Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: articles on VAT and GST in India :: list of goods taxed at 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: cpt
 
 
General »
 Advance tax payout by top cos grows just 2% in Sept quarter
 Why abolishing personal income tax may not be a good idea
 Questions about the GST cess
 How to prepare for the looming tax-extension deadline
 Income tax: Gratuity for employees raised to Rs 20 lakh; here is how you will benefit
 Haryana to set up scrutiny panel on GST benefits
 Waive certain taxes for companies in insolvency proceeding
 I-T department to appoint 7600 more tax return preparer scheme to cover entire country
 All eyes are on GST as Centre plans higher social pension
 Exporters demand total exemption from GST
 Here's what you must know to stay clear of taxman

Income - Tax to slap Rs 20,000 cr penalty on Hasan Ali's aide Tapuria
March, 29th 2011

The Income-Tax department is all set to slap a penalty of over 20,000 crore on Kashinath Tapuria, an alleged associate of Hasan Ali Khan, the Pune-based businessman who is under investigation for irregular foreign exchange transactions.

Khan, the Enforcement Directorate fears, has stashed away $8 billion in Swiss a bank - an allegation that Khan and UBS, the largest Swiss bank, have denied.

The Income-Tax demand on Kashinath Tapuria, a Kolkata-based businessman and brother of the late Priyamvada Birla , amounted to 20,000 crore.

Provisions under the Income-Tax Act allows the Department to levy a penalty of 100-300% of the income that has been evaded by the assessee.

The department, in all likelihood, will issue the penalty order before March 31, 2011. Under tax regulations, a penalty order must be issued within a specific period after the issue of the assessment order.

Here, that period comes to an end on March 31.

It is learnt that the I-T department is planning to levy a penalty of more than 100%. Tapuria and Hasan Ali Khan are currently in the custody of the Enforcement Directorate, the agency probing the money trail.

Tapuria had repeatedly denied any association with Hasan Ali Khan's transactions except that Khan had once promised to arrange a loan to finance Tapuria's firm.

The department is also set to issue a penalty order on Hasan Ali Khan on the $8 billion he is believed to have transacted through his Swiss bank accounts. With interest, the tax demand on Khan is over 72,000 crore. With the addition of penalty, the I-T liability of Khan could cross 1 lakh crore. The department has already attached his properties in Pune worth 4 crore.

The I-T department is looking for an opportunity to interrogate Khan, after the Enforcement Directorate concludes the ongoing interrogation. The department had first questioned Khan in 2007, when its officials raided his Pune house.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

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