White Paper On Black Money

MUMBAI: The Revenue Tax division has apparently issued a discover to Reliance Industries Chairman Mukesh Ambani and his household underneath provisions of the 2015 Black money act. Apart from, there are not less than 100 cases of older accounts held by Indians, which could have been closed earlier than 2018, for which Switzerland is in the technique of sharing details with India beneath an earlier framework of mutual administrative help as Indian authorities had supplied prima facie evidence of tax-related wrongdoings by these account holders.
Also, the Authorities announces completely different schemes and bonds like Bearer Bonds, Voluntary Disclosure of Revenue Scheme (VDIS) to harness black money for generative purposes and to deliver again the plentiful cash transferred outside India through these means ( Ministry of Finance, May 2012, Para 2.four.9 ).
The gadgets commonly applied to defraud tax authorities below VAT include use of faux invoices to say tax credit, tax credit score claims on purchases for private use, over-reporting of sales of zero-rated goods, secret dealings as regards issuance of receipts, formation of pretend firms promoting receipts to traders to enable them to claim tax credit on inputs.