Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

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>The Indian tax department has issued notices to those who earned an income outside their salary but did not report it. </li><li>It is crucial for the individual to report and disclose their additional income from moonlighting activities and pay taxes on it. </li><li>When compensation is provided in the form of goods and services instead of monetary fees, it is essential to consider and record its fair market value accurately and report it. </li></ul>The Income Tax Department is sending notices to individuals who earned extra income beyond their regular salary but did not disclose it in their tax returns. The Department discovered instances where numerous professionals in IT, accounting, and management were receiving payments from multiple companies. In certain scenarios, the earnings from these secondary sources exceeded their primary salaries. Most of the 1,100 notices that have been sent out primarily relate to the fiscal years 2019-2020 and 2020-2021, as reported by the Economic Times. In these cases, the income earned from moonlighting, which involves engaging in additional work alongside full-time employment, frequently surpassed the individual's regular salary. Let us take a look at how you should report income from moonlighting when filing your tax returns so that you do not come under the taxman’s radar. Moonlighting is the act of engaging in a secondary job or additional work alongside one's primary employment to generate additional income. This typically involves two categories of workers: those who work part-time during evenings or weekends, and those who offer freelance services as independent contractors while holding a regular job. “In both cases, it is crucial for the individual to report and disclose their additional income to the tax authorities. The mode of tax filing for moonlighting income depends on the nature of employment,” says Saakar Yadav, Director &amp; Founder, myITreturn.com, a tax filing portal. <cmsannotation type="cmsannotation" annotationid="How income from moonlighting needs to be reported" comment="subhead" text="How income from moonlighting needs to be reported">How income from moonlighting needs to be reported</cmsannotation> The reporting and taxation of moonlighting income can vary depending on the nature of the income received. <cmsannotation type="cmsannotation" annotationid="If income is received as salary" comment="subhead" text="If income is received as salary">If income is received as salary</cmsannotation> In such a scenario, the calculation is simpler. “Add your income from the primary job, and the moonlighting job to calculate the total salary income,” says Aashish Sharma, Co- Founder &amp; Litigation Head, Lex N Tax, a tax consultancy firm. Use Form ITR-1 (Sahaj) or Form ITR-2, depending on your eligibility and income sources. Most individuals with salary income can use Form ITR-1. <cmsannotation type="cmsannotation" annotationid="If income is received as profits or gains from business:" comment="subhead" text="If income is received as profits or gains from business:">If income is received as profits or gains from business:</cmsannotation> If the income is earned as profits or gains from a business, individuals are required to file business returns, and must report all sources of income, including earnings from both their employer, and their independent contracting or freelancing work. “Income tax form ITR-3/ITR-4 (as applicable) should be used in this case,” says Yadav. <cmsannotation type="cmsannotation" annotationid="If income is received as professional fees" comment="subhead" text="If income is received as professional fees">If income is received as professional fees</cmsannotation> Professional fees are taxed under the head "Income from Other Sources". You will need to file an ITR-2 form if your professional fees income is more than ₹50 lakh. When filing taxes for professional fees income, one needs to maintain detailed records of income and expenses. "You can claim deductions for certain expenses related to your profession, such as travel costs, equipment costs, and professional fees. Finally, the tax rate for professional fees income will depend on your total income, and other factors,” says Sanjiv Bajaj, Jt. Chairman and MD, Bajaj Capital. <cmsannotation type="cmsannotation" annotationid="Disclose all forms of compensation" comment="Subhead" text="Disclose all forms of compensation">Disclose all forms of compensation</cmsannotation> The compensation received on moonlighting may not always be monetary. When compensation is provided in the form of goods and services instead of monetary fees, it is essential to consider and record its fair market value accurately. “The fair market value should be considered and accounted for when reporting income in the tax return. It is also necessary to disclose this form of compensation in the return, ensuring transparency and compliance with tax regulations,” says Yadav. <cmsannotation type="cmsannotation" annotationid="Conditions under which GST is payable" comment="Subhead" text="Conditions under which GST is payable">Conditions under which GST is payable</cmsannotation> Here are the conditions under which you need to pay GST on the income from moonlighting. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ● If you are registered for GST, you will need to pay GST on all your income, including the income from moonlighting. ● If you are not registered for GST, you will need to pay GST on the income from moonlighting if the amount you earn exceeds the threshold limit for GST registration. ● The due date for paying GST on the income from moonlighting will depend on the type of GST registration you have. If you are registered for regular GST, the due date for paying GST is 15th of the month following the month in which you earned the income. If you are registered for composition GST, the due date for paying GST is 18th of the month following the month in which you earned the income. Source: Bajaj Capital </td></tr></tbody><tbody></tbody></table> <cmsannotation type="cmsannotation" annotationid="Ways to reduce your tax liability when moonlighting" comment="subhead" text="Ways to reduce your tax liability when moonlighting">Ways to reduce your tax liability when moonlighting</cmsannotation> There are a number of ways to reduce your tax liability in India, even if you have a source of income from moonlighting. Here are a few of the most common: <cmsannotation type="cmsannotation" annotationid="Opt for presumptive taxation" comment="subhead" text="Opt for presumptive taxation">Opt for presumptive taxation</cmsannotation>: Presumptive taxation is applicable if your total turnover or gross receipts from the business or profession do not exceed ₹50 lakh in a financial year, allowing you to choose this simplified tax calculation method. “This means that you can calculate your taxable income by assuming that 50% of your gross receipts is your net income. You will then be taxed on this net income at the applicable rates,” says Bajaj. <cmsannotation type="cmsannotation" annotationid="Claim deduction for expenses:" comment="subhead" text="Claim deduction for expenses:">Claim deduction for expenses:</cmsannotation> If you are a freelancer or independent contractor while moonlighting and have work-related expenses, such as hiring other professionals for outsourcing, you are eligible to claim these expenses for tax purposes. “By doing so, you can reduce your taxable income and consequently lower your tax liability,” says Yadav. Consider paying advance tax: Combining income from multiple employers may place the aggregate income into a higher tax bracket, leading to an increased tax liability. If taxes are not paid in advance, interest may be applied under sections 234B and 234C. “It is advisable to pay advance tax to prevent any interest and penalties,” says Yadav. Investing in tax saving schemes is another way to reduce your tax liability. <cmsannotation type="cmsannotation" annotationid="Complying with tax laws" comment="Subhead" text="Complying with tax laws">Complying with tax laws</cmsannotation> When moonlighting, it is important to take proactive measures to ensure compliance with tax laws and avoid potential repercussions from tax raids and investigations. Determining the fair market value of goods and services offered in lieu of regular fees can be a complex task.. “These issues highlight the need for greater transparency and accountability in the payment of taxes. Businesses and individuals need to be aware of the tax implications of accepting goods and services in lieu of fees, and they need to ensure that they are properly accounting for these payments,” says Bajaj. “Unexplained cash credits in the individuals or businesses accounts where the source is not well established can also be a red flag. So can spendings which are far larger than one’s income. Let's say a person earning Rs 6 lakh pays a credit card bill of Rs 15 lakh,” says Yadav. It is noteworthy that one should always check whether the primary company has any policy against moonlighting to avoid future complications.

Are you moonlighting? Here is what to know when filing your taxes

<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

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, April 1 (IANS) Shares of two-wheeler maker <keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> declined sharply on Friday after <keyword id="65338" type="General" weightage="80" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> detected some irregularities post a raid on the company. The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in <keyword id="11900977" type="General" weightage="20" keywordseo="gurugram" source="Orion">Gurugram</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> in connection with alleged tax evasion. The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore and Rs 60 crore unaccounted cash used to purchase land in Delhi and role of shell companies after it raided the two-wheeler crop and two other groups, according to reports. Since the start of 2022, the shares of the company fell 10 per cent, whereas 25 per cent in the past one year, data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/check-out-new-rules-that-have-been-introduced-from-1st-april-2022/articleshow/90588962.cms">These are the new changes in taxation that have kicked in from April 1</a>

Hero Motocorp shares decline as income tax raids dented company's image

<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

The CBDT on Monday claimed that the Income Tax Department has busted a hawala racket worth ₹ 3,300-crore and spread across multiple cities such as Delhi, Mumbai and Hyderabad with links to "leading corporate houses" in the infrastructure sector. The raids to unearth the large tax evasion nexus were conducted in the first week of this month on 42 premises in Delhi, Mumbai, Hyderabad, Erode, Pune, Agra and <keyword id="826" type="LOCATION" weightage="20" keywordseo="Goa">Goa</keyword> on a group of people indulging in issuing bogus bills and carrying on hawala transactions. "The search action was successful in unearthing incriminating evidences and establishing the nexus between big corporates, hawala operators and identification of entire chain of delivery, as well as siphoning of funds by way of bogus contracts to the tune of Rs 3,300 crore," the CBDT said in a statement. The raids resulted in busting of a "major racket of cash generation" by leading corporate houses in the infrastructure sector through bogus contracts and bills, it said. Hawala denotes illegal transaction of funds by skirting the legal banking channels. "Funds meant for public infrastructure projects were siphoned off through entry operators, lobbyists and hawala dealers," it said. The Board, the policy-making body for the I-T department, however, did not identify the entities raided. The companies involved in siphoning of funds are mostly located in the national capital region and Mumbai, it said. One such company was earlier searched by I-T sleuths in April this year, the statement said. "The projects involved in bogus billing are major infrastructure and EWS (economically weaker section) projects located in south India." "Evidence of cash payment of more than Rs 150 crore to a prominent person in <keyword id="37102" type="LOCATION" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> has also been unearthed during the search," the CBDT said. "Unexplained cash of Rs 4.19 crore and jewellery (worth) in excess of Rs 3.2 crore was also seized during the search operation," it said. NES NES TIR TIR

Income Tax department uncovers a hawala nexus involving top infra firms

<ul><li>Babygogo and Travelkhana had ₹72 lakh and ₹33 lakh seized by the income tax deducted from their bank accounts respectively. </li><li>The DPIIT secretary Ramesh Abhishek had assured on February 4 that no coercive action would be taken over <keyword id="6406536" type="UNKNOWN" weightage="20" keywordseo="Angel-Tax">angel tax</keyword> notices. </li></ul>Just when startups in India thought they could soon get a breather from angel tax, India’s <keyword id="65338" type="ORGANIZATION" weightage="20" keywordseo="Income-Tax-Department">income tax department</keyword> has allegedly seized the bank accounts of two startups Travelkhana and Sheroes-owned Babygogo. Siddhartha Ahluwalia, co-founder of Sheroes and founder of Babygogo, told Business Insider he received a deduction SMS from the bank on Wednesday. “We had received no notification from the tax department or bank that this was going to happen,” claimed Ahluwalia, adding the company had been served a tax notice two months ago, to which it had responded by serving all the tax documents. “Yesterday, I received a SMS from the bank about the bank balance – ₹72 Lakh was deducted from the bank,” said Ahluwalia. “Thankfully, we had done the acquisition and all the stakeholders had got an exit and it was not an operational account which is why the balance went to negative ₹72 lakh and it was done by a demand draft.” However, things appear much more serious for Pushpinder Singh, founder of TravelKhana. Singh has gone on Twitter to say “The bank manager said that 4 IT inspectors came and forced the bank manager to make DDs from all accounts. The bank manager said that this is commonplace these days.” Singh claims The Central Board of Direct Taxes <a href="https://inc42.com/features/the-curse-of-angel-tax-travelkhana-left-with-zero-money-after-cbdt-seizes-inr-33-lakh-freezes-accounts/">seized</a> ₹33 lakh while also freezing TravelKhana’s bank accounts. Singh, who has called it out on Twitter as “tax terrorism,” has also tweeted about how this was investment money for which shares had been issued and filings done with Registrar of Companies and RBI. To be sure, according to Pranay Bhatia, tax partner, BDO India, the tax recovery officials are well within their rights to collect and even freeze bank accounts if taxes due haven’t been paid. "From the perspective of the tax officer or the tax recovery officer has no option,” said Bhatia. “With the financial year end coming up, there is a lot of pressure on tax officials to collect outstanding taxes.” However, Bhatia warned that under “principles of natural justice,” the companies should have received a one-week notice to pay or give an explanation as to why they haven’t paid, failing which their accounts could be seized.. According to him, this is why an amendment to the angel tax law is necessary to make the life of a startup easier. On February 4, the Department for Promotion of Industry and Internal Trade had held a meeting with stakeholders to discuss the angel tax issue assuring that solutions would be provided soon. Following that meeting, Ramesh Abhishek, Secretary of DPIIT had <a href="https://www.businessinsider.in/angel-funding-for-startups-to-get-tax-clarity/articleshow/67844987.cms">said</a> that no coercive action would be taken against startups that have received notices. Meanwhile, the CBDT chairman Sushil Chandra on Thursday morning <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/cbdt-chairman-assures-quick-solution-to-startups-tax-issues/articleshow/67893656.cms">spoke</a> at a conference and assured that a solution to address the angel tax issue would soon be provided. See Also: <a href="https://www.businessinsider.in/angel-funding-for-startups-to-get-tax-clarity/articleshow/67844987.cms">Indian government to take a stand on angel tax within a week</a> <a href="https://www.businessinsider.in/indian-government-just-added-a-lot-more-red-tape-for-startups-while-trying-to-fix-the-devilish-angel-tax/articleshow/67572452.cms">Indian government just added a lot more red tape for startups while trying to fix the devilish ‘angel tax’</a>

Two Indian startups say the government broke their faith by raiding their bank accounts

<ul><li>The <keyword id="6357808" type="General" weightage="80" keywordseo="enforcement-directorate" source="Orion">Enforcement Directorate</keyword> (<keyword id="12163" type="General" weightage="20" keywordseo="ed" source="Orion">ED</keyword>) has reportedly raided 44 locations across the country.</li><li>The locations reportedly belong to Chinese smartphone maker <keyword id="215177" type="General" weightage="100" keywordseo="vivo" source="Orion">Vivo</keyword> and its related firms.</li><li>The financial watchdog is reportedly investigating violations of the Prevention of Money Laundering Act (PMLA).</li></ul>In a major crackdown on Chinese smartphone makers, India’s financial watchdog Enforcement Directorate (ED), has reportedly raided 44 locations across the country. The raids were conducted as part of its investigation into violations of the Prevention of Money Laundering Act (PMLA). The raids were reportedly conducted at places belonging to Chinese smartphone maker Vivo and its related firms. The raids are reportedly underway in Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Haryana, and several other states. It is unclear why the ED has raided Vivo or what evidence it has recovered so far from the raids. "Vivo is cooperating with the authorities to provide them with all required information. As a responsible corporate, we are committed to be fully compliant with laws," a Vivo spokesperson said in a statement to Business Insider India. Vivo is not the first Chinese smartphone maker under the ED’s scanner. Earlier this year, the ED had ordered a seizure of ₹5,551.27 crores from <keyword id="874458" type="General" weightage="80" keywordseo="xiaomi" source="Orion">Xiaomi</keyword> India, claiming that the company had illegally remitted ₹5,551.27 crores in February 2022. The company had later approached the Karnataka High Court, which had reserved its verdict. Xiaomi had <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">claimed</a> that 84% of the amount mentioned above was remitted to Qualcomm as part of royalty payments. ED is not the only agency has is investigating Chinese smartphone makers. The Income Tax Department conducted <a href="https://www.businessinsider.in/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">raids</a> across 15 locations of Xiaomi, Oppo, OnePlus, Dixon, and other companies in December 2021. SEE ALSO: <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/finance/news/income-tax-department-raids-xiaomi-oppo-and-oneplus-offices-in-india/articleshow/88432807.cms">Income Tax department reportedly raids Xiaomi, Oppo and OnePlus offices in India</a> <a href="https://www.businessinsider.in/india/news/chinese-state-media-says-indias-seizure-of-over-5500-crore-from-xiaomi-could-be-seen-as-a-crackdown-on-chinese-companies/articleshow/91434053.cms">Chinese state media says India's seizure of over ₹5,500 crore from Xiaomi could be seen as a crackdown on Chinese companies</a>

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

New Delhi, The <keyword id="65338" type="COMPANY" weightage="20" keywordseo="Income-Tax-Department">Income Tax Department</keyword> on Monday carried out <keyword id="10539618" type="UNKNOWN" weightage="20" keywordseo="limited-verification-exercise">limited verification exercise</keyword> at the <keyword id="183089" type="PERSON" weightage="20" keywordseo="office-premises">office premises</keyword> of the <keyword id="61966" type="COMPANY" weightage="20" keywordseo="Zee-group">Zee Group</keyword> and <keyword id="90593" type="DOMAIN" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword> to verify into their bogus inputs about tax credit, official said. A senior IT official said, "There are no searches or raids but we are carrying out limited verification exercise at the offices of the <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> and Zee group as we had information that they had claimed bogus input tax credit." The official said that it is basically a follow up exercise and there is limited action on both the groups. "We are covering these group and the companies related to these groups on account of this bogus input taxes," the official added. The official, however, refused to share the details of the offices where the verification process is being carried out. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-beml-hcl-tech-infosys-tech-mahindra-tcs-ril-tata-motors-hero-moto-tvs-and-others/articleshow/80089765.cms">Top stocks to watch — BEML, HCL Tech, Infosys, Tech Mahindra, TCS, RIL, Tata Motors Hero Moto, TVS, and others</a> <a href="https://www.businessinsider.in/business/auto/news/checkout-upcoming-new-cars-in-year-2021/slidelist/80025993.cms">Upcoming new cars in India in 2021 of Maruti, Tata, MG, Audi</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

L&T and Zee Group accused of filing 'bogus' tax claims — verification underway

Post <keyword id="3315394" type="UNKNOWN" weightage="20" keywordseo="demonetisation">demonetisation</keyword>, <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department (I-T) has been really busy and stepped up its drive against those converting "black money" into "white". It has issued over 5,000 notices and detected undisclosed income of close to Rs 4,200 crore since November 08. 
 
After November 8th, about 1,000 surveys and search and seizure operations were conducted across the country. 
 
Between December 22 and 28, over 200 such operations were undertaken, data available with the department showed. 
 
While surveys involve scrutiny of books, cash and other assets, search and seizure are referred to as raids in common parlance. 
 
Rs 105 crore out of Rs 458 crore cash seizures, is a tad under a quarter, was in new currency notes of Rs 500 and Rs 2,000, indicating the widespread use of banking and cash mules to convert old currency into new ones, which is stored as cash in offices and homes. 
 The move mounted through field offices is meant to identify those who used various tools - from depositing in banks to buying gold and jewellery soon after PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> announced demonetisation on November 8 - to try and protect their unaccounted wealth which was stashed away in the form of cash. 
 
Cash holdings are only a part of the black money with purchase of benami property and investments in gold and real estate being other tools. 
 
The tax department has deployed a multi-pronged approach, which involves detailed splicing of data received from banks and other sources and then sharing the numbers with the field offices.

You Searched For "Income Tax raid" and got 12 results

ED conducts raids against Hero Motors' Pawan Munjal

PTI

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

Bhakti Makwana

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

ANI

Are you moonlighting? Here is what to know when filing your taxes

Anagh Pal

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

Rounak Jain

Hero Motocorp shares decline as income tax raids dented company's image

IANS

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

IANS

Income Tax department uncovers a hawala nexus involving top infra firms

PTI

Two Indian startups say the government broke their faith by raiding their bank accounts

Sanchita Dash

After Xiaomi, Vivo comes under the Enforcement Directorate’s scanner

Sourabh Jain

L&T and Zee Group accused of filing 'bogus' tax claims — verification underway

IANS

I-T department issued over 5,000 notices, recovered Rs 4,200 crore cash since demonetisation

BI India Bureau

Popular Keywords

Buying Guides