The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
The Special Investigation Team (SIT) on black money has decided to create a rich national database where multiple agencies probing tax and financial crimes will pool in vital classified information to be shared for seamless investigation.
The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
New norms for issuance of PAN card requiring verification of original documents have been put on hold.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
Now with the Prime Minister insisting on quick resolution of all pending grievances, it is highly likely that all backlogs of complaints will be resolved very soon.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
Nokia's Chennai plant is under freeze over tax dispute.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Over 4 mn bank accounts could be dormant, suspects tax department.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
Assocham has also pitched for revision of the deduction of interest on housing loans to at least Rs 300,000 from the existing Rs 200,000
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
The coming Union Budget might give relief to foreign portfolio investors from taxation on indirect transfers.
The absence of criminal legal treaties between India and tax haven nations have been cited by probe agencies working in the SIT on black money as one of the major impediments in initiating steps to bring back illegal funds stashed abroad by Indians.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Prasanna D Zore/Rediff.com reports on the chaos facing taxpayers with the income tax department making changes to ITR 2 and 3 forms just before tax-filing deadline.
'That Modi and the BJP can continue to treat the rising and expanding middle class this way shows that they have gamed its mind quite perfectly,' argues Shekhar Gupta.
Income tax officials have directed property dealers and registration authorities to prepare a list of top property deals that have taken place in the last three years.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
The Special Investigation Team (SIT) on black money today rejected an HSBC whistleblower's claim that Indian authorities are not using a "lot of information" on illicit funds, saying he has created a "hue and cry" and not replied to its earlier requests.
This amount is just about 10% of the previous IDS
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
Special Investigation Team on black money will hold a meeting.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
Liquor baron takes on to Twitter again to lash out at the media for trying to hunt him; asks them not to waste their efforts
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
Cairn tax demand has not reduced investors' enthusiasm: Jaitley
Crorepatis' income rose by a staggering 40% between 2015-2016 and 2017-2018.
The case of alleged bribery of Syndicate Bank Chairman-cum-Managing Director S K Jain may come up for discussion in the meeting of Special Investigation Team on black money, as it is a "classic" case of how proceeds of corruption were transferred through hawala channels.
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
The Finance Ministry has started preparations for Budget 2014-15 by asking different central ministries and departments to come out with their estimates of receipts as well as expenditure for the next financial year.
Finance ministry tells PM fiscal deficit target will be met, capex expenditure won't be cut and GDP growth will surpass 7.5%.
