Tax Evasion Penalty
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Samsung India Executives Seek to Quash $81 Million Penalty Over Tax Evasion
Seven Samsung India executives have asked a court to revoke penalties of $81 million (roughly Rs. 692 crore) from a $601 million (roughly Rs. 5,135 crore) tax demand in India. Samsung's India unit faced a $520 million (Rs. 4,443 crore) tax demand, while employees were fined $81 million (Rs. 692 crore) for their alleged part in misclassifying impo...
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Bitcoin Patron Michael Saylor and MicroStrategy Face US Lawsuit Over Tax Fraud Allegations
MicroStrategy CEO Michael Saylor is facing a lawsuit on allegations of tax fraud, Washington D.C. Attorney General Karl Racine announced Wednesday. Racine added that Washington D.C. was also suing MicroStrategy "for conspiring to help [Saylor] evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC."
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Xiaomi Slapped With Rs 653 Crore Import Duty Evasion Notice
A show cause of Rs 653 crore has been slapped on Chinese phone maker Xiaomi's India unit for alleged import duty evasion
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WazirX Fined Rs 49.2 Crore for Tax Evasion Worth Rs 40.5 Crore
GST Mumbai East Commissionerate detected a GST evasion worth Rs 40.5 crores and recovered Rs 49.2 crore in cash pertaining to GST evaded, interest, and penalty from the cryptocurrency exchange WazirX.
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Rapper DMX Plays His Own Song To Judge, Manages To Reduce His Jail Time
American rapper DMX appeared in front of a judge in Manhattan for tax evasion charges yesterday and managed to avoid the maximum penalty of five years by playing one of his own songs.
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Misa Bharti's Husband Too Skips Income Tax Date, Fresh Summons Issued
The Income Tax Department on Wednesday slapped a penalty notice of Rs 10,000 on Shailesh Kumar, husband of RJD lawmaker Misa Bharti, for non-compliance of summons in connection with its probe in the Rs 1,000 crore alleged benami land deals and tax evasion case.
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Income Tax Department Seeks Rs 30,000 Crore Penalty From Cairn For Non-Payment Of Tax
The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs 30,700 crore in penalties for its alleged failure to pay Rs 10,247 crore capital gains tax on time.
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Tax Evasion Up To Rs 2 Crore A Bailable Offence, Decides GST Council
To make the Goods and Services Tax or GST regime less onerous, the centre and states have decided to water down the penal provisions to ensure a trader gets immediate bail if the alleged tax evasion is up to Rs 2 crore.
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Limits For Arrest, Prosecution Of Alleged Excise Duty Violators Hiked
Arrest and prosecution of alleged excise tax violators can only be resorted to if the amount of penalty or tax evaded is equal to or more than Rs 2 crores.
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Four-Month Window To Declare Black Money To Open On June 1
A four-month window for declaring domestic black money will open on June 1 and those opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by the Income Tax Department.
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Black Money: Government Collects Rs 17 Crore in Tax and Penalty Till November 26
The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.
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Black Money Law: Foreign Property to be Taxed at Current Price, Says Report
Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.
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Customs Duty Evasion: Finance Ministry Proposes to Reduce Penalty
The amendment is part of the Finance Bill, 2015, which is yet to be passed by Parliament.
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Swiss Bank Pleads Guilty to US Tax Evasion, Fined $2.6 Billion
Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of USD 2.6 billion to avoid prosecution.
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Finance Ministry implements amnesty scheme for service tax defaulters
Aimed at widening revenue from indirect tax, the Finance Ministry has implemented one-time amnesty scheme for service tax defaulters to pay their due without any penalty or late payment charges.
-
Samsung India Executives Seek to Quash $81 Million Penalty Over Tax Evasion
Seven Samsung India executives have asked a court to revoke penalties of $81 million (roughly Rs. 692 crore) from a $601 million (roughly Rs. 5,135 crore) tax demand in India. Samsung's India unit faced a $520 million (Rs. 4,443 crore) tax demand, while employees were fined $81 million (Rs. 692 crore) for their alleged part in misclassifying impo...
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Bitcoin Patron Michael Saylor and MicroStrategy Face US Lawsuit Over Tax Fraud Allegations
MicroStrategy CEO Michael Saylor is facing a lawsuit on allegations of tax fraud, Washington D.C. Attorney General Karl Racine announced Wednesday. Racine added that Washington D.C. was also suing MicroStrategy "for conspiring to help [Saylor] evade taxes he legally owes on hundreds of millions of dollars he’s earned while living in DC."
-
Xiaomi Slapped With Rs 653 Crore Import Duty Evasion Notice
A show cause of Rs 653 crore has been slapped on Chinese phone maker Xiaomi's India unit for alleged import duty evasion
-
WazirX Fined Rs 49.2 Crore for Tax Evasion Worth Rs 40.5 Crore
GST Mumbai East Commissionerate detected a GST evasion worth Rs 40.5 crores and recovered Rs 49.2 crore in cash pertaining to GST evaded, interest, and penalty from the cryptocurrency exchange WazirX.
-
Rapper DMX Plays His Own Song To Judge, Manages To Reduce His Jail Time
American rapper DMX appeared in front of a judge in Manhattan for tax evasion charges yesterday and managed to avoid the maximum penalty of five years by playing one of his own songs.
-
Misa Bharti's Husband Too Skips Income Tax Date, Fresh Summons Issued
The Income Tax Department on Wednesday slapped a penalty notice of Rs 10,000 on Shailesh Kumar, husband of RJD lawmaker Misa Bharti, for non-compliance of summons in connection with its probe in the Rs 1,000 crore alleged benami land deals and tax evasion case.
-
Income Tax Department Seeks Rs 30,000 Crore Penalty From Cairn For Non-Payment Of Tax
The Income Tax Department has slapped a fresh notice on British firm Cairn Energy, seeking up to Rs 30,700 crore in penalties for its alleged failure to pay Rs 10,247 crore capital gains tax on time.
-
Tax Evasion Up To Rs 2 Crore A Bailable Offence, Decides GST Council
To make the Goods and Services Tax or GST regime less onerous, the centre and states have decided to water down the penal provisions to ensure a trader gets immediate bail if the alleged tax evasion is up to Rs 2 crore.
-
Limits For Arrest, Prosecution Of Alleged Excise Duty Violators Hiked
Arrest and prosecution of alleged excise tax violators can only be resorted to if the amount of penalty or tax evaded is equal to or more than Rs 2 crores.
-
Four-Month Window To Declare Black Money To Open On June 1
A four-month window for declaring domestic black money will open on June 1 and those opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by the Income Tax Department.
-
Black Money: Government Collects Rs 17 Crore in Tax and Penalty Till November 26
The government has collected Rs 16.69 crore as taxes and penalty till November 26 from those who have disclosed illegal wealth under the black money compliance window.
-
Black Money Law: Foreign Property to be Taxed at Current Price, Says Report
Indians having undisclosed property abroad will have to pay tax and penalty on the basis of the current market value of the asset, and not at the purchase price, as per the new black money bill.
-
Customs Duty Evasion: Finance Ministry Proposes to Reduce Penalty
The amendment is part of the Finance Bill, 2015, which is yet to be passed by Parliament.
-
Swiss Bank Pleads Guilty to US Tax Evasion, Fined $2.6 Billion
Swiss banking giant Credit Suisse has pleaded guilty to the charges that it helped its American clients evade taxes and agreed to pay a penalty of USD 2.6 billion to avoid prosecution.
-
Finance Ministry implements amnesty scheme for service tax defaulters
Aimed at widening revenue from indirect tax, the Finance Ministry has implemented one-time amnesty scheme for service tax defaulters to pay their due without any penalty or late payment charges.
