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: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
« Indirect Tax »
 10 groups set up under senior taxmen to examine issues and report by April 10
 Indirect tax wing rejigged ahead of GST launch
 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

Income-tax department questions Yash Birla Group on 5 foreign accounts
August, 07th 2014

The income-tax department has asked the Rs 3,000-crore Yash Birla Group for an explanation regarding five undisclosed foreign bank accounts, according to documents accessed by ET. The accounts hold more than Rs 300 crore. The I-T department embarked on a six-month investigation based on a lead from the financial intelligence unit of the finance ministry.

In January, the department conducted search and seizure operations at group companies in more than 15 locations in Mumbai and Delhi. One account is in Switzerland, while the other four are in Singapore. The HSBC bank account in Switzerland was opened by the late Ashok Birla, father of Yash Birla, prior to his death in 1990.

Besides, the group is alleged to have three bank accounts with Barclays, one of which showed a balance of about $50 million (Rs 300 crore). The fourth Singapore account is with Credit Suisse. The Yash Birla Group didn't respond to detailed queries sent by ET.

"Except the balance in one bank account, cash in other bank accounts is not known as the company officials are not cooperating with the investigations," said a senior IT official requesting anonymity as he's not authorised to speak to the media. The department suspects these accounts to have more than Rs 600 crore, he added.

While two of these accounts are maintained in the name of Mokopane Trust formed in 2010-11, one is in the name of Confiance in Singapore. The other two accounts are maintained in the name of Yashovardhan Birla, reveals the IT investigations. IT sources said the trusts operate the bank account on the instructions of Yash Birla. The I-T department has initiated proceedings to attach assets of group companies in Singapore.

The department has also written to the concerned authorities in Switzerland, Singapore and other countries through its foreign tax and tax research division seeking details of the accounts. However, the department fears that the money in the Singapore accounts has already been moved elsewhere.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Wholesale Silver Jewelry

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