Tax Evaders

Income tax returns filing extended to 31 August: Here's why it is good news for the salaried class

The Modi government must have reckoned with the political consequences of slapping a penalty (euphemistically called fee) of Rs 5,000 even for a day’s delay and come to the sobering conclusion that the salaried class' goodwill is more important than revenue in an election year.

Instant Aadhaar-based PAN is a step that has come not a day too soon; it prevents 'ghosts' from playing truant

Budget 2018: Why tax parity is needed for low income employees just like small traders

A low income employee may be defined to be the one whose gross salary income is not more than Rs 15 lakh.

Over 17,500 tax evaders in net as I-T authorities launch massive crackdown after roll-out of GST

Uttar Pradesh emerged as the top state with maximum number, more than 50 percent of total figure, of tax evaders under the GST regime.

I-T return filing date relaxed: Few steps govt could have taken instead of extending the deadline

The Finance Minister Arun Jaitley had sternly told the nation in the morning that the deadline was cast in stone and no extension would be available only to eat his words in the evening.

Finance Minister Arun Jaitley asks Enforcement Directorate to use penal powers 'expeditiously'

New Delhi: Finance Minister Arun Jaitley today vowed to make an example of money launderers and tax evaders, saying penalising powers of economic crime-fighting agency ED should be used "expeditiously" in cases of non- compliance.

PMGKY ends on 31 March: Tamil Nadu man makes whopping Rs 246 cr banned notes deposit

The PMGKY scheme is an amnesty scheme devised by the government in December 2016 aimed at encouraging tax evaders who are stuck with banned notes in the wake of demonetisation.

I-T Department warns black money hoarders of action, to be fined over 77% if caught

After the 8 November demonetisation of Rs 500 and Rs 1,000 notes, the central government unveiled the PMGKY amnesty scheme from 16 December, 2016 to 31 March, 2017 for declaring unaccounted wealth (black money) and avoiding prosecution by paying a fine of 50 percent on the undisclosed income.

Demonetisation: Why the fate of Narendra Modi’s grand Indian currency show rests with the taxman

The GDP forecasts post the note ban deepens the worry. On Thursday, India ratings said that de-legalisation of currency notes will erase about Rs 1.5 lakh crore from fiscal year 2017 GDP and the growth is likely to fall to a 3-year low.

Swiss banks petrified by Modi's black money law, ask customers to comply

The compliance window is likely to witness a huge surge in activity in the one month starting 1 September.