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
ę General »
 Why new tax surcharge has stunned foreign portfolio investors
  How to set-off short-term capital gains?
 Tax receipts growing but not fast enough for new government
 How Modi government's budgets have reduced your income tax burden
 Tax department tightens the noose on offenders
 How to set-off short-term capital gains?
 Government to revamp procedure for tax assessment
 I filed my ITR for AY 2019-20 but made a mistake. How can I rectify it?
 Stricter rules on dealing with tax evasion kicks in from today
 New income tax rules from today, no escape just by paying penalty
 How to link your Aadhaar Card with Income Tax Return?

IT queries RBI on Lalit Modis credit card payment
September, 04th 2010

The taxman has contacted the Reserve Bank of India (RBI), raising queries on certain international credit card payments of former Indian Premier League (IPL) commissioner Lalit Modi reports Media sources.

After a lull in the tax investigation thee is a new twist to IPL probe. It is learnt that as part of the IPL investigation that was conducted against Modi, there were certain credit card payments made by him which came under observation of the investigation wing of the Income Tax department. There are three main reasons which raised suspicions against Modi.

Sources add that these credit cards were linked to foreign banks. Also the credit cards were in the name of certain confidants of Modi. And thirdly the most important reason is that those confidants hold stake in IPL franchisees.

It is learnt that the Central Board of Direct Tax has written to RBI asking about the details of the credit cards. CBDT wants to know the quantum and nature of expenses incurred by the credit cards used by Modi.  Besides the CBDT is seeking details whether payments made by the credit cards were accounted in IPL books or not and if accounted then under which category gifts or loans.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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