Page 57 - Income Tax

CBDT asks Income Tax to ensure better collection of revenue arrears

CBDT has sought collection of all due recoveries from all regions that will boost tax collection

Note ban: Income Tax department raids TN chief secy Rao's residence in Chennai

The raids at Rao's residences reportedly began at 5:30am although no seizure has been made, News18 said. The report added that the raid was conducted based on tip-offs from some road contractors.

I-T searches at premises of BJP leader Sushil Vaswani in MP

The searches are believed to be part of ongoing cash clean up drive in the wake of demonetisation

Income tax rate is expected to come down: MoS Finance

Arjun Ram Meghwal indicated there is a possibility of rate cut in upcoming budget which is expected on February 1

In fresh raids, I-T officials seize Rs 24 cr in new notes in TN

With this amount, the total seizure in the case has now gone up to Rs 166 crore in a single case

I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized

Rs 80 cr has been seized in the form of demonetised currencies and Rs 10 cr were in new currencies of Rs 2,000 notes

Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled

The declaration of Rs 200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents, official sources said on Monday.

IDS: Income Tax dept rejects disclosures of over Rs 2 lakh cr

The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind their false claims. Meanwhile, the government has revised upwards the total illicit wealth disclosed in the one-time window to Rs 67,382 crore as against Rs 65,250 crore estimated earlier. "Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means," the Finance Ministry said in a statement today. A family of four declarants namely, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), who were shown as residents .

I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe

It was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation

No tax on legitimate gold: What you should know about I-T Amendment Bill

In case of unexplained asset/cash a 60% tax plus 25% of tax as surcharge plus 3% of tax as cess will be levied

New income declaration scheme explained

Govt has proposed to levy a total tax, penalty and surcharge of 50% on the amount deposited since demonetisation; here's you need to know about it

Unaccounted deposits disclosed to taxman face 50% tax, lock-in

Govt will introduce amendments to the I-T Act giving effect to this in the ongoing session of Parliament

Income tax notices to religious, charitable trusts

The notice also advises the management of such institutions not to deal with Rs 1,000 and Rs 500 notes

I-T Dept to keep record of deposits over Rs 2 lakh

Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent

India has 47,000 crorepatis, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh

Income tax slabs and how individuals performed

SMS alert service on TDS deductions for salaried class launched

CBDT will soon offer this facility on a monthly basis

I-T department collects Rs 6,750 cr

Expects disclosures worth Rs 25,000-30,000 cr by Sept 30

I-T raid on half-a-dozen jewellers at Zaveri Bazaar

In an effort to curb black money from the system, govt has discovered an innovative way to force jewellers declare their additional gold stocks

Black money: 300 pc rise in raids, seizures

I-T department seized over Rs 330 crore of alleged tainted cash, jewellery and other movable and immovable assets

IT dept to 'name & shame' chronic crorepati defaulters

It was decided to name all category of taxpayers who have a default of Rs 1 crore and above by March, 31 i.e end of 2016-17 financial year