dubai entity for abetting tax evasion of four different Indian individuals and/or families and requesting that the HSBC entities show why such prosecution should not be initiated," the bank said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions