Page 32 - Income Tax Department

I-T dept seeks Rs 30k cr penalty from Cairn Energy for non-payment of tax

These assets comprised principally Cairn's residual shareholding in Cairn India

I-T departement raids 80 locations TN, Karnataka, Kerala against ponzi ops

It was not immediately clear if the latest action had any connection to some politicians

Dehradun jeweller gets 2 yrs in jail for not disclosing Swiss Bank account

The court has also slapped a fine of Rs. 25,000 on Raju Verma, who owned 'Punjab Jewellers'.

E-filing of ITR-1, ITR-4 for FY17 now open

The filing of these returns can be done till July 31

I-T prosecutes Mumbai trader for depositing Rs 3 cr by using duplicate PAN

Tax evasion to the tune of Rs 500 has been established during demonetisation

Income Tax dept has failed to unearth black money despite information: CAG

The dept had info on suspicious dealers who issued false bills without delivery of goods

I-T target hits record tax refund hurdle

Direct tax collection likely to fall short of Rs 8.47 lakh crore Budget target

Taxman to scrutinise loan deposits under Operation Clean Money

I-T dept may initiate penal action and impose an equivalent penalty

No reply to I-T query could get you a 'non-statutory' letter

5 lakh people, who have received intimation from I-T dept, are not registered in the e-filing portal

Only 39% comply with I-T's online verification to explain deposit source

Of the 1.8 mn, 700,000 explain their deposit source; tax dept to send letters to the rest 1.1 mn

I-T lens on nearly 7 million non-filers who made high-value transactions

The department is in the process of sending notices to these non-filers to now account for their transactions and pay taxes

New currency notes worth Rs 71 lakh seized in Karnataka

I-T officials have seized new currency notes worth Rs 5 cr so far from Karnataka and Tamil Nadu

Penalty on unexplained high deposits likely even before tax returns are filed

I-T Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual income tax returns are filed so as to prevent black money being converted into white during the 50-day window provided for turning in the junked Rs 500/1000 notes, a Finance Ministry official said. It is also collating data on spurt in deposits in zero- balance Jan Dhan accounts and will slap a 200 per cent penalty on unexplained high value cash deposits, he said. After withdrawing old 500 and 1000 rupee notes, the government has allowed the banned notes to be deposited in bank accounts or exchanged for new legal tenders till December 30. This has led to cash balances popping up in millions of Jan Dhan accounts, opened under a government scheme for beneficiaries to get their entitlements like LPG subsidy. "Tax Department is collating data on spurt in Jan Dhan accounts. It will analyse all data and impose tax plus a 200 per cent penalty in cases of ...