Page 8 - Income Tax Department

I-T dept found unaccounted sales of Rs 1,000 cr during raid against Polycab

The Income Tax department has detected "unaccounted cash sales" of about Rs 1,000 crore after it recently raided the Polycab group, a prominent wires, cables and electrical items manufacturer, the CBDT and official sources said on Wednesday. Unaccounted cash of more than Rs 4 crore was seized and more than 25 bank lockers were put on restraint after the searches were launched against the group on December 22 last year, the Central Board of Direct Taxes (CBDT) said in a statement. It said a total of 50 premises in Mumbai, Pune, Aurangabad and Nashik in Maharashtra, Daman, Halol in Gujarat and Delhi were covered. Some of the authorised distributors of the group were also covered in the searches, the CBDT, which is the administrative body for the Income Tax department, said. The CBDT statement did not name the group but official sources confirmed it to be Polycab India Limited. Polycab India issued a clarification to stock exchanges earlier in the day terming reports of "tax evasion

In a first, over 80 million ITRs filed for AY 2023-24: Income Tax dept

The income tax department on Friday said over 8 crore ITRs have been filed for assessment year 2023-24 till date. "Unique landmark for the Income-tax Department! Over 8 crore ITRs filed for the AY 2023-24 till date," the income tax department said in a post on X. The total filing for AY 2022-23 was 7,51,60,817.

Income Tax Recruitment 2023: Registration opens for 291 MTS, TA posts

Interested applicants can apply online for Income Tax recruitment 2023 for different positions under sports quota through the official website at incometaxmumbai.gov.in

I-T officials search 50 offices, facilities of Polycab India; shares fall

BSE said that it has sought clarification from Polycab India on the reports of tax raids

I-T dept recovers Rs 70 lakh in cash from TMC MLA's home in 19-hour search

The Income Tax department has recovered around Rs 70 lakh in cash from the residence of Trinamool Congress MLA Bayron Biswas during a search there in connection with alleged evasion of taxes, a senior official said on Thursday. The search, which started at the legislator's residence at Samserganj in Murshidabad district of West Bengal on Wednesday morning, got over late in the night after around 19 hours, he added. "We have recovered cash amounting to Rs 70 lakh during the raid in Bayron Biswas' residence. There was no clarity on why such a huge amount of money was kept there," the official said. The MLA declined to comment on this matter when PTI contacted him. Biswas won a by-election from the Sagardighi constituency on a Congress ticket but later joined the Trinamool Congress.

Journalist bodies deplore freezing of NewsClick's bank accounts by I-T dept

Prominent journalist bodies on Wednesday deplored the freezing of the bank accounts of news portal "NewsClick" by the income-tax department and said the move that violated laws has in one stroke deprived close to 100 mediapersons and their families of a steady source of income. "NewsClick" said on Tuesday that its bank accounts were frozen by the IT department and it will undertake legal measures against the "unjust and cruel" action. "We, the undersigned journalist organisations, deplore in the strongest terms the freezing of the accounts of the web news portal NewsClick. This move by the IT department without any warning whatsoever has in one stroke deprived close to a hundred mediapersons and their families of a steady source of income," the journalist bodies said in a joint statement. With the seizure of the bank accounts, they noted, the salaries of all the employees, including the support staff, of the portal cannot be disbursed, "including for the 19 days of work in ...

Income Tax officers raid residences of ex-TMC MLA, others in Bengal

Income Tax officers on Wednesday morning raided the residences of several businessmen including a former MLA of the ruling Trinamool Congress at various places in West Bengal, an officer said. The raids were conducted in Asansol, Durgapur and Raniganj areas, as the businessmen did not pay taxes for several years, the officer alleged. "Our officers had reached Durgapur yesterday and started searching the residences of these businessmen from early Wednesday morning. They are looking for various documents including bank statements and other property details," he told PTI over the phone. I-T department officers are also holding talks with former TMC MLA Sohrab Ali and the other businessmen whose houses are being raided, the officer said. A large number of central force personnel are on guard outside the premises where the search was on.

Cash seizure in Odisha I-T raids goes past Rs 300 crore, counting still on

The cash seizure in the income-tax department's searches against an Odisha-based distillery company has become the "highest-ever" such haul in a single action conducted by any probe agency in the country and gone past Rs 300 crore, official sources said on Sunday. The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday. The raids were launched on December 6 by the taxman on charges of tax evasion and "off-the-book" transactions. The sources told PTI that cash to the tune of more than Rs 300 crore has been counted till now and the counting is still on. The department believes that the entire cache of currency is "unaccounted" money earned from cash sales of country liquor by the business group, distributors and others. This is the highest-ever cash seizure made by an agency in the country as part of an action against a single group and entities linked to it, the sources had said. Some of the high-value seizures in the pa

I-T Department conducts survey at some entities of Hinduja Global Solutions

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules (GAAR). The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

I-T department discovers Rs 10,000 crore tax evasion by online retailers

Several companies have received I-T notices for either not paying their taxes properly or for underreporting their revenue

Ahead of Telangana polls, IT raids at BRS MLA Nallamothu Rao's premises

Nallamothu Bhaskar Rao represents Miryalaguda constituency, Telangana. He is a native of Shakapuram village, Nidamanoor Mandal of Nalgonda District.

HC orders tax refund of Rs 1,128 cr to Vodafone Idea; pulls up I-T dept

The Bombay High Court has directed the Income Tax department to refund Rs 1,128 crore to Vodafone Idea Limited paid by the telecom operator in taxes for the assessment year 2016-2017. The assessment order passed by the department in August this year was time barred and hence cannot be sustained," the HC noted in its judgement on Wednesday. A division bench of Justices K R Shriram and Neela Gokhale also took a strong view against the assessing officer for showing laxity and lethargy in not passing the final order within the mandated 30-day time and thus causing a huge loss to the exchequer and public. The court passed its judgment on a petition filed by the Vodafone Idea Limited claiming the I-T department failed to refund the amount paid by it for the assessment year 2016-2017 which, it said, was in excess of the legitimate tax due on its income. The bench in its order noted the case of Vodafone was quite elementary and that it was constrained to observe the complete apathy and ...

I-T raids at residences, offices of T'gana Cong candidate Srinivas Reddy

Ahead of November 30 assembly polls, the Income Tax department officials on Thursday carried out searches at the residences and offices of Congress candidate P Srinivas Reddy here and in Khammam, sources said. Reddy is contesting from Palair assembly segment in Khammam District. Media reports suggested that Reddy was scheduled to file his nomination papers today. Followers of the Congress leader raised slogans protesting the searches in Khammam. Reddy, at a press conference, on Wednesday indicated that the Central agencies such as Income Tax Department and Enforcement Directorate may conduct raids aiming at him. Reddy alleged that during the past several days, the Central agencies were focusing their 'searches' on Congress leaders. The ruling BRS government in Telangana and BJP colluded in the "attacks" on Congress party leaders, he further alleged. "I request all my followers not to resort to any activity as they (Central agencies) may trouble me and my companies also," Reddy

ITR filing by individuals grows 90% in 8 years to 63.7 mn in AY 2021-22

The income tax department on Thursday said I-T returns filed by individual taxpayers have risen 90 per cent in 8 years to 6.37 crore in AY 2021-22, indicating a widening of the taxpayer base. The returns filed by individual taxpayers have increased from 3.36 crore in Assessment Year (AY) 2013-14 to 6.37 crore in AY 2021-22, registering an overall increase of 90 per cent. During the current fiscal too, 7.41 crore returns have been filed for AY 2023-24 till date, including 53 lakh first-time filers, the Central Board of Direct Taxes (CBDT) said in a statement. Giving a breakup of the returns filed by individual taxpayers across various ranges of gross total income, the CBDT said the ITRs filed by individual taxpayers earning between Rs 5 lakh and Rs 10 lakh have increased 295 per cent during the period from AY 2013-14 to AY 2021-22. There has been a 291 per cent increase in ITRs filed by individuals with gross total income between Rs 10 lakh and Rs 25 lakh. "This indicates that ...

Illicit goods worth over Rs 1,000 cr seized ahead of Rajasthan elections

In the last 15 days, agencies seized Rs 244 crore in cash and various illegal items along with freebies and other items worth Rs 84.22 crore

Over Rs 50 cr cash recovered in I-T raids on contractor in K'taka: Official

Income Tax sleuths have recovered more than Rs 50 crore cash during raids on several people including a contractor, his son, a gymnasium instructor and an architect in Karnataka, a highly-placed department official said on Sunday. The raids that started from Thursday at 25 places belonging to two major infrastructure companies expanded to 45 by Saturday evening, the official told PTI, requesting anonymity. Charging them with tax evasion, the I-T Department officials raided their offices at various places including Sahakarnagar and Sanjaynagar. Several documents were confiscated. Followed by the lead obtained from these two firms, I-T officials searched the houses and other places of contractors and various other people. "A total of 45 locations were searched till Friday while ten more places were raided and searched on Saturday. "On Saturday, the third day of the operation, an architect and a gymnasium owner's house was raided from where Rs eight crore in cash was seized. With thi

Income Tax searches premises linked to RJD Rajya Sabha MP in Bihar

Income Tax sleuths on Wednesday raided premises linked to Rashtriya Janata Dal (RJD) Rajya Sabha MP Ahmad Ashfaque Karim at multiple locations in Bihar on Wednesday. The MP is the main trustee and the founder chancellor of Katihar-based Al Karim University, Bihar. Officials were tightlipped about the raids. It may be recalled that the probe agency had earlier raided the premises of Karim in connection with the land for job scam involving RJD supremo Lalu Prasad and his family members. A statement by the department said, "Patna directorate started the search action at Al Karim Educational Trust, which runs and manages Al Karim University and Katihar Medical College. Main office of the trust is in Patna. The trust also runs a school of paramedical and allied health sciences, school of information technology and management. Main trustee is Ahmad Ashfaque Karim, who is the founder chancellor of Al Karim University and also a sitting MP of Rajya Sabha". "Teams are searching their offic

Tax officials conduct searches on premises linked to DMK MP Jagathrakshakan

Income Tax officials on Thursday held searches at multiple locations here linked to DMK MP S Jagathrakshakan, which Chief Minister M K Stalin dubbed vindictive politics. While police sources said the searches were held at many places, including some educational institutions, Stalin, also president of the ruling DMK, said it is misuse of power. The Chief Minister said on X: "The Union BJP Government's vindictive politics knows no bounds! Arresting AAP MP Sanjay Singh and raiding DMK MP Jagathrakshakan's home are clear examples of their misuse of independent investigating agencies for political ends against INDIA bloc leaders. This deliberate persecution of opposition leaders is an assault on democracy. The BJP conveniently forgets that the Supreme Court has just warned the ED to be transparent and fair. But it seems they are hell-bent on disregarding the rule of law and democracy. The BJP is clearly afraid of the growing unity among opposition parties. It's time they stop their ..

Under BJP, whoever goes to jail will not get bail: Chhattisgarh CM Baghel

Chhattisgarh Chief Minister Bhupesh Baghel said that more than (stray) dogs and cats, the Enforcement Directorate and Income Tax are moving around

I-T dept attaches 2nd property in benami assets case against Mukhtar Ansari

The Income Tax department has attached a second land property worth about Rs 10 crore in Lucknow as part of its ongoing alleged benami assets possession probe against gangster-politician Mukhtar Ansari and his family. The department's Benami Assets Investigation wing, headquartered here, has codenamed the comprehensive probe Operation Panther. It has found that the 'benamidar (in whose name a benami property is standing)' of the 3,234-square feet plot at 13-C/3 in Lucknow's Dalibagh area is a Ghazipur-based woman named Tanveer Sahar. Official records accessed by PTI show that the department attached the plot under Section 24(3) read with Rule-5 of the Prohibition of Benami Properties Transaction Act on September 29 as it found that the linked people are "very influential" and that the property is located in a prime location and can be disposed of clandestinely. While the plot's stamp valuation is just over Rs 76 lakh, official sources pegged its market value at about Rs 10 crore.