TAX ABUSE
"I hope Americans will understand": Joe Biden pardons his son Hunter in gun and tax fraud case despite earlier pledges
US President Joe Biden has granted a full and unconditional pardon to his son, Hunter Biden, for federal gun and tax charges. The pardon comes just before Hunter was to be sentenced for his convictions, marking a reversal from the President¡¯s earlier statements. Biden justified his decision by asserting his son was unfairly prosecuted for political reasons, a move that has sparked controversy among Republicans.
Tax! It's a $492 billion offshore heist!
A new report reveals a shocking $492 billion is lost globally each year to tax dodging, with multinational corporations and wealthy individuals exploiting loopholes and tax havens. The report criticizes the 'Elite Eight' countries, including the US and UK, for enabling this system while simultaneously losing billions in tax revenue.
Top Trump pick Matt Gaetz once faced a sex trafficking probe by the Justice Department he could now lead
Donald Trump's pick for attorney general is Matt Gaetz. Matt Gaetz, a former Florida congressman and fierce Trump loyalist, has been nominated by United States President-elect Donald Trump as Attorney General. But he faces allegations, including claims of sex with a minor, illicit drug use, and misuse of funds. He has been picked by Trump to lead the Justice Department.
How Trumponomics works for India, and how it doesn't
Donald Trump's economic policies may bring opportunities and challenges for India. India could benefit from US investments shifting away from China. However, trade tariffs and stricter immigration policies under Trump's leadership could negatively impact India. The overall impact of Trumponomics on the Indian economy remains uncertain.
Trump 2.0: Should 'abuser' India expect trade twist after Donald Trump's election win?
Donald Trump claimed victory in the 2024 U.S. presidential election, with significant implications for U.S.-India relations. Trump has been an advocate for strengthening ties with India, though his presidency saw trade tensions, especially over tariffs. A second term could mean a more US-centric trade policy, potentially pushing India to reduce trade barriers or face tariffs, impacting sectors like IT, pharmaceuticals, and textiles.
Ex-GST officer ordered to return Rs 1.24 crore in corruption case, jailed and fined Rs 1 lakh along with wife
A special CBI court has convicted a retired GST superintendent and his wife for amassing unaccounted assets worth Rs 1.24 crore, disproportionate to their income. The court sentenced Prasiddh Dubey to four years in prison and his wife Vimla to two years. The case spanned from 1994 to 2018, with ill-gotten assets now forfeited to the state.
'Very big abuser of tariffs': What exactly is Donald Trump's stance on India?
Former US President Donald Trump, running for office again, has made mixed remarks about India and Prime Minister Narendra Modi. While praising Modi, Trump criticized India's trade practices. Despite this, a report suggests Trump's policies may benefit India due to the shift of supply chains from China to friendly countries like India.
175,000 businesses but 9,500 registered: FATF calls for stricter checks on India¡¯s precious metal deals
India needs to tighten checks on transactions involving precious metals and stones, as many deals are conducted in cash and evade typical monitoring. The Financial Action Task Force highlights that only a fraction of businesses in this sector are registered, raising concerns about money laundering and terrorist financing risks.
Uncovering the dark money: How banks are funding fossil fuels in secret
Research by Tax Justice Network has revealed that trillions of dollars in bank finance for fossil fuel cos are being channeled through opaque financial centers, including the Netherlands. The study examined $6.9 trillion in syndicated financing from 60 global banks between 2016 and 2023, highlighting a lack of transparency in funding energy companies.
Will Joe Biden pardon his son Hunter? He's under immense pressure not to do so
Hunter, Joe Biden's son, recently entered a guilty plea to tax charges, and there is mounting pressure on him to refuse a pardon. Republicans bemoan the timing and speculate that it's a ruse to avert a trial and possible investigation into the Bidens' financial activities.
Sent more than Rs 6 lakh abroad? You may get a tax notice by December 31, 2024
Income tax notice: You may get a income tax notice by December 31, 2024 if the tax department found you have income which escaped assessment. This is because tax officials are analysing Form 15CC data to find out who has sent more than Rs 6 lakh abroad and there is a mismatch between the amount sent abroad and the amount declared as income in ITR.
US presidential elections: Opportunity economy, or opportunist, Kamala Harris?
Kamala Harris unveiled her economic agenda in North Carolina, advocating for lower costs and wealth-building opportunities. Her key proposals include tax hikes, down-payment assistance, and expanded Child Tax Credit. Harris' agenda targets middle- and working-class families but hinges on Congressional approval, making its future uncertain.
Why Donald Trump's and Kamala Harris' proposals to end taxes on workers' tips would be difficult to enact
Both Donald Trump and Kamala Harris revealed plans to remove federal taxes on tips for workers. Experts indicated that the move would be complex, costly, and might largely benefit higher-income workers instead of low-wage earners. Specific details on whether income, payroll taxes, or both would be exempt remain unclear.
Outward remittances exceeding ?6 lakh come under I-T scanner
The move will help the government to identify cases where the remittance was sent but was not reported by the taxpayer in their filling, the official said. "The whole exercise will curb tax evasion and ensure that legitimate remittances are facilitated while preventing abuse of relaxations in foreign remittance reporting," the official added.
Abolition of angel tax will boost startup ecosystem: CBDT chairman
CBDT Chairman Ravi Agrawal said the removal of this tax will act to boost the startup ecosystem in India. He would urge the community to "please come forward, please invest as the country is waiting for your investment, initiatives and innovations". Asked how would a possible case of money laundering through investor funds be tackled after the removal of the Angel tax, he said if such a violation is found or it is detected that the fund has come through "undisclosed" sources, there are provisions in the respective statute and that will be taken care of.
Angel tax was on investments, such inflows should not be taxed: DPIIT secretary on removal of levy
Giving a big relief to startups, finance minister Nirmala Sitharaman on Tuesday announced the removal of angel tax for all classes of investors. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said this will help in attracting foreign investments, promoting innovation and further strengthening the startup ecosystem of the country.
SEBI considers regulatory role in crypto trading, diverging from RBI's approach. Here's what experts think
In a significant development within India¡¯s crypto landscape, the Securities and Exchange Board of India (SEBI) has recommended several regulators oversee crypto trade nationwide.
PM Modi's chair 'shaking', he has started attacking his own 'friends': Congress Mallikarjun Kharge
"The times are changing. Friends are no longer friends...! After completion of three phases of elections, today the prime minister has started attacking his own friends. It is becoming clear that Modiji's chair is shaking. This is the real trend of the results," Kharge said in a post in Hindi on X.
Report flags Manipur HR abuse, US says in touch with India
India and the United States regularly consult at the highest levels on issues like democracy and human rights, a senior US State Department official said on Monday, after a US government report alleged that there were significant human rights abuses in Manipur last year.
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