« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  CBDT eyes Rs 69,548 cr from Mumbai... No extension of date for filing I-T returns... » Act lacunae may help offenders go scot free July, 18th 2006 HSBC BPO FRAUD   The high profile cyber crime involving HSBC Electronic Data Processing Pvt Ltd has taken a new turn.    The Karnataka police, investigating the case, are in a fix as they cannot book the accused Nadeem Kashmiri for data theft. The simple reason: There is no provision to deal exclusively with data theft in the Indian Information Technology Act 2000.    As a consequence the case may be rendered weak and the accused might escape stringent punishment.    The police feel that data protection laws would have assisted them to strengthen the case against Kashmiri, who is accused of siphoning off 2.3 lakh (about Rs 2 crore) from the accounts of HSBC customers in the UK.    There is no provision for data theft in the IT Act. If we have data security laws, it will be a good tool for enforcement authorities to pin down cyber criminals. If there was a separate provision for data theft, the case against Kashmiri would have been stronger, Karnatakas inspector general of police (economic offences) Sushant Mahapatra told Business Standard.    Now, Kashmiri has been booked under Sections 66 and Section 72 of the IT Act and under Indian Penal Code (IPC) 408, 468 and 420. These sections cover hacking, breach of trust and cheating.    The IT Act covers only unauthorised access with a maximum penalty of Rs 1 crore and imprisonment. Cyber law experts point out that existing Indian IT regulations, which is aimed more at e-commerce transactions, are not effective enough to deal with cases like those involving the Kashmiri.    Such trends may harm the BPO industrys image, according to Feedback Consulting CEO V Ravichandar. Firms abroad care about the level of protection in India be it about IPR, data security, data privacy or transactions.    For firms abroad to be reassured that India is safe for business, it is necessary that Indian partner firms and security environment work in tandem to deliver on the promise.