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White-collar crime: Losses from frauds rise 80% from last year, says survey The survey pointed that 3,766 cases of fraud were detected in FY19, a 15 per cent spike from a year ago Current Affairs News :Professional wrongdoing has crawled into all enterprises particularly budgetary, pharmaceutical, data innovation and assembling with rising cases of illegal tax avoidance, tax avoidance, theft, protections, charge card and protection cheats, as indicated by an ongoing study by Netrika Consulting and Indian National Bar Association. The overview pointed that 3,766 instances of extortion were identified in FY19, a 15 percent spike from a year back; misfortunes brought about because of cheats rose by 80 percent. What are professional offenses? • Non-rough criminal acts perpetrated by individuals from a higher social class, for example, wage robbery, tax evasion, copyright encroachment, among others • 83% of respondents concur that salaried lawbreakers embrace a blend of gif...

Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity. Current Affairs :The CBDT on Thursday said the Income Tax Department has made a record-breaking high money seizure of Rs 9.55 crore in the Pune district of Maharashtra after it struck a nearby specialist regarding a tax avoidance case. The approach making body of the division said the activity was attempted on November 4. It didn’t distinguish the element. “Knowledge data was gotten that the representative was in control of a lot of money at his home and that this money was probably going to be moved inside a limited capacity to focus time. “In a quick activity, some starter circumspect enquiries were made to learn the accessibility of money and a solitary warrant was executed to look through the habitation of the person alongside review at his business premises,” the Central Board of Di...

Trade mis-invoicing cost India $13 bn in tax revenues in 2016, says report The findings are part of a report by Washington, DC-based think tank Global Financial Integrity Current Affair :-India is assessed to have lost $13 billion potential duty income in 2016, equal to a stunning 5.5 percent of all out government income accumulations in those days, because of basic exchange invoicing. The discoveries, some portion of a report by Washington, DC-based research organization Global Financial Integrity (GFI), are set to stress policymakers who have progressively attempted to get serious about fake assessment rehearses. Exchange misinvoicing includes the two exporters and merchants purposely distorting the esteem, amount, or nature of products or administrations in a business exchange and is treated as a standout amongst the most widely recognized types of expense misrepresentation by the legislature. Of the lost income, around $4 billion was because of conscious misinvoi...