This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
Banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.
The federal probe agency has also called for documents and the recording of statements of some company executives under provisions of the FEMA, they said.
The note guides taxman to avoid seeking voluminous details.
Official sources say scrutiny of returns filed by companies, brokers and individuals active in the stock markets and in possession of shares revealed wide use of this mechanism to evade tax.
Directors that are shareholders will also face more problems.
At least 120 insurance intermediaries and aggregators from across the country are under scrutiny, mainly from Mumbai, Gurugram and Bengaluru.
The Income Tax department has decided to scan the salary structure of top executives of large corporates and PSUs to examine hidden tax opportunities in the perks and reimbursements made to them.
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.
There have been demands for an extension in filing ITR date since issuance of TDS statement for 2018-19 fiscal was delayed.
Sitharaman said Aadhaar card for NRIs with Indian passports will be issued after their arrival in India, without the mandatory 180 days' waiting period.
The surprise action comes weeks after the broadcaster aired a two-part documentary on the 2002 Gujarat riots and India.
The department has been asked to do away with the norm of taking permission from higher authorities to initiate legal action and begin proceedings against tax evasion.
Clarifying on reports that it cannot scrutinise tax returns of political parties, CBDT said: "There are enough provisions in the Income Tax Act to scrutinise the accounts of the political parties and these political parties are also subject to other provisions of income tax including filing of return."
CM Siddaramaiah called it a 'politically motivated' move.
Dismissing the bail petitions of Raju brothers and V Srinivas, a local court in Hyderabad granted permission to the I-T department to examine and record the statement of B Ramaling Raju in the Rs 7,800 crore (Rs 78 billion) Satyam fraud case.
Demand on capital gains on Idea share sale by Mauritius subsidiary; Fema and telecom regulation violations also alleged
The department apparently suspects the use of shell firms or front entities in some aspects of such remittance. Money might, it suspects, have moved in some cases from tax-free jurisdictions or tax havens to accounts in the UAE and some South Asian countries.
Employees are often under this impression that as the employer has deducted tax at source, they need not file income tax (IT) returns.
The Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone.
I-T will now ask the company to produce documents and validate the source of the recovered cash.
CBDT stated the searches were on a group based at Chennai and Tiruchirappalli, strictly in line with the Income Tax Act
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.
The Central Board of Direct Taxes, the apex policy making body of the I-T department, issued the fresh directives after it recently got a number of complaints from taxpayers and others in this regard.
77 bank accounts of suspended Madhya Pradesh IAS couple Arvind and Tinu Joshi have been frozen and their properties attached by the Income Tax authorities which claimed that cash and investments of over Rs 360 crore have been detected.
The grievances of as many as 2,500-3,000 taxpayers could be addressed and resolved between October 2 and October 31. The Central Board of Direct Taxes (CBDT) has asked tax officials to dispose of at least 20 per cent of the pending matters during the period. The move comes after Union Finance Minister Nirmala Sitharaman recently nudged the income-tax (I-T) department to redress the grievances promptly.
West Bengal Chief Minister Mamata Banerjee on Monday ordered an immediate ban on the screening of the controversial film The Kerala Story to avoid "any incident of hatred and violence", a senior official said in Kolkata.
With this batch, the department has now issued letters in 210,000 high priority cases.
The government on Friday announced that no tax will be charged on overseas spending of up to Rs 7 lakh in a year using debit or credit as it looked to douse backlash from its earlier decision of levying TCS on all spending. The government had earlier this week brought overseas credit card spending under Liberalised Remittance Scheme (LRS). This meant that any spending using credit cards overseas would attract a 20 per cent tax from July 1.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
As many as 38,800 teachers will be hired for Ekalavya Model Residential Schools, Finance Minister Nirmala Sitharaman said on Wednesday. Presenting the last last full Budget of the second term of the BJP-led NDA government ahead of the general elections in 2024, she said a national digital library for children and adolescents will be set up for facilitating quality books.
The department, which carries out a number of searches against other high income sectors like real estate, manufacturing and sales, has for the time put its scanner on the sector which accounts for about 45 per cent of the manufacturing output of the country.
A taxpayer whose deductions and exemption claims are less than Rs 3.75 lakh annually would be advised to opt for the new income tax regime and pay less tax than they gave in the old regime, a senior finance ministry officer said on Wednesday. The Income Tax Department has arrived at the figure after making due calculations for ensuring a "hassle-free and less tax rate" filing regime for the assessees, he said. Union Finance Minister Nirmala Sitharaman, while presenting the Budget for 2023-24, said the government has made the new income tax regime more attractive for taxpayers bringing "substantial changes" in its structure for the benefit of the middle class.
4 luxury SUVs and documents indicating 'benami' assets of Rs 300 crore have been recovered during income tax raids.
Since high technology fails to live up to the promise of speedy refunds, you must resort to the good, old letter-writing art.
The I-T Department has moved the SC against the ruling by a quasi-judicial body, which held that foreign firms are not liable to pay tax on assignment amount charged from their Indian subsidiaries if contracts are signed outside India.
The government on Wednesday said there won't be any capital gain tax if physical gold is converted to an electronic gold receipt and vice versa.
So how do you rate the Modi government's 11th budget?
