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 :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: empanelment :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
« Indirect Tax »
 Grey areas remain for foreign investors on tax issues
 GST: New indirect tax regime to remove inter-state barriers, stimulate exports, says Nirmala Sitharaman
 Cabinet Approves 4 GST Supplementary Bills
 GST Council approves all five draft bills ahead of new indirect tax regime
 CAG questions income tax deparment’s ability to probe shell companies
 Income from MF investments must be shown in income tax returns
 Indirect tax higher than direct tax revenues in April-Feb
 Many foreign investors reach out to tax experts about indirect transfer of shares provisions
 How changes in capital gains norms impact your portfolio
 It's time to really pull up India's out-of-control banks
 Quest to widen direct tax net

I-T dept may prosecute HSBC bank in black money cases
March, 29th 2012

The Income Tax department is said to be mulling prosecution against the HSBC bank for allegedly being the conduit for Indians in stashing money abroad.
 
The department, which had received more than 700 names in a list of black money accountholders in HSBC bank in Geneva reportedly provided by the French government, has approached the Central Board of Direct Taxes (CBDT) in this regard, sources said.

The I-T department is believed to have recommended that action may be initiated against the bank under the provisions of Income Tax Act relating to abetment of false income tax returns, concealment of income to thwart tax recovery, sources said.
 
The department, which is set to begin prosecution of cases against a certain number of account holders on this list, has sent a communication in this regard to the CBDT.
 
When contacted, HSBC officials refused to comment. The CBDT, the sources said, has now asked for an opinion from both the Law and External Affairs Ministry pertaining to the possible action against the bank.
 
Various investigation and enforcement units of the I-T across the country, where these names were sent for verification and realisation of unpaid taxes, have come together to state that the deposits in the HSBC Geneva accounts were allegedly made through the bank branches in India and this was hidden from the tax authorities.

The I-T department is of the view that the onus of declaring overseas accounts is not just on the account holder but also on the banks.
The department feels that the banks, including foreign ones, have an obligation under financial laws to submit Cash  Transaction Reports (CTRs) and Suspicious Transaction Reports(STRs) to the Financial Intelligence Unit, and the HSBC Geneva deposits and withdrawls were not reported under this arrangement.
 
Finance Minister Pranab Mukherjee has earlier said that the government has received information from France about the overseas bank accounts of Indians. "In 69 cases, the taxpayers have admitted to unaccounted income of Rs 397.17 crore. Taxes of Rs 30.07 crore have also been paid," he had said.
India, according to the Finance Ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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