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  India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved LATEST NEWS :  A fresh, vast leak of financial records, dubbed the Paradise Papers , has shined the light on how global corporate giants and hedge funds allegedly skirted taxes and the apparently hidden wealth of prominent Indians. This cache of 13.4 million documents follows over a year after the release of the Panama papers and includes names of Indians such as Amitabh Bachchan, MoS Civil Aviation Jayant Sinha, and Vijay Mallya, among others, reported Indian Express. The paper has not suggested any illegality associated with the leaked names. India ranks 19th out of the 180 countries covered under the leaked data in terms of the number of names involved, reported the Indian Express on Monday. Further, according to the report, 714 Indians find mention in the papers. The leaked data, obtained by German newspaper Süddeutsche Zeitung, as was the case...

The move will increase transparency in financial dealings and help check tax evasion LATEST NEWS : Auditors will now have to disclose details of transactions exceeding Rs 20,000 in connection with immovable property in reports, which they file with the Income Tax (I-T) authorities on behalf of their clients. Under the Income Tax Act, professionals earning gross receipts of more than Rs 50 lakh and companies with a turnover of Rs one crore and above are required to get their accounts audited. The turnover limit for companies has been increased to Rs two crore from Assessment year 2018-19. So far, auditors in their report had to mention details of loans, and repayment exceeding Rs 20,000 in the tax audit report filed along with Income Tax returns. Henceforth, all transactions exceeding Rs 20,000 relating to immovable property will have to be mentioned in a specified format in the report. The move will increase transparency in financial dealings and help check tax e...

' India currently has one of the worst tax-to-GDP ratios among major economies at 16.6% Latest news : Rakesh Sachdeva sells auto parts in a busy market in central Delhi, just a few miles from Prime Minister Narendra Modi's office. Yet despite having a flourishing business he does not pay any tax. Until now, his rundown premises and small scale operation has kept the business below the radar of the country's tax officials. Come July 1, however, "the party will be over", says the 51-year-old, with a resigned shrug. A nationwide Goods and Services Tax (GST), set to come into effect on Saturday, has faced criticism for its complex design. But the country's biggest tax reform since independence is promising to bring millions of firms like Sachdeva's into the tax net, boosting government revenues and the country's sovereign credit profile. The new tax will require firms to upload their invoices every month to a portal that will match ...