Cashing out: Millions 'disappear from China bank accounts'

Last Updated: Tuesday, May 19, 2015, 23:24

A businesswoman deposited the equivalent of almost USD 2 million at a branch of China's largest bank but only USD 20 remained after most of it was transferred without her authorisation, state media reported.

Foreign travel details in ITR at suggestion of SIT: Jaitley

Last Updated: Tuesday, May 12, 2015, 19:10

Foreign travel details sought in the new income tax return (ITR) forms was done so that risk profiling for detection of tax evasions could be done but the form is being modified in view of the opposition to it.

Simplified income tax return forms likely by month end

Last Updated: Sunday, May 10, 2015, 12:33

The Finance Ministry is likely to come out with simplified Income Tax Return (ITR) forms by the end of this month which may exclude disclosure of dormant bank accounts as also those which do not have a minimum specified balance.

Two billion people do not have bank accounts: IMF chief

Last Updated: Wednesday, May 6, 2015, 22:57

Nearly two billion people globally do not have bank accounts including those in the US, IMF chief Christine Lagarde said Wednesday, ruing that financial systems around the world despite being sizable exclude many individuals from financial services.

LPG subsidy not to be taxed: Finance Ministry

Last Updated: Tuesday, May 5, 2015, 20:58

Finance Ministry on Tuesday clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax.

Taxability of LPG subsidy unclear; experts seek clarification

Last Updated: Monday, May 4, 2015, 15:25

Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear with tax experts divided on the issue and want an explicit clarification from the government.

Biz leaders meet FM Jaitley; want tax return forms simplified

Last Updated: Friday, April 24, 2015, 20:40

The industry representatives said after the meeting that Jaitley assured them to look into simplifying the ITR and at making the forms smaller and the process of filing returns quicker.

Arun Jaitley to meet tax officials again to keep ITR forms simple

Last Updated: Tuesday, April 21, 2015, 22:28

Facing criticism over the new ITR forms that seek details on bank accounts and foreign travel, Finance Minister Arun Jaitley will soon meet tax officials for the second time to make the filing of returns simpler for individual taxpayers.

Taxpayers to disclose bank accounts, foreign travel to Income Tax department

Last Updated: Friday, April 17, 2015, 18:08

Taxpayers will have to disclose all bank accounts held by them in the country and instances of foreign travel to the Income Tax department while filing their returns for the assessment year 2015-16.

Many new accounts in India but dormant ones too: World Bank

Last Updated: Thursday, April 16, 2015, 15:30

Translated into absolute numbers, this growth in number of bank accounts means that 175 million in India became account holders between 2011 and 2014.

Nina Ricci heir convicted of tax fraud after HSBC leaks

Last Updated: Monday, April 13, 2015, 20:19

The heiress of the fashion and perfume house Nina Ricci was sentenced on Monday to a year in prison and ordered to pay heavy fines and back taxes for having hidden millions of euros in HSBC bank accounts in Switzerland.

ED begins probe against Naveen Jindal, his family

Last Updated: Monday, April 13, 2015, 18:52

Enforcement Directorate (ED) has begun a probe against industrialist and Congress leader Naveen Jindal and his family for alleged contravention of forex laws in operating bank accounts in Singapore, a charge denied by the former MP.