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: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: cpt :: articles on VAT and GST in India :: TDS :: due date for vat payment :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARDS
 
 
News Headlines »
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 Comparison of 10 tax-saving investments under Section 80C
 10 Income Tax-Saving Options Beyond Section 80C Limit

Govt refuses to name account holders in tax haven despite SC order
April, 28th 2014

Why is the government reluctant to share the names of Indian tax evaders having accounts in LGT Bank in Liechtenstein with the Supreme Court even when it amounts to contempt of court?

The apex court last week threatened action against the government under contempt of court for not disclosing the names of Indians having deposits in LGT Bank.

Interestingly, the Central Board of Direct Taxes has launched prosecution against 17 Indians who had deposits in LGT Bank in different courts in Mumbai, Chennai and Delhi. One tax evader of the 18 has died. If cases have already been filed against these tax evaders, what stops the government from sharing names with the SC?

Sources said the information shared by Germany had more than 26 names of Indians while CBDT has launched criminal proceedings against only 17. In some cases, taxes have been assessed but no prosecution has been launched.

The government has so far taken the plea that it can't share details of these tax evaders as it is bound under the Double Taxation Avoidance Agreement with Germany and France not to share details of names shared by them.

In 2008, Germany had shared details of Indians having deposits in LGT Bank. After an intense opposition campaign against black money, the government had launched prosecution proceedings.

Initially, CBDT indicated action would be taken against 26 tax evaders. But in the last winter session in December, in response to a Parliament question, the government stated that assessments have been done against 18 individual cases "being beneficiary of the trusts/entities."

The total assessed income in the 18 cases was put at Rs 39.66 crore. The Income Tax department raised a demand of Rs 24.26 crore in these cases as tax. In addition, about Rs 12 crore penalty had been imposed in just nine cases.

In another instance where France had shared information on Indians having deposits in HSBC Bank in Geneva, the government had received data on at least 700 Indians.

In a press note in 2012, the CBDT had stated that "information from Germany and France has been investigated. Tax evasion of more than Rs 600 crore detected and taxes of Rs 200 crore has already been realized. Prosecution proceedings have been launched in 17 cases pertaining to LGT Bank accounts."

Though the CBDT admitted that assessment proceedings had been initiated in cases relating to HSBC accounts, but there was no prosecution launched as that would also bring these names in the public domain.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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