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: ACCOUNTING STANDARDS :: TDS :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: empanelment :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit
 
 
General »
 The most thrilling idea before every Budget: No income tax
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017

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 2018 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