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: VAT RATES :: TDS :: articles on VAT and GST in India :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment
 
 
« General »
 Fall in tax collection compounds crisis
 Govt sets up task force to review income tax laws
 Tax queries: Contact employer to get Form 16 error rectified
 Finance Ministry may hike monetary limit for filing tax appeals
 Compilation of all notifications issued ON
 Banking transaction tax to have cascading effect: NIPFP
 While filing tax in India, NRIs do not have to state overseas income
 Tax ease on cards, some daily use items may become cheaper
 It’s one year of GSTN, too
 SBI home, auto loan interest rates cut, set to be effective from Nov 1
 MNCs will have to furnish extra disclosures from March 2018

Report: Reddys park Rs 215 crore in tax havens
July, 29th 2011

Where has all the Bellary ore money gone? Swiss banks or the tax haven of the British Virgin Islands? The final report on illegal mining illustrates that Karnataka's powerful Bellary ministers, whose transactions were way beyond what is declared to the state authorities, are involved in money laundering and tax evasion to smuggle out their crores - similar to what former Jharkhand CM Madhu Koda was up to some time ago.

The Lokayukta report has assessed that a whopping Rs 215.12 crore has been parked by Reddy brothers and their confidant B Sriramulu in tax havens and recommended for a thorough investigation by IT department to ascertain the exact loss and bring the money back to India.

Officials led by UV Singh have unearthed vital evidence that suggested that Reddys had allegedly diverted funds to overseas destinations through illegal means from their Obulapuram Mining Company (OMC).

The report said the OMC had exported about 20 consignments to GLA Trading International in Singapore, though the major destination for iron ore trade is China. Incidentally, officials found that GLA was established on November 30, 2007, with G Janardhana Reddy as one of its directors. GLA, with a share capital of $1, has its offices in the tax havens of Singapore, Dubai and the British Virgin Islands.

A comparative statement of various iron-ore exporters for the similar grade of iron ore revealed that OMC has exported to its own Singapore entity for a much lower price. "The export consignments were highly undervalued - by 35% - which amounts to smuggling in the light of provisions of the Customs Act."

A telling example in transactions from the export of OMC was in Feb-March 2007 from Visakhapatnam. For the similar grade of iron ore, OMC had under-invoiced at $94 per tonne, while it exported it to GLA in Singapore; GLA, in turn, sold it to the top grain minerals, Maco Commercial, at $152 per tonne - a clear difference of $58 per tonne.

The report said there are 478 suspected cases of under-invoiced exports during the period 2006-2010 amounting to over Rs 2,222 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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