A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in Parliament shortly.
The state Election Commission also issued certain guidelines for not using the coming festive days for political purpose in the seats where polling would take place in next phases.
The raid by the ED, which is probing the money trail of the school jobs scam, was conducted late Thursday evening, an official of the agency said.
The raids in as many as 38 premises in different parts of the state led to concealment of income which is likely to exceed Rs. 300 crore, the Income Tax department said in a release.
They were motivating impressionable Muslim youths to relocate from their place of residence for strengthening the Padgha base, the spokesperson said.
'We have already prejudged the issue. And now things have reached a point where it is very difficult for a person to say that he could be innocent.'
Two districts where most of the cash and jewellery has been recovered are Madurai and Tiruchirapalli, both bastions of the rulng DMK.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
Praveen Kakkar has alleged that the Income Tax raids at his premises were politically motivated, and claimed nothing objectionable was found against him in the two-day operation.
The Rashtriya Janata Dal leader, who is currently away in Delhi, also said the Bharatiya Janata Party will be left embarrassed if he made public the panchnama (seizure list) signed after the raids.
The Income Tax Department has detected "concealment of income" to the tune of Rs 17 crore after recent raids on institutions linked to former Maharashtra home minister Anil Deshmukh and his family members, official sources claimed on Monday.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
Available evidence suggests that we are on the way to a very costly failure of the current demonetisation scheme, says M R Narayana.
She reached the office of the federal probe agency in central Delhi around 11 am and left around 6 pm.
'The Aam Aadmi's prophet is out of touch with both the city and his own flock.'
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
Shiv Sena MP Sanjay Raut routed his unaccounted money through various shell companies opened in the name of his family members and associates, his former aide and prime witness in the money laundering case linked to the redevelopment of Patra 'chawl' project told the Enforcement Directorate (ED).
Prime Minister Narendra Modi on Sunday warned unscrupulous elements not to play with the lives of the poor by depositing illegal money into their accounts as stringent law against 'benami' transactions were in place to deal with them, as he asked the youth and other sections to move towards a "cashless society".
While the Congress alleged that the Vidhana Soudha has become a shopping mall and the BJP stood for 'Broker Janata Party', Chief Minister Basavaraj Bommai reminded the opposition how Rs 25 lakh cash was allegedly seized from the staff of Congress MLA from Chamarajanagar C Puttarangashetty four years ago.
"His ancestors were said to be members of Sarfoji dynasty. But that is not our concern. There were allegations that he had amassed wealth by swindling contract funds," an official said.
Shivakumar, who is in ED's custody since September 3 in connection with a money laundering case, was earlier taken to the Ram Manohar Lohia hospital on Thursday.
Jain's residence was searched by sleuths of Enforcement Directorate during which they claimed to have recovered an unaccounted cash of Rs 60 lakh from his residence in Pitampura of North Delhi, official sources said.
The Enforcement Directorate (ED) on Wednesday conducted raids in three locations in and around Kolkata and again recovered large stacks of cash from a flat linked to Arpita Mukherjee, considered a close associate of arrested West Bengal Industry Minister Partha Chatterjee.
'My suspicion is that most of the bonds were given by companies who had got contracts or who had benefited from policy changes by the government.'
The operations revealed evidence of price and volume manipulation of stocks through the use of platforms like YouTube and WhatsApp.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
The Special Investigation Team has suggested an upper limit of Rs 15 lakh on cash holding.
The agency also alleged that Deshmukh exercised undue influence to pass favourable transfers and postings of the police officials.
The move is a continuance of the government steps to clamp down on black money.
A government can't just take away public money, and the RBI can't extinguish its liability. 'The RBI has to honour the value any time a person with legal and taxed money lays claim on the value.'
Karnataka Congress president D K Shivakumar on Wednesday said he has been asked by the Enforcement Directorate to appear before it on February 22, while his daughter has been served notice by the Central Bureau of Investigation.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
The Centre told the Supreme Court on Wednesday that almost every country, including India, was grappling with the problem of use of black money in elections and the electoral bonds scheme was a "conscious attempt" to eradicate the menace of "unclean money" in the poll process.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The Congress leader had said he was not aware of the case for which he has been asked to appear before the agency.
It has conducted searches against four bureaucrats based in Uttar Pradesh and Uttarakhand over the last three days.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
The alleged scam pertains to the period when Lalu Prasad was the railway minister in the UPA-1 government at the Centre.
Aditya Birla Management Corporation has received cash from certain group companies through hawala operators in Delhi, say investigators
Post demonetisation, there has been a hike in collection of personal income tax
