The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
The searches are linked to suspected movement of hawala money during the ongoing polls season and tax evasion.
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
Under attack for allegedly meeting officials of companies accused in 2G scam, Central Bureau of Investigation Director Ranjit Sinha on Thursday said that he would recuse himself from the ongoing probe in Coal scam if the Supreme Court ordered so.
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
In the first of a three-part series Paranjoy Guha Thakurta details the salient features of the Undisclosed Foreign Income and Assets (Imposition of Tax) Act, 2015.
The Reserve Bank of India on Monday directed all banks and financial institutions to provide information and documents sought by the Special Investigation Team (SIT) set up to unearth black money.
Scores of Congress workers on Monday protested outside residence of External Affairs Minister Sushma Swaraj demanding her resignation for "extending help" to scam-tainted former Indian Premier League Commissioner Lalit Modi in procuring travel documents in the United Kingdom.
Undisclosed income has been detected in respect of 10 assessee groups which included those linked to AIADMK leader V K Sasikala.
Resisting the Supreme Court's attempt to revisit the 2016 demonetisation exercise, the government said on Friday the court cannot decide a matter when no tangible relief can be granted by way of "putting the clock back" and "unscrambling a scrambled egg".
The move came in view of a PIL filed in the Patna HC where concerns have been raised that some of these declarants could be engaged in routing their illegal funds.
The Supreme Court on Wednesday asked the Centre to ensure that the ongoing income tax probe for suspected black money concerning 627 Indians who have accounts in HSBC bank, Geneva, do not get time barred and be completed by March next year.
The agency had received intelligence inputs that a huge amount of "unaccounted" cash is lying at the groups properties at Delhi and Noida.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
The I-T department expects that some more revenue would be garnered.
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
G20 summit noticeably lacked in responses to illicit financial flows, one of the largest drags on development worldwide
Experts say only three per cent individuals pay taxes.
Maradona's inheritance process is likely to be a messy affair between his large family, with eight children from six different partners
"It would be appropriate for you to include two representatives from us so as to better understand our concerns about the company, and also to enable the new shareholders to confidently expect a highly empowered and engaged workforce," Jet staff told SBI.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
Addressing chartered accountants on the foundation day of the Institute of Chartered Accountants in India, Modi also said CAs should take a pledge to bring people in the tax bracket rather than boasting about the number of clients they have saved from paying taxes.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
Formula One Chief Executive Bernie Ecclestone has been indicted in Germany in a case relating to the sale of a stake in the motor racing business eight years ago, a spokesman for a Munich court said on Wednesday.
The searches are also being conducted at the premises of the son of RJD MP P C Gupta and few other businessmen.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
Countrywide raids are being conducted in connection with a money laundering case linked to a fertiliser scam.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
'The government's principal aim should be to reduce the volume of cash transactions.' 'That would bring more of the Indian economy within the purview of taxation.' 'The current downturn in economic activity due to a lack of adequate cash is likely to be limited to a year,'
Citing national security and confidentiality clauses, the Finance Ministry has declined to disclose information on exchange of correspondence among India, Swiss and German authorities in connection with the black money probe.
The ED had summoned Patel, 70, twice for questioning in the case but the Congress Rajya Sabha MP from Gujarat later cited prevailing COVID-19 guidelines that advises senior citizens to stay indoors in order to remain safe from the pandemic.
The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
The case dates back to January, 2007 when the man was arrested with an AK series assault rifle, 200 bullets, five hand grenades and a satellite phone by the Karnataka Police.
On the face of it, there could be a bump up in tax filings, but its impact on tax collections is not that straightforward
With this amount, the total seizure in the case has now gone upto Rs 166 crore in a single case.
Some may lose competitiveness due to higher compliance costs
A day after the Union cabinet withdrew a controversial ordinance on convicted lawmakers it had earlier cleared, yoga guru Baba Ramdev on Thursday termed the decision as "strangulation of democracy" as it was effected after condemnation by Congress Vice President Rahul Gandhi.
A large number of people using cards at PoS Cards being used more frequently Small-ticket transactions Mastercard South Asia head Porush Singh calls these the three key trends for a cashless future. And post-demonetization India, he believes, is steadily moving towards it.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
