Raids on two city builders conducted by the investigation wing of the Income-Tax Department last week have yielded Rs 30 crore (Rs 300 million) in unaccounted assets, I-T sources said.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
With this batch, the department has now issued letters in 210,000 high priority cases.
The union cabinet on Thursday approved an additional expenditure of Rs 442.03 crore (Rs 4.42 billion) for the computerisation of income tax department.
The current 3-page form is simplified version of an income tax return form after removing mandated disclosure of foreign trips and dormant bank accounts introduced two years back.
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Cairn India said it has always been fully compliant with all Indian income tax laws.
Today one can easily file returns online.
The finance ministry on Thursday appointed National Securities Depository Ltd to provide PAN cards to new taxpayers in 139 cities from next week.
While you can land a very good bargain in an auction at times, you might need to deal with illegal occupants and dues on the property
The income tax department has a steep collection target of Rs 9.8 lakh crore during 2017-18, rising 15.7 per cent from a year ago.
What was recovered from Bhajiawala family: Rs 1.45 crore cash, of which about Rs 1.05 crore was in new currency notes, bullion worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore.
Nokia's Chennai plant is under freeze over tax dispute.
The ED is investigating Lodha after it booked him on criminal charges for his alleged involvement in two high-profile black money cases of illegal conversion of old notes post demonetisation.
As part of efforts to boost revenue collection, CBDT has asked the Income Tax Department to monitor cases of over five lakh taxpayers who have not filed their latest tax returns.
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
I-T dept launches Tatkal system for those who desire to help the victims of the earthquake in Nepal.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
The Income Tax department on Sunday published names of 31 tax evaders who owe over Rs 1,500 crore (Rs 15 billion) tax to the government.
2,138 firms deposited unaccounted Rs 5,000 cr in zero-balance accounts during the note ban
The year-long probe into Xerox Modicorp bribery scandal by an independent auditor appears nowhere near the end, with examination of two former managing directors of the company being carried out.
Aadhaar-based electronic verification code will do away with need to send physical ITR-V copies to I-T centre
Income Tax officials plan strikes, stoppage of searches and surveys if their demands on vacant positions, infra aren't met.
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
Cairn said it had initiated arbitration.
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Nokia may be allowed to sell Chennai mobile plant.
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
The customs duty from gold imports could be approximately Rs 8,000 crore, about less than half of what was collected a year ago.
The tax department has released the software for preparing the Income Tax Return forms -- ITR 1-Sahaj, ITR 2, 2A and 4S-Sugam
The Supreme Court had ruled in Vodafone's favour in 2012.
The Income Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.
Tightening its noose on those who do not pay taxes, the Income Tax Department has started sending letters to around 12 lakh assessees who are high spenders but do not file returns, a top finance ministry official said.
Promoter entity RRPR - owned by Prannoy and Radhika Roy - says allegations baseless; replies to queries by Sebi.
Last week, Nokia offered financial help to employees who wished to explore opportunities elsewhere
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
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