Author: BHARAT BHUSHAN CHAUHAN

Introduction In India, benami property refers to assets or properties purchased in someone else’s name, while the actual beneficial owner is someone else. The word “benami” literally means “in another’s name.” These properties are typically used to evade taxes, launder money, or conceal assets for corrupt purposes. The legal framework around benami property has evolved over time, with the Benami Transactions (Prohibition) Act, 1988 playing a crucial role in regulating and eradicating these illicit practices. However, as with any major legal challenge, issues surrounding benami transactions continue to evolve, requiring continued vigilance and enforcement. Understanding Benami Property The core of…

Introduction Tax evasion is a serious economic offense that disrupts the functioning of any nation’s financial ecosystem. In India, where tax compliance is still evolving, evasion not only results in revenue loss but also undermines the trust of honest taxpayers. Despite various reforms, India continues to face challenges in closing the compliance gap, especially in the informal and unorganized sectors. According to estimates by the National Institute of Public Finance and Policy (NIPFP), India loses billions annually due to tax evasion. While the government has taken numerous legislative and technological steps to address this, tax professionals must play an active…