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: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: VAT RATES :: VAT Audit :: ACCOUNTING STANDARD :: articles on VAT and GST in India
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

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 2016 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