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 :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: cpt :: empanelment :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Indirect Tax »
 Indirect tax collections rise by 23.1 per cent in November
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017

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 2016 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