It is the bank that helped clients break the law now HSBC secrets are out it starts with a leak. HSBC's private bank in Switzerland deals with wealthy clients now we know how the stolen accounts will leak to the French newspaper Lamont. The international consortium of investigative journalists shared them with panorama and the Guardian. They show widespread tax evasion like Stoke City director Keith Humphries notes on a family account say some money is not declared. HSBC didn't report him they helped him to arrange a foreign credit card, so he can spend the cash without paying tax. I caught up with him at a Stoke game was it all about tax completely confusing let me ask you a few questions it's really helpful did were you a signature to that account and did you throw a lot at County talking about I think you do sir helpfully a few weeks later Mr. Humphreys remembered that a hundred and forty-seven thousand pounds had been paid back to the taxman but only after the files were leaked then as the bank itself the European Savings directive was meant to tax hidden cash, but HSBC showed clients how to get around it. The purpose of the new trust is to shelter the funds from the European savings directive. I think they were a tax avoidance and tax evasion service. HSBC wouldn't do an interview but told us it has fundamentally changed its private bank and has far fewer clients. It now puts compliance and tax transparency ahead of profitability but has it really changed soon Shelley's job was to make sure the bank followed the rules she says she was sacked after raising concerns but warned a tribunal you know that the private bank was helping people dodge tax. They say that those days are gone do you think that...
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What you should know about Form 15G for PF Withdrawal
- Form 15G is used for claiming income without tax deduction.
- Individuals can fill Form 15G online.
- Form 15G helps in avoiding TDS deduction on PF withdrawals.
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About HSBC Form 15G 2015
HSBC Form 15G 2024 is a declaration form issued by the Hongkong and Shanghai Banking Corporation (HSBC) in compliance with the Income Tax Act of India. This form is specifically designed for individuals who want to prevent the deduction of tax at source on certain incomes. The purpose of Form 15G is to declare that the individual's total income for the financial year, including the income for which the form is being submitted, will not exceed the taxable limit. By submitting this form, the individual requests HSBC not to deduct tax at source on the specified income. Form 15G is primarily needed by individuals who fulfill the following criteria: 1. Indian residents below 60 years of age, as senior citizens are required to submit Form 15H. 2. The individual's total taxable income, including the income for which Form 15G is being filled, should not be liable to tax. 3. The individual should not have a valid Permanent Account Number (PAN) or should have provided a PAN but expects no tax liability for the relevant financial year. 4. The individual should have earned interest income from fixed deposits, recurring deposits, or any other interest-bearing instruments in the financial year. It is important to note that the eligibility criteria and requirements for Form 15G may vary based on the specific guidelines provided by HSBC and the Income Tax Department of India. It is recommended to consult with a tax consultant or refer to the official guidelines while filling out and submitting this form.
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