Taxmen

Taxmen to conduct special drive to weed out fake GST registrations

The CBIC will undertake a two-month-long special drive to detect fake GST registrations and take action to identify the masterminds/beneficiaries as it aims to weed out fake ITC claims. Fake/non-genuine registrations are being used to fraudulently pass on input tax credit (ITC) to unscrupulous recipients by issuing invoices without any underlying supply of goods or services or both. This menace of fake registrations and issuance of bogus invoices for passing fake ITC has become a serious problem, wherein fraudulent people engage in dubious and complex transactions, causing revenue loss to the government, the GST Policy wing of the CBIC said. "A Special All-India Drive may be launched by all Central and State Tax administrations during the period 16th May 2023 to 15th July 2023 to detect suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue, the Central Board

Taxmen probe rich Indians for having foreign policies without approval

Foreign Exchange Management Act (Fema) is triggered when life insurance is bought from a foreign company without RBI approval

AAR order on Tiger Global to spur taxmen to asses entity location: Experts

The AAR, in its ruling, said the investment was routed through the Mauritius entity only to benefit from the India-Mauritius tax treaty while the 'head and brain' of the company was in the US

CBDT chargesheets 3 senior IRS officers for 'misguiding' young taxmen

These officers also have been divested of their current duties on charges of violating Rules 9 and 3(1)(xx) of the Central Civil Service Conduct Rules

Covid-19: Tamil Nadu gives 3-month extension for payment of taxes, loans

The state also urged house owners to consider being lenient with tenants on rentals

Letter to BS: Taxmen shouldn't be pushed to make businesses accept schemes

Pressing officials to make the taxpayers accept schemes may have a demoralising effect on the officials apart from tax terrorism as mentioned

Narendra Modi, Jaggi Vasudev to address 2-day tax officers' conference

Tax officers might get a dose of mysticism to aid in their hunt for black money, at the second edition of a retreat for tax administrators, Rajasva Gyan Sangam, starting Friday.Apart from Prime Minister Narendra Modi's address, the taxmen would also get to attend a session by Jaggi Vasudev, popularly known as Sadhguru. Modi's address at the two-day conference, for the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC), would be on widening the tax net, clamping down on black money using non-intrusive measures and ensuring smoother goods and services tax (GST) implementation. "The two-day brainstorming will focus on taking forward the very successful year that saw the GST roll-out and stringent action against black money holders after demonetisation. The very popular Sadhguru will deliver a talk to encourage tax departments," said a government official.Vasudev has previously spoken at the United Nations Millennium World Peace Summit and for several .

Fear not, says I-T: Deposits up to Rs 2.5 lakh will not be questioned

Only those accounts will be probed that do not match the tax returns.