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: empanelment :: cpt :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: VAT Audit :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT
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

US says HSBC in India helped rich tax dodgers
April, 08th 2011

The US Department of Justice said that HSBC in India helped potentially thousands of Americans dodge taxes, broadening the government's probe of banks suspected of helping tax dodgers beyond UBS AG.

The government requested permission to get information from the bank about American residents who may be using HSBC India accounts to evade federal income taxes , in a filing on Thursday with the San Francisco federal court.

The court documents allege HSBC lured clients with the promise of secrecy.

"Prospective clients were told that, as a foreign bank, HSBC India would not disclose the accounts to the IRS (Internal Revenue Service)," the government said in court documents.

The government -- which is clamping down on tax evasion as it battles a huge budget deficit -- wants authority to serve a "John Doe" summons on HSBC to obtain the names of an unknown number of people who may have engaged in tax fraud. Prosecutors employed the same strategy in its case against Swiss bank UBS.

HSBC said in a statement it has not seen the summons, but the bank, "does not condone tax evasion and fully supports the U.S. efforts to promote appropriate payments of taxes."

The United States has been probing other banks after UBS AG paid $780 million and admitted it helped Americans stash assets overseas tax-free, although it has not targeted other banks officially in court documents until now.

Tax officials have been combing through 18,000 accounts gathered in a tax amnesty program last year and 4,000 more that UBS handed over to end the U.S. government's civil tax probe.

"This is consistent with their plan to extend into other countries," said David Gannaway, a former IRS special agent who now helps wealthy clients come clean with the agency. "They are looking for which bank has U.S. operations to take them into a country where they believe there is a lot of noncompliance."

The government previously moved against HSBC clients, but those cases have not pursued the bank itself.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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