Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
Shivakumar will be produced before a court in New Delhi on Wednesday by the ED for seeking his custody.
The government can seek details from sellers such as sources of funds while buying.
While Team Anna spokesperson Arvind Kejriwal is attending a meditation course at Sohna in Haryana, income tax department officials are losing their peace of mind over more worldly affairs involving their former colleague.
Kejriwal's supporters have bombarded Income Tax offices with cheques and demand drafts, offering to pay his tax dues.
The I-T department expects that some more revenue would be garnered.
Go cashless. Go clean, say I=T to people.
The Income Tax department is mulling to arm its soon-to-be-appointed 'special agents' who will be tasked to crack high-profile tax evasion and money laundering cases in the country.
The department has taken the step after protests by individuals and organisations affiliated to the community.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
The I-T department has issued 2,190 warrants and seized assets worth Rs 299.63 crore (Rs 2.996 billion), Finance Minister Pranab Mukherjee said in the Rajya Sabha.
The Income Tax Department has now decided to provide full details of tax returns of political parties under the RTI Act after the Central Information Commission (CIC) issued it directives in this regard.
Bought or sold property? There is a good chance the Income Tax (I-T) department will raise queries about it. While the possibilities of illegal transactions abound in such deals, the department's scope for availing documentary evidence through registrars and builders is also quite high. Therefore, a mismatch in the information filed could give rise to your account being scrutinised.
Congress general secretary Digvijay Singh on Saturday said he saw nothing wrong in the I-T department sending notices to social activist Arvind Kejriwal.
The income tax department has repatriated Sunita Kejriwal, senior Indian Revenue Service officer and wife of Team Anna member Arvind Kejriwal who was recently in the midst of a row with the government over pending service dues.
The specialised wing -- Directorate of Criminal Investigation (Income Tax) -- will be manned by hand-picked officers who are experts in financial and forensic investigations.
The Income Tax (I-T) Department has embarked on a plan to create a national data centre to facilitate a management information systems-based, real-time analysis of data for quick and effective decision making.
The Income Tax department, which is probing Cairn Energy plc's transfer of India assets, has asked the UK-based company not to dispose of its 10.3 per cent holding in Cairn India.
The raid was carried out by the Crime Branch at the office of T&T Law Firm on Saturday night, the officer said.
In case the company defaulted on depositing the TDS collected, it shall be liable to pay interest at the prescribed rate on the tax amount.
Amid protests from vegetable merchants over tax raids, the I-T department has unearthed unaccounted money worth over Rs 7 crore (Rs 70 million) from Punjab-based wholesale vegetable merchants, an official said.
The issue dates back many years when the actor and others proposed bringing Sony TV channel to India.
The department allows you to revise these, but there are strict conditions to be noted.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
The lawyer also claimed "there is no evidence to prove any of the charges levelled against my client."
IT firm Mahindra Satyam is likely to approach the Andhra Pradesh High Court challenging the Rs 2,114 crore (Rs 21.14 billion) income tax demand raised by the I-T Department.
The problem has been further compounded with several of the tax defaulters having created 'benami' assets to escape the dragnet.
PAN is a 10-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department of India.
Chairman of the Central Board of Direct Taxes (CBDT), Prakash Chandra, has asked the income tax (I-T) department to hasten court and tribunal proceedings to meet tax collection targets in the coming quarters.
Includes those dealing in high-value property and petrol pump owners
PAN may also be required for cash payment of Rs 100,000 or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies.
The I-T department has also filed 77 prosecution cases.
The claim relates to assessment year 2008-2009.
The Securities and Exchange Board of India (Sebi) on Friday banned Mumbai-based high net worth individual Sanjay Dangi and promoters related to him from dealing in equity markets. Promoters and promoter entities of Murli Industries Ltd, Ackruti City Ltd, Welspun Corp Ltd, and Brushman India Ltd have been barred from trading in their own and group companies' shares.
The company has not been able to sell its 9.8% stake in Cairn India
There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.
I-T department defended its probe saying that the investigation has entered the "fifth layer" and the approach towards the case has not been tardy.
It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
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