TAX EVASION
Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concerns
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and valuations. Using demat data, authorities are probing deals from 2019–23 for potential tax evasion, round-tripping and money laundering, with non-compliance likely to trigger scrutiny, tax demands and litigation.
Direct vs indirect taxes: Key differences and how they impact taxpayers and prices in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 99th part of this series, Riju Mehta explains the difference between the two types of taxes.
Protest erupts in Nepal against taxation on imports above 100 rupees from India
Protests have erupted in Birgunj, Nepal, against a new government directive taxing all imports from India exceeding NRS 100. This strict enforcement, aimed at curbing revenue leakage and supporting local markets, has led to widespread crackdowns at border points and significant dissatisfaction among residents who rely on cross-border purchases for daily essentials.
Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it
An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal, Chennai, has now cancelled this penalty. The tribunal ruled that the omission was accidental and bona fide, especially as it was the first year of the reporting requirement.
CIC flags lack of tracking system for tax evasion complaints, urges GST authorities to improve transparency
The Central Information Commission has urged GST authorities to implement a system for tracking tax evasion complaints. Currently, complainants lack a way to know the progress of their petitions. This opacity breeds suspicion of cases being closed without proper review. The Commission suggests an online facility to view complaint status.
India shields pre-2017 foreign investment gains from strict tax rules
This would allay fears of retrospective taxation, a longstanding concern for global investors, and reinforce India's image as a transparent tax regime
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Income Tax Department website revamp: Site offers links for new ITR forms, e-pay tax, e-verification, e-PAN, payment status and many other tasks
The Income Tax Department has launched a revamped e-filing portal to support the transition to the new Income Tax Act, 2025. Taxpayers can now make payments and file forms under both old and new tax laws from a single platform, with new forms and challans available from April 1, 2026.
DGGI arrests two in Rs 177 crore GST fraud, linked to fake firms
The Directorate General of Goods and Services Tax Intelligence has apprehended two individuals in Hyderabad. They are linked to a substantial fake Input Tax Credit racket amounting to approximately Rs 177 crore. The accused allegedly managed 66 shell firms as part of an organized GST evasion network. This action is part of a broader crackdown on tax evasion syndicates.
Online betting: Telangana HC dismisses Fino Bank MD Rishi Gupta’s plea, denies bail
Gupta sought to be released on bail. He also moved to have the March 1 remand order passed by the special judge for trial of economic offences cases, Hyderabad, declared illegal.
FM Sitharaman urges tax officials to focus on fairer demand, faster resolution
During a recent conference, Finance Minister Nirmala Sitharaman highlighted the importance of easing tax payment processes for well-meaning citizens. She championed leveraging cutting-edge technology to pinpoint tax evaders. With the upcoming Income Tax Act, effective April 1, 2025, the goal is to transition India into a more tax-friendly environment.
Refusing to pay taxes in protest? Here’s why the penalties can hit hard
Some people are refusing to pay taxes to protest the government, but this can cause serious trouble. You may face fines, jail, or other penalties if you don’t pay. Experts say this is risky and not a smart choice. There are safer legal ways to protest, like sending a protest letter while still filing your taxes properly.
Nirav Modi moves UK court to reopen extradition, alleges risk of torture in India
Fugitive diamond merchant Nirav Modi's extradition appeal hearing has concluded in London. His lawyers argue he faces a real risk of torture during interrogations in India. The High Court has reserved its judgment. Modi is wanted in India for a multi-billion dollar loan scam. The Crown Prosecution Service opposes reopening the case. The court's decision is awaited.
PhonePe pauses IPO; Databricks' India ramp-up
PhonePe has deferred its IPO citing the Iran war. However, sources tell us pricing of the issue was a key concern. This and more in today's ETtech Top 5.
Fino Payments Bank shares crash 19% on report of possible ED probe; lender clarifies
Fino Payments Bank shares tumbled over 19% to a record low after a report said some online gaming transactions linked to the lender may attract scrutiny from the Enforcement Directorate. The bank later clarified it is not under any ED investigation and is cooperating with DGGI Hyderabad in an ongoing GST-related probe.
Gaming transactions involving Fino Bank may face ED probe
Investigators found many cases of funds routed through multiple accounts or entities to obscure their origin, necessitating a deeper scrutiny under the anti-money laundering law, they said. The matter is connected to an ongoing investigation into alleged GST evasion related to online betting applications involving transactions totalling around ₹10,000 crore.
Italian prosecutors seek trial for Amazon, four execs over alleged $1.4 billion tax evasion
Milan prosecutors are pushing for a trial against Amazon's European arm and four executives. This follows allegations of tax evasion amounting to 1.2 billion euros. Amazon had previously settled a tax dispute with Italy for 527 million euros. Prosecutors are proceeding with the criminal case despite the settlement. The investigation focuses on VAT evasion by non-EU sellers using Amazon's platform.
63,000 restaurants under income tax scanner: Saksham campaign urges ITR updates by March 31, 2026
The Income Tax Department has identified 63,000 restaurants for potential income under-reporting. A nationwide survey revealed suppression of sales amounting to Rs 408 crore. Restaurants are urged to file updated returns by March 31, 2026, under the Saksham Nudge campaign. This is a chance to correct mistakes before stricter actions are enforced.
Income-Tax Department probes restaurants for hidden sales
The Income-Tax Department is currently investigating restaurants across multiple cities. This action follows a Hyderabad probe that uncovered alleged sales under-reporting through manipulated billing software. Officials are surveying restaurant premises to understand their billing systems. The exercise aims to assess the extent of possible tax evasion, which could run into crores of rupees.
SC rejects PIL against Income Tax search, seizure powers
The Supreme Court has declined to hear a petition questioning the search and seizure powers under Section 132 of the Income Tax Act. Judges stated that existing remedies are sufficient and the provision is designed to target significant tax evaders. They acknowledged potential for misuse but emphasized the law's intent. The petitioner can approach the Centre for modifications.
Nithin Kamath suggests how to curb offshore betting apps mushrooming after real money gaming ban
Following India’s ban on real-money online gaming, offshore betting apps are rapidly growing. Nithin Kamath warns they target Indian users, raise fraud risks, and suggests blocking domestic payment access to curb their spread.
₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assets
Budget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas assets facing exposure under the Black Money Act. By capping liability at ₹60 lakh instead of ₹1.20 crore in eligible cases—and ₹1 lakh instead of ₹10 lakh in technical lapses—the Scheme introduces proportionality, immunity and closure.
A secret US fighter called the F-47 has people talking — here’s why and what's been revealed
F-47 rumoured design features, speed and performance: A brief CGI glimpse in a Pratt & Whitney video has ignited global speculation about the elusive F-47 fighter, the intended successor to the F-22 Raptor. The revealed design, featuring a tailless delta wing, hints at advanced capabilities like superior stealth and a longer combat radius, potentially outshining its predecessor.
Stocks in news: Adani Ports, Fino Payments Bank, GAIL, BEL, SpiceJet
Equity markets faced pressure last week due to geopolitical tensions and tech stock weakness. Investors are reacting to the Iran-US-Israel conflict, with analysts predicting a negative near-term impact. Several stocks like Adani Ports, Fino Payments Bank, GAIL, BEL, and SpiceJet are in focus due to various news developments.
Fino Payments Bank used shell cos, payment aggregators to move illicit funds from online money gaming: Sources
GST authorities have arrested its managing director and CEO Rishi Gupta for violating the law related to the Goods and Services Tax (GST), Fino Payments Bank had said on Friday. Sources in the know of the case said that the initial investigation by the Directorate General of GST Intelligence (DGGI) is investigating a case of online money gaming, which is banned in India.
Fino Payments Bank CEO Arrested: FM Sitharaman to 'check' GST evasion case
Finance Minister Nirmala Sitharaman will investigate the arrest of Fino Payment Bank CEO Rishi Gupta. Gupta was apprehended by GST authorities in Hyderabad. The bank stated the probe concerns a business partner's transactions, not the bank's compliance. Social media questioned the extent of GST powers. The Finance Minister acknowledged the issue and promised to look into it.
Indonesia tightens rules for Airbnb-style rentals
Indonesia is introducing new rules for short-term rentals. Properties on platforms like Airbnb will need business permits. This applies to all online travel agency listings by March 31. The government aims to grow tourism and ensure fair business practices. Operators are urged to begin the permit process. This aims to stop tax evasion and support the tourism industry.
IMF approves $8.1 billion loan for Ukraine, with $1.5 billion to go immediately
The IMF approved an $8.1 billion loan for Ukraine, anchoring a $136.5 billion international support package to maintain economic stability and public spending. This funding aims to address a significant budget shortfall and bolster reconstruction efforts, with the World Bank estimating rebuilding costs at $588 billion. Donor countries also agreed to extend Ukraine's debt standstill.
Supreme Court seeks Customs Department's response on Xiaomi's appeal in evasion case
Xiaomi faces a Supreme Court challenge against a customs tribunal ruling. The tribunal found the company liable for evading ₹653 crore in customs duty. This is linked to royalty payments on imported smartphone components. Xiaomi argues royalty payments are separate from import transactions. The customs department issued notices based on DRI investigations. The court is now reviewing Xiaomi's appeal.
Bengaluru: 24,000 homes found evading Rs 688 crore property tax, here's what happens next
The Greater Bengaluru Authority has uncovered Rs 688 crore in property tax evasion across over 23,000 properties through GPS-based surveys. Notices have been issued to tens of thousands of owners, with seven properties auctioned to recover Rs 437 crore in arrears. The drive aims for transparency and accountability in tax collection.
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