ED slaps show cause penalty notice of over Rs.229 Cr FEMA violation against PwC
PrintListen to this Article
They said the notice was issued under the Foreign Exchange Management Act (FEMA) after completion of probe by the adjudicating authority which is the Special Director (Eastern Region) of the Enforcement Directorate.
The penalty, to the firm and six others, totals to Rs.2,30,40,70,000, the order accessed by PTI said.
Officials said the company along with other noticees received investments from PricewaterhouseCoopers Services BV by "falsely" showing them as 'grants' so as to avoid attracting provisions of FEMA, which require approval of the government or to say the Reserve Bank of India.
"The adjudicating authority during the course of adjudication has held the company guilty of violation of section 10(6), 6(2), 6(3) and 9(b) of FEMA, 1999 for receiving investments in the guise of purported grants in non permitted sector without the approval of the RBI," the order said.
The ED had taken over the probe against the firm on direction of the Supreme Court which asked it to look into the affairs of the company from the point of view of FEMA.
The apex court order was made on the basis of a public interest litigation (PIL) filed by an NGO.
The company, it said, is involved in rendering financial services including financial forensics, financial risk consultancy, management consultancy, deals and transactions, taxation matters in which foreign investment is not permitted without prior approval of the RBI. #casansaar (Source - PTI, LiveMint)
Category : Income Tax | Comments : 0 | Hits : 534
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments