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Gandhinagar: The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="83" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> on Thursday conducted multi-city searches in Gujarat in connection with a <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword> case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist <keyword id="23517167" type="General" weightage="20" keywordseo="Mahesh-Langa" source="keywords">Mahesh Langa</keyword>, who works with <keyword id="21256671" type="General" weightage="20" keywordseo="The-Hindu" source="keywords" meta.keywordsubtype="org" meta.entityname="The Hindu" meta.hostid="83" meta.entityid="The Hindu">The Hindu</keyword> newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through <keyword id="23577822" type="General" weightage="20" keywordseo="bogus-input-tax-credits" source="keywords">bogus input tax credits</keyword> and fraudulent transactions. Langa along with seven others was arrested after the Central GST found some suspicious transactions in bogus firms floated in the name of his wife and father using forged documents. After the registration of the FIR, the Crime Branch and Gujarat's Economic Offences Wing raided 14 locations across the state, including in Ahmedabad, Junagadh, Surat, Kheda and Bhavnagar. According to the Crime Branch, more than 200 fraudulently created firms worked across the country in an organised manner to defraud the government exchequer by availing bogus input tax credits and forged documents and identities were used to create these firms for tax evasion.

ED conducts raids in Gujarat in GST fraud case

New Delhi, The Enforcement Directorate on Tuesday conducted raids against <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> executive chairperson <keyword id="87849" type="General" weightage="80" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword> and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA). The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency. The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> in March last year raided Munjal and his company <keyword id="734729" type="General" weightage="80" keywordseo="hero-motorcorp" source="Orion">Hero Motorcorp</keyword>, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has presence across 40 countries spanning Asia, Africa, and South and Central America. PTI NES http://ptinews.com/images/pti.jpg "We bring the World to you" Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. MIN MIN

ED conducts raids against Hero Motors' Pawan Munjal

<ul><li>Income tax department is conducting searches at Mankind Pharma’s premises in Delhi, checking documents, and questioning people.</li><li>Mankind Pharma has been in the news since its <a href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharma-lists-at-20-premium-beats-grey-market-expectations/articleshow/100090002.cms">stellar debut on Tuesday </a>with 20% listing gains.</li><li>The company is known for products like MANforce condoms, Prega News pregnancy detection kits and Gas-o-Fast sachets.</li></ul>The Income Tax department on Thursday conducted searches on the premises of Mankind Pharma over allegations of tax evasion, official sources said. A PTI report said that searches are being conducted on the company premises in Delhi and nearby locations, documents are being checked and people are being questioned as part of the action launched early this morning. E-mail and queries sent by PTI to the company remained unanswered. Mankind Pharma recently went public, to raise ₹4,326 crore. The initial public offer was a complete offer for sale and its promoters received the proceeds from the share sale. Added to that, its <a href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharma-lists-at-20-premium-beats-grey-market-expectations/articleshow/100090002.cms">stock listed at a 22% premium</a> on May 9, and the company’s marketcap stands at ₹56,108 crore as of Thursday. The pharma company also entered the <a href="https://www.businessinsider.in/business/corporates/news/mankind-pharma-debuts-in-top-100-as-per-market-value-after-a-stellar-listing/articleshow/100123765.cms">top 100 companies club </a>on its debut day. On Thursday, it ranks at 90 in terms of largest listed companies in India, leaving behind the likes of Punjab National Bank, Hero MotoCorp, UPL, Indian Hotels and Zomato. Analysts say that the stock may continue to do well going ahead, backed by strong fundamentals. “Given its healthy financial track record, domestic focus and extensive network, Mankind is likely to continue doing well,” Hemang Jani, Head of Equity Strategy, Motilal Oswal Financial Services. “Moreover the healthcare sector was a laggard over the last one year but started seeing traction over the last two months as the monthly pharma data showed improvement,” added Jani. Macquarie Research has initiated coverage on the company with an ‘Outperform’ rating and a target price of ₹1,400. The brokerage believes that Mankind Pharma is at a discounted valuation than its peers — Abbott India, GSK India and Pfizer India. “We believe the company’s net profit could double (&gt;2x) in the next three years, driven by: a) continued sales outperformance relative to Indian pharma market (IPM), b) mix shift towards chronic therapies, and c) unlocking of meaningful operating leverage as salesforce productivity improves,” said the brokerage firm. The company’s stock has been falling after the listing day amid volatile market conditions. Today, the stock is down nearly 2% at 1,356. Incorporated in 1991, Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Its product portfolio includes MANforce condoms, Prega News pregnancy detection kits and Gas-o-Fast sachets. The company said that it’s looking to acquire brands and diversify its therapeutic portfolio to facilitate entry into new markets. (With inputs from PTI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lt-q4-net-profit-rises-10-to-3987-crore-cautiously-optimistic-about-fy24/articleshow/100137513.cms">L&amp;T Q4 net profit rises 10% to ₹3,987 crore, cautiously optimistic about FY24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a>

Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion

<keyword id="6358777" type="General" weightage="50" keywordseo="new-delhi" source="Orion">New Delhi</keyword> [India], February 17 (ANI): The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> gathered several pieces of evidence pertaining to the BBC India's operation which indicated that taxes were not paid on "certain remittances" which have not been disclosed as income in India by the foreign entities of the group, a <keyword id="121964" type="General" weightage="50" keywordseo="central-board-of-direct-taxes" source="Orion">Central Board of Direct Taxes</keyword> (CBDT) spokesperson said in a statement on Friday. After three days, the income tax (I-T) department finished its survey at the offices of the BBC in Delhi and Mumbai on Thursday. "A survey action under section 133A of the Income-Tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai," the spokesperson said. Section 133A of the Act enables an income-tax authority to enter any place of business or profession or charitable activity within its jurisdiction to verify the books of account or other documents. The group, the spokesperson without taking name of the entity said, it is engaged in the business of development of content in English, Hindi and various other Indian languages; advertisement sales and market support services. The statement added the survey revealed that despite substantial consumption of content in various Indian languages (apart from English), the income or profits shown by various group entities is "not commensurate with the scale of operations in India". "The survey operations also revealed that services of seconded employees have been utilised for which reimbursement has been made by the Indian entity to the foreign entity concerned. Such remittance was also liable to be subject to withholding tax which has not been done," it added. Further, the survey, the spokesperson said, has also thrown up several discrepancies and inconsistencies with regard to "Transfer Pricing" documentation. "The survey operation has resulted in unearthing of crucial evidences by way of statement of employees, digital evidences and documents which will be further examined in due course." The officials of the I-T depratment recorded statements of only those employees whose role was crucial including those connected to, primarily, finance, content development and other production-related functions. "Even though the department exercised due care to record statements of only key personnel, it was observed that dilatory tactics were employed including in the context of producing documents/agreements sought. Despite such stance of the group, the survey operation was conducted in a manner so as to facilitate continued regular media/channel activity," the spokesperson said. Earlier, BBC had said it was cooperating with the income tax department, which was conducting a survey at its offices in New Delhi and Mumbai. "The Income Tax Authorities are currently at the BBC offices in New Delhi and Mumbai and we are fully cooperating," the <keyword id="16527651" type="General" weightage="50" keywordseo="bbc-news-press-team" source="Orion">BBC News Press Team</keyword> said in a statement. The Income Tax 'survey' on the British Broadcasting Corporation (BBC) offices located in Delhi and Mumbai concluded nearly after 60 hours on Thursday evening. Issuing a statement the BBC News PR had said, "The Income Tax Authorities have left our offices in Delhi and Mumbai. We will continue to cooperate with the authorities and hope matters are resolved as soon as possible." "We are supporting staff - some of whom have faced lengthy questioning or been required to stay overnight - and their welfare is our priority. Our output is back to normal and we remain committed to serving our audiences in India and beyond," the statement added. (ANI)

BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt

<ul><li><keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> has allegedly transferred ₹62,476 crore to its parent company in China, in addition to being caught with 2 kilo gold bars in one of its offices.</li><li>The Enforcement Directorate (ED) has claimed that Vivo remitted the amount to avoid paying taxes in India.</li><li>The financial watchdog has blocked over a hundred bank accounts of the company.</li></ul>Chinese smartphone maker Vivo is currently in hot waters with the Enforcement Directorate (ED) in India after the financial watchdog accused the company and its associates in India of violating the Prevention of Money Laundering Act (PMLA). The ED has <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">conducted raids</a> across 44 premises of Vivo and its associates in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states across the country. The ED has accused Vivo of remitting nearly <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">$8 billion</a> to China. Here’s everything that you need to know about the allegations against Vivo. <cmsannotation type="cmsannotation" annotationid="Vivo has reportedly sent ₹62,476 crore to China to evade taxes" comment="subhead" text="Vivo has reportedly sent ₹62,476 crore to China to evade taxes">Vivo has reportedly sent ₹62,476 crore to China to <keyword id="14399574" type="General" weightage="20" keywordseo="evade-taxes" source="Orion">evade taxes</keyword></cmsannotation> According to a <a href="https://twitter.com/PTI_News/status/1545016847669415936">report</a> by PTI, the ED has claimed that Vivo has remitted ₹62,476 crore, which is around 50% of its revenue over a five-year period to its parent company in China to avoid paying taxes. "The agency is investigating why Vivo India declared profit as expenditure in its balance sheet and transferred substantial sums of money to China," an official familiar with the matter told <a href="https://www.businesstoday.in/technology/news/story/exclusive-ed-probes-rs-62000-cr-fund-transfer-to-vivo-indias-chinese-parent-340713-2022-07-07">Business Today</a>. The money laundering case against Vivo was filed by the agency after taking cognizance of an FIR filed by the Economic Offenses Wing of the Delhi Police against a Vivo distributor based in Jammu and Kashmir. The report has claimed that Chinese shareholders of the company have used forged identity documents. The ED has claimed that the identity was forged to launder money using shell companies and “proceeds of the crime” have been sent to China and other businesses to bypass Indian rules. <cmsannotation type="cmsannotation" annotationid="Two directors flee the country" comment="subhead" text="Two directors flee the country">Two directors flee the country</cmsannotation> A <a href="https://www.businessinsider.in/business/news/vivo-ed-raids-two-chinese-directors-of-a-related-company-flee/articleshow/92714054.cms">report</a> has also revealed that two Chinese directors of a company related to Vivo fled India after the ED raids. The directors were part of Solan, a Himachal Pradesh-based company that was associated with Vivo. The agency has claimed that the Chinese nationals were made directors of the company using forged documents. <cmsannotation type="cmsannotation" annotationid="India blocks over a hundred accounts linked to Vivo" comment="subhead" text="India blocks over a hundred accounts linked to Vivo">India blocks over a hundred accounts linked to Vivo</cmsannotation> As part of its investigation into money laundering violations, the ED has <a href="https://timesofindia.indiatimes.com/business/india-business/india-blocks-119-accounts-linked-to-chinas-vivo-in-money-laundering-probe/articleshow/92729778.cms">reportedly</a> blocked 119 bank accounts linked to Vivo. The accounts reportedly have over ₹465 crore. The agency has also seized ₹73 lakh in cash and 2kg gold. <cmsannotation type="cmsannotation" annotationid="China calls for a “fair and non-discriminatory business environment”" comment="subhead" text="China calls for a “fair and non-discriminatory business environment”">China calls for a “fair and non-discriminatory business environment”</cmsannotation> After the ED raided Vivo and its associates, a spokesperson from the Chinese embassy <a href="https://www.businessinsider.in/policy/economy/news/china-unhappy-with-vivo-raids-says-frequent-probes-chill-investor-confidence/articleshow/92715136.cms">called</a> for a “fair and non-discriminatory business environment” for Chinese firms in the country. "The Chinese government has always asked Chinese companies to comply with local laws and regulations in their overseas operations and will firmly support Chinese companies to maintain their legitimate rights and interests," Wang Xiaojian counselor and spokesperson, Chinese Embassy in India said in a statement. "The Indian side should act in line with laws and regulations and provide a fair and non-discriminatory business environment for Chinese firms," Xiaojian added. <cmsannotation type="cmsannotation" annotationid="India hits back, says Vivo needs to follow the law of the land" comment="subhead" text="India hits back, says Vivo needs to follow the law of the land">India hits back, says Vivo needs to follow the law of the land</cmsannotation> The Indian side has also hit back after the Chinese spokesperson called upon India to provide a non-discriminatory business environment. "Companies that operate here need to follow the law of the land. Our legal authorities are taking steps as per the law of the land. I don't see the case to make comments as such on it," Arindam Bagchi, spokesperson, ministry of external affairs said in a media briefing. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/chinese-smartphone-maker-huawei-comes-under-the-it-departments-scanner-over-tax-evasion/articleshow/92739828.cms">Chinese smartphone maker Huawei comes under the IT department’s scanner over tax evasion</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/tech/enterprise/news/vivo-reportedly-transferred-nearly-8-billion-to-its-parent-company-in-china/articleshow/92726095.cms">Vivo reportedly transferred nearly $8 billion to its parent company in China</a>

Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe

<ul><li>The <keyword id="65338" type="General" weightage="20" keywordseo="Income-Tax-department" source="Orion">Income Tax Department</keyword> has reportedly conducted raids at offices of <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword>, <keyword id="1731609" type="General" weightage="100" keywordseo="oppo" source="Orion">Oppo</keyword> and OnePlus.</li><li>As per reports, 15 offices of the companies have been raided across the country.</li><li>The raids are based on intelligence inputs of concealed income and tax evasion.</li></ul> The <keyword id="6354751" type="General" weightage="20" keywordseo="Income-Tax" source="Orion">Income Tax</keyword> Department today reportedly conducted raids and carried out search operations across offices of Oppo, Xiaomi, OnePlus, <keyword id="3048254" type="General" weightage="20" keywordseo="dixon" source="Orion">Dixon</keyword> and Rising Star India. Distribution partners of Oppo have also been raided. According to an Economic Times <a href="https://economictimes.indiatimes.com/industry/cons-products/electronics/income-tax-raids-underway-at-oppos-distribution-partners/articleshow/88428682.cms">report</a>, raids were conducted at 15 premises of Oppo, OnePlus and Xiaomi in Delhi NCR, Mumbai, Bengaluru and Hyderabad. The search operations were conducted based on intelligence inputs of concealed income and tax evasion. The report added that the raids at the distribution partners of Oppo began on Tuesday. “Different directorates are carrying out search operations on these companies,” an official familiar with the matter told ET. In addition to offices of these companies, the authorities are reportedly also searching the houses of senior executives from the company. The Enforcement Directorate (ED) recently conducted similar raids on offices of these companies and one of Oppo’s distribution partners in Hyderabad was penalized. "Oppo's Chinese distribution partner was recently penalized in hundreds of crores by the ED in Hyderabad," said a source familiar with the matter. “As an invested partner in India, we highly respect and abide by the law of the land. We will continue to fully cooperate with authorities concerned as per procedure,” Oppo said in a statement to Business Insider India. "As a responsible company, we give paramount importance to ensuring that we are compliant with all Indian laws. As an invested partner in India, we are fully cooperating with authorities to ensure they have all the required information," Xiaomi said in a statement to Business Insider India. Business Insider India has also reached out to OnePlus seeking a statement from the company. We will update the story once we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/india/news/ed-summons-aishwarya-rai-bachchan-in-connection-with-the-panama-paper-leak-case/articleshow/88386048.cms">ED summons Aishwarya Rai Bachchan in connection with the Panama Paper leak case</a> <a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms">Anil Ambani, Sachin Tendulkar, Kiran Shaw and other Indians named in the Pandora Papers leak</a> <a href="https://www.businessinsider.in/tech/news/pegasus-google-reveals-how-the-sophisticated-spyware-hacked-into-iphones-without-users-knowledge/articleshow/88383175.cms">Pegasus: Google reveals how the sophisticated spyware hacked into iPhones without user’s knowledge</a>

Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India

The Income Tax department on Wednesday conducted search operations at around 40 premises belonging to <keyword id="14506298" type="General" weightage="100" keywordseo="madhusudan-ghee" source="Orion">Madhusudan Ghee</keyword> in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword> and other places in <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> in connection with alleged tax evasion, sources said. According to information, the firm recently invested in the power and dairy industries in <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword>. The income tax department hasn't given any official quote in this respect. Sources said that the I-T officials were scanning the last three-year transactions of the firm. They were also recording the testimonies of the employees of the firm. In coming months, the I-T department may summon the <keyword id="22871" type="General" weightage="50" keywordseo="chartered-accountants" source="Orion">Chartered Accountants</keyword> of the firm, if their statements are required in the case, sources said. The sources said that a few documents and incriminating materials were also seized. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/singapore-to-to-act-tough-on-crypto-platforms-in-the-coming-months/articleshow/92994010.cms">Singapore to act tough on crypto platforms in the coming months</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a>

I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

<div type="image" title="Reference Image" msid="92667834" hostid="261" sizebytes="7482" caption="&amp;lt;p&amp;gt;Reference Image&amp;lt;/p&amp;gt;"></div>In what seemed as a real inspiration taken from the Bollywood potboiler 'Special 26', over a dozen people, impersonating as Anti-Corruption and Income Tax officials, conducted a raid in the national capital, an official said on Monday. The police have so far managed to nab four of the accused, including one woman, who have been identified as Gurjant Singh (31), <keyword id="531011" type="General" weightage="80" keywordseo="navjot-singh" source="Orion">Navjot Singh</keyword> (30), Satpal Singh (28) and <keyword id="258701" type="General" weightage="80" keywordseo="gurpreet-kaur" source="Orion">Gurpreet Kaur</keyword> (30). Deputy Commissioner of Police (Shahdara), R. Sathiyasundaram, said a PCR call was received at around 6 p.m. on Sunday, informing that around 15 'Income Tax officials' have conducted a raid without the police and seized the mobile phones of all the family members. When the the complainant asked the accused to show a search warrant, the accused threatened the victims by saying that they had guns. "The accused then started to open the cupboards, beds etc. on the ground floor and the first floor. Some of them even molested the complainant," the <keyword id="59859" type="General" weightage="80" keywordseo="dcp" source="Orion">DCP</keyword> said. The accused snatched the mobile phones of the family members, along with a hand bag containing one gold ornament and Rs 15,000 in cash, and fled from the spot. However, as the house occupants were shouting during the commotion, the neighbours heard their cries and informed the police. The police were able to nab four persons, while the rest of the accused fled from the spot. One Bolero car and ID cards of <keyword id="14367930" type="General" weightage="80" keywordseo="anti-corruption-foundation" source="Orion">Anti Corruption Foundation</keyword> of India were also recovered by the police. A search to nab the other accused is currently underway, the officer said. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/how-indian-auto-companies-like-bajaj-auto-tata-motors-hero-tvs-kia-performed-in-june-2022/slidelist/92657725.cms">Bajaj in top gear, Hero flat while Maruti declines – here’s how Indian auto cos performed in June 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/bengaluru-delhi-hyderabad-and-mumbai-[%E2%80%A6]stainable-commercial-real-estate/articleshow/92656994.cmshttps://www.businessinsider.in/sustainability/news/bengaluru-delhi-hyderabad-and-mumbai-[%E2%80%A6]stainable-commercial-real-estate/articleshow/92656994.cms">Bengaluru, Delhi, Hyderabad, and Mumbai among top-20 cities in Asia-Pacific for sustainable commercial real estate</a>

Delhi cops nab Special 26-like scamsters who pose as Income Tax officials

<ul><li><keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> has reportedly been found reporting ₹1,000 crore in bogus expenses.</li><li>Doing so allows the company to claim it as a deduction, thereby reducing its taxable income.</li><li>Hero MotoCorp has reportedly stated that this is nothing more than a “routine check”.</li></ul>Hero MotoCorp, one of the leading two-wheeler companies in India, has found itself entangled in a case allegedly involving ₹1,000 crore worth bogus expenses, revealed in a raid by the Income Tax (IT) department. Reporting bogus expenses allows the company to claim them as a deduction, thereby reducing the income liable for tax. According to a report by <a href="https://www.cnbctv18.com/auto/hero-motocorp-made-bogus-expenses-of-over-rs-1000-crore-alleges-i-t-dept-12980642.htm">CNBC TV18</a>, the Income Tax department had conducted a raid between March 23 and March 26 at the premises of the company. While the department is yet to release an official statement in the matter, news agency ANI says its sources have revealed that “incriminating evidence” has been found, putting Hero MotoCorp in the dock. Hero MotoCorp’s shares tanked over 7% in reaction to the news. The share price closed at ₹2,210, recovering from the day’s low of ₹2,154. <div type="image" title="Hero MotoCorp 01_01_22 to 29_03_22." msid="90520020" hostid="261" caption="&amp;lt;p&amp;gt;Hero MotoCorp share price in 2022&amp;lt;/p&amp;gt;"></div> According to the CNBC TV18 report, the IT raids were carried out on two of Hero MotoCorp’s premises – in Gurugram and Delhi, apart from the residence of the company chairman and chief executive officer, <keyword id="87849" type="General" weightage="20" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword>. The company brushed aside the concerns in a statement, stating that this was a “routine check” and it is “business as usual”. While it’s not unheard of for the Income Tax department to conduct searches and raids towards the end of the financial year, the presence of incriminating evidence is a cause for concern. Business Insider has reached out to the company for a statement. Update: The company has issued the following statement, filed with the stock exchanges. “The allegations made in the press report are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports. We wish to clarify that officials from the Income Tax department visited our offices in the previous week. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/joyalukkas-wants-to-raise-2300-crore-via-ipo-majorly-to-clear-off-a-big-pile-of-debt/articleshow/90515276.cms">Joyalukkas’s strong foothold in south India makes it a better performer than most of the country’s top players</a> <a href="https://www.businessinsider.in/careers/news/naukri-coms-latest-report-reveals-that-6-in-10-companies-will-be-hiring-in-the-next-three-months/slidelist/90516922.cms">Naukri.com’s latest report reveals that 6 in 10 companies will be hiring in the next three months</a> <a href="https://www.businessinsider.in/tech/news/gpu-prices-are-coming-down-finally-gamers-rejoice-but-theres-more-to-come/articleshow/90511775.cms">GPU prices are coming down, finally – gamers rejoice, but there’s more to come</a>

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

<ul class="summary-list"><li>The new spending bill from Senate Democrats will funnel nearly $80 billion to the IRS over the next decade.</li><li>The agency has been understaffed and underfunded, and backed up with unprocessed tax returns.</li></ul>For years, the IRS has been sagging under the weight of <a href="https://www.businessinsider.com/tax-season-outlook-analysis-difficult-refunds-delayed-irs-understaffed-2022-1">underfunding</a>, <a href="https://www.businessinsider.com/tax-season-outlook-analysis-difficult-refunds-delayed-irs-understaffed-2022-1">understaffing</a>, and <a href="https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6">literal mountains of paper</a>. During the pandemic, that led to an unprecedented backlog of <a href="https://www.businessinsider.com/irs-tax-refunds-filing-season-delay-unprocessed-returns-individuals-relief-2021-6">tax returns being processed</a> — and millions of Americans left waiting for refunds.Now, Democrats' <a href="https://www.businessinsider.com/senate-democrats-pass-climate-healthcare-bill-manchin-biden-schumer-2022-8">new climate and healthcare spending package</a> is set to funnel $80 billion into the agency over the next decade, with billions going towards upping enforcement on wealthy Americans and corporations, and improvements to taxpayer services."This money is a big deal," Janet Holtzblatt, a senior fellow at the Tax Policy Center, told Insider, adding: "There's a real opportunity here for the IRS and then indirectly for taxpayers to have a tax system they can count on more than the existing one."The IRS has been contending with a shrinking budget over the last decade, 1970s level-staffing, and <a href="https://www.businessinsider.com/irs-tax-season-problems-ahead-delayed-refunds-2022-1">computers running on a 60-year-old programming language</a>. Then came the pandemic, heaping new responsibilities like <a href="https://www.businessinsider.com/irs-says-some-taxpayers-will-have-stimulus-payments-delayed-2021-1">stimulus payments</a> and <a href="https://www.businessinsider.com/personal-finance/child-tax-credit-arriving-by-mail-paper-check-2021-8">child tax credit checks</a> upon the IRS as workplaces across the country scrambled to adjust to the new normal. "The pandemic was the proverbial straw that broke the camel's back," Nina Olson, who served as the IRS' National Taxpayer Advocate for 18 years and now helms the Center for Taxpayer Rights, told Insider. "It didn't create problems for the IRS. It exacerbated the problems that were existing and brought them to the breaking point."The result: A backlog of <a href="https://www.irs.gov/newsroom/national-taxpayer-advocate-delivers-annual-report-to-congress-focuses-on-taxpayer-impact-of-processing-and-refund-delays">millions of unprocessed tax returns</a>, leaving some tax filers <a href="https://www.businessinsider.com/irs-tax-refund-delays-hurt-americans-finances-struggle-pay-bills-2022-2">waiting on thousands of dollars in refunds</a> for months as the <a href="https://www.businessinsider.com/photo-irs-why-refund-checks-delayed-paper-unprocessed-tax-returns-2022-6">IRS remains stuffed with paper</a>. With infusions of funding, the agency could avoid that happening again. "After decades of depleted resources, multi-year sustained funding will enable the IRS to transition from 1960s technology and 1970s-level staffing to an agency that meets 21st century taxpayers' needs," a Treasury official said in a statement to Insider. "Upgraded technology and systems will help prevent future backlogs and improve services for the American people."<h2>From the $80 billion to the IRS in the Inflation Reduction Act, $3.2 billion is set to go to taxpayer services </h2><a href="https://www.businessinsider.com/irs-chief-slow-call-times-refunds-frustrating-irs-needs-help-2022-2">IRS Commissioner Chuck Rettig</a> and the <a href="https://www.businessinsider.com/americans-get-do-taxes-quickly-for-free-irs-funded-treasury-2022-4">Treasury Department</a> have sounded the alarm on the need for multi-year stable funding for the agency, a battle that isn't new, according to Olson. "One year when I was a National Taxpayer Advocate, I identified the funding of the IRS as the most serious problem. My message to members of Congress was, if you underfund the IRS, you aren't hurting the IRS, you're hurting your constituents," Olson said. "The IRS will do what it has to do, and it will take shortcuts. It won't answer the phone, it will do more automation and not talk to taxpayers — and there will be more problems because of that."Around <a href="https://crsreports.congress.gov/product/pdf/IN/IN11977">$45.6 billion</a> of the IRS funding is earmarked for tax enforcement, which will go to "areas of challenge" for the IRS, like"large corporate and global high-net-worth taxpayers," according to Rettig. Rettig <a href="https://www.businessinsider.com/irs-1-trillion-taxes-not-getting-collected-charles-rettig-2021-4">has testified</a> that the tax gap — which measures the gap between taxes owed and paid — is over $1 trillion; Treasury Secretary Janet Yellen <a href="https://www.businessinsider.com/yellen-shocking-7-trillion-in-taxes-uncollected-treasury-federal-government-2021-5">has said</a> it could be a "shocking" $7 trillion over a decade. A March 2021 study from IRS researchers and academics found that the top 1% of Americans fail to report about a quarter of their income to the IRS, but currently the <a href="https://www.washingtonpost.com/business/2022/08/06/inflation-reduction-act-irs/">majority of audits</a> target <a href="https://www.cbsnews.com/news/irs-audit-eitc-five-times-as-likely-to-get-audited/">lower-earning taxpayers</a>. The Congressional Budget Office <a href="https://www.cbo.gov/system/files/2022-08/hr5376_IR_Act_8-3-22.pdf">found</a> that the beefed-up enforcement measure is projected to raise $204 billion over the next decade.The IRS will also get $4.8 billion for business systems modernizations, which could be put towards taxpayer account information systems dating back to the 1960s. Those aging systems aren't able to "talk" to a lot of other systems, according to Olson, which means that the IRS could be missing "really important" information when selecting a case for an audit.But even with that funding, there are still unknowns. For instance, the IRS's exact plans for how it means to address taxpayers' services are still unclear. The bill continues a stipulation that the agency will look into the viability of an e-file service. Olson stressed the importance of the IRS getting more creative in how it views compliance, and having proper oversight for how it spends that money.The funding is already under fire from Republicans, who have <a href="https://time.com/6204928/irs-87000-agents-factcheck-biden/">falsely claimed</a> that the Biden administration is implementing a plan to hire 87,000 new IRS agents and come after a variety of tax filers, which they've linked to the <a href="https://www.businessinsider.com/live-fbi-search-warrant-donald-trump-mar-a-lago-2022-8">FBI raid of former President Donald Trump's home in Mar-a-Lago</a>."These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans," Rettig wrote in a <a href="https://www.irs.gov/pub/irs-utl/commissioners-letter-to-the-senate.pdf">letter to the Senate</a>.

The Democrats' big climate and tax bill could bring an extra benefit — making your tax refund come on time

<ul><li>A report has revealed that <keyword id="215177" type="General" weightage="20" keywordseo="vivo" source="Orion">Vivo</keyword> reportedly transferred nearly $8 billion (₹62,000 crore) to its parent company in <keyword id="1334" type="General" weightage="100" keywordseo="china" source="Orion">China</keyword>.</li><li>The Enforcement Directorate had conducted raids across 44 locations belonging to Vivo and its associates.</li><li>The ED is reportedly investigating the transfer and why the company reported its profits as expenditure.</li></ul>The Enforcement Directorate (ED), the country’s financial watchdog recently <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">conducted raids</a> across 44 offices belonging to <keyword id="2829414" type="General" weightage="20" keywordseo="vivo-india" source="Orion">Vivo India</keyword> and its related firms, as part of ED’s investigations into violations of the Prevention of Money Laundering Act (PMLA) by the Chinese smartphone maker and its associates. According to a <a href="https://www.businesstoday.in/technology/news/story/exclusive-ed-probes-rs-62000-cr-fund-transfer-to-vivo-indias-chinese-parent-340713-2022-07-07">report</a> by Business Today, Vivo reportedly transferred nearly $8 billion (₹62,000 crore) to its parent company in China over a five year period from 2017 to 2021. "The agency is investigating why Vivo India declared profit as expenditure in its balance sheet and transferred substantial sums of money to China," an official familiar with the matter told Business Today. The above report has revealed that the company’s total turnover during the period was around ₹1.25 lakh crore. This shows it transferred nearly half of its turnover to its Chinese parent, if the reported numbers are correct. The money laundering case against Vivo was filed by ED after taking cognizance of a FIR filed by the Economic Offenses Wing of the Delhi Police against a Vivo distributor based in Jammu and Kashmir. The FIR alleged that Chinese shareholders of the company had forged their identity documents. According to the above report, ED suspects that the identity was forged to launder money using shell companies and “proceeds of the crime” have been sent to China and other businesses to bypass Indian rules. The Press Trust of India in a <a href="https://twitter.com/PTI_News/status/1545016847669415936">tweet </a>citing ED has said the actual amount remitted by Vivo is around ₹62,476 crore. The tweet further added that the amount was transferred to avoid taxes in India. <cmsannotation type="cmsannotation" annotationid="ED seizes funds, cash and gold from Vivo" comment="subhead" text="ED seizes funds, cash and gold from Vivo">ED seizes funds, cash and gold from Vivo</cmsannotation> <div type="twitter" handle="PTI_News" handlename="Press Trust of India" image="http://pbs.twimg.com/profile_images/826806758513446913/2__zaKJN_normal.jpg" favoritecount="150" retweetcount="31" status="Raids on Vivo: ED seizes funds of Rs 465 crore, Rs 73 lakh in cash and 2 kg gold under anti-money laundering law" createdat="1657195616000" id="1545016511982555136"></div> The Enforcement Directorate has reportedly seized ₹456 crore in funds, ₹73 lakh in cash and 2 kg gold from Vivo under the money laundering act. <cmsannotation type="cmsannotation" annotationid="Second Chinese smartphone maker to come under the ED scanner" comment="subhead" text="Second Chinese smartphone maker to come under the ED scanner">Second Chinese smartphone maker to come under the ED scanner</cmsannotation> This is the second instance of a Chinese company coming under the scanner of the Indian authorities for remitting money outside India. Earlier, Xiaomi came under the ED scanner for remitting over ₹5,500 crore. A <a href="https://www.businessinsider.in/business/news/vivo-ed-raids-two-chinese-directors-of-a-related-company-flee/articleshow/92714054.cms">report</a> has also revealed that two Chinese directors of a company related to Vivo have fled India after the ED raids. The two directors were reportedly working for Solan, a Himachal Pradesh-based company that was associated with Vivo. They were allegedly made directors in the company using forged documents. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/ed-has-reportedly-raided-44-locations-of-vivo-and-related-firms-across-the-country/articleshow/92672031.cms">After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner</a> <a href="https://www.businessinsider.in/business/news/exclusive-84-of-the-5551-27-crore-seized-from-xiaomi-india-were-remitted-to-qualcomm-group/articleshow/91560593.cms">EXCLUSIVE: 84% of the ₹5,551.27 crore of the alleged illegal remittance by Xiaomi India were to the Qualcomm Group</a> <a href="https://www.businessinsider.in/policy/economy/news/china-unhappy-with-vivo-raids-says-frequent-probes-chill-investor-confidence/articleshow/92715136.cms">China unhappy with Vivo raids, says frequent probes 'chill' investor confidence</a>

Vivo reportedly transferred nearly $8 billion to its parent company in China

Tax officials have summoned a tea seller who, allegedly, has given Rs 1.5 crore in <keyword id="48792" type="UNKNOWN" weightage="20" keywordseo="Dowry">dowry</keyword> for wedding of his six daughters. A video went viral in which, Leela Ram Gujjar, who owns a tea stall at Haduata near Kothputli, is flaunting cash and counting the notes in a loud voice as local villagers and community leaders watch. He is then seen handing over the bundles of notes to the families of the grooms. He has been summoned by the <keyword id="6421825" type="UNKNOWN" weightage="20" keywordseo="Income-tax-officials">income tax officials</keyword>. "We will wait till Thursday. He will be questioned on his income, and it will be checked if he filed his returns or not. If the dowry he paid stemmed from unaccounted for income, a tax deduction process would be initiated. He has also been asked to produce documents pertaining to his income," a senior I-T officer told TOI. Besides, Gujjar will also be questioned for marrying off his four minor daughters. Sources told TOI, Gujjar had printed wedding cards for just two of his elder daughters, but the four minor girls were also married at the April 4 ceremony. Police are now on the lookout for Gujjar and his family. "We visited their house but they are missing. Their relatives have been asked to appear at the police station," an officer posted at the Kothputli police station told TOI.

Tea seller gives Rs 1.5 crore in dowry for daughters; under I-T lens

<ul class="summary-list"><li>An Illinois tax agency ruled last month Trump's <keyword id="6354604" type="UNKNOWN" weightage="60" keywordseo="Chicago">Chicago</keyword> skyscraper was over-assessed in 2011.</li><li>The ruling means Trump is owed a $1 million refund, but local officials filed a lawsuit to stop it.</li><li>The refund would come out of property taxes owed to the city and other agencies, including Chicago Public Schools.</li></ul>Former President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> is owed a tax refund of $1 million for his Chicago skyscraper, but local officials are trying to stop it from being issued.An Illinois tax agency ruled last month that Trump paid too much on his 2011 tax bill after the value of <keyword id="2115134" type="ORGANIZATION" weightage="60" keywordseo="Trump-International">Trump International</keyword> Hotel and Tower's rooms and retail space was over-assessed by the Cook County Board of Review, the <a href="https://chicago.suntimes.com/2021/7/30/22602534/trump-property-tax-refund-1-million-cook-county-lawsuit-chicago-illinois-attorney-general">Chicago Sun-Times</a> reported.The ruling by the Illinois Property Tax Appeal Board means Trump is owed $1.03 million, which would come from property taxes due to the city and other government agencies. Chicago Public Schools would lose out on about $540,000, according to the Sun-Times.The Cook County State's Attorney's has since filed a lawsuit to block the refund. When reached by Insider, the State's Attorney's office said it was unable to comment on pending litigation.Read more: <a href="https://www.businessinsider.com/trump-white-house-administration-maga-alumni-network-database-2021-7">Where is Trump's White House staff now? We created a searchable database of more than 329 top staffers to show where they all landed</a>The dispute is the latest development in the story of Trump's taxes in Chicago. Alderman Ed Burke, the longest-serving member of Chicago's City Council in history, served as Trump's lawyer for more than a decade. His firm originally filed the tax appeal arguing the value of Trump's building had been overestimated.Burke, a Democrat, helped Trump secure $14 million in tax breaks on his Chicago skyscraper before parting ways with Trump's company in 2018, <a href="https://www.chicagotribune.com/politics/ct-met-who-is-ed-burke-20181129-story.html">The Chicago Tribune</a> reported.Later that year, the FBI raided Burke's City Hall office and he was later charged with racketeering, bribery, and extortion, among other charges.Prosecutors say Burke used the power of his office to drive business to his law firm, including blocking permits for people who did not hire them. He has pled not guilty to all charges, <a href="https://news.wttw.com/2021/04/21/ald-ed-burke-thoroughly-corrupt-federal-prosecutors">WTTW</a> reported.

You Searched For "tax officials raids" and got 13 results

ED conducts raids in Gujarat in GST fraud case

PTI

ED conducts raids against Hero Motors' Pawan Munjal

PTI

Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion

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BBC India survey indicated tax evasion on remittances, discrepancies in transfer pricing: Govt

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Vivo's offices caught with 2 kilo gold bars after sending ₹62,000 crore back to China – all you need to know on the ED probe

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Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India

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I-T officials raid 40 locations linked to Madhusudan Ghee in Mumbai

IANS

Delhi cops nab Special 26-like scamsters who pose as Income Tax officials

IANS

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

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The Democrats' big climate and tax bill could bring an extra benefit — making your tax refund come on time

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Vivo reportedly transferred nearly $8 billion to its parent company in China

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Tea seller gives Rs 1.5 crore in dowry for daughters; under I-T lens

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Trump is owed a $1 million tax refund for his Chicago skyscraper but local officials are trying to block it

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