The incumbent government has been successful in broadening the tax base during the its first year in the office, as data showed that around 783,039 new taxpayers filed returns with the tax department as a result of various schemes, including a tax amnesty
The government is moving to strengthen taxation of high-income influencers and content creators on social networking services, including YouTubers, to prevent tax evasion, according to documents submitted to lawmakers on Monday.
In a closely guarded move, notices were served on March 28, 2019 in the names of Mukesh Ambani’s wife Nita Ambani and their three children for their alleged “undisclosed foreign income and assets”.
The department will use friendly language in its communications with taxpayers rather than intimidating, according to a source, amid allegations of intrusive, threatening and arbitrary behaviour by the department.
Many of the SMSFs in the ATO's sights have limited recourse borrowing arrangements in place, with most of the almost 18,000 SMSFs holding most of their assets in property.
Hong Kong hedge funds are particularly affected because they use Cayman investment managers, while offshore management companies have been less popular among European managers in recent years, according to Bloomberg.
The Securities and Exchange Board of India, or SEBI, has always been suspicious of the source of capital for hedge funds investing in India from Singapore or Hong Kong