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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance...
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Income Tax raid: I-T dept detects Rs 450-crore black money after raids in Kolkata



The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses

The Income Tax Department has detected undisclosed income of over Rs 450 crore after it raided some Kolkata-based entities engaged in various businesses such as running of hotels and wholesale trading of fruits, the CBDT said on Friday. The search and survey operation was carried out on January 13 and the department also seized Rs 1.58 crore in cash.

The search and seizure operation has resulted in unearthing of incriminating documents of undisclosed cash sales and claim of bogus expenses,” it said. “During the course of search operation, incriminating documents have been found which revealed sale of shares of unlisted companies through layering to bring back unaccounted cash in the books of account in the form of unsecured loan and share capital,” the CBDT said in a statement issued here.

The Central Board of Direct Taxes frames policy for the tax department. “Round tripping of unaccounted wealth through professional help has also been detected. Evidences of booking bogus loss on sale of penny stocks, advancing of unaccounted cash loan and earning of unaccounted commission, brokerage and interest were also detected,” it said. Concealment of income amounting to more than Rs 450 crore has been detected till now, the CBDT said.

The assessee has made an admission of undisclosed income amounting to Rs 105 crore,” it claimed. The cases against persons and entities engaged in the business of hotels, real estate, automobile, financing and wholesale trading of fruits were developed on the basis of available data in the department database, analysis of their financial statements, market intelligence and discreet field enquiries, it said.

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