The Supreme Court has rejected a petition challenging the appointment of senior Gujarat cadre IPS officer Rakesh Asthana as a special CBI director on Tuesday. “The writ petition is dismissed,” said a bench of Justices, RK Agrawal and AM Sapre. Earlier, on November 24, the apex court had reserved the[Read More…]
Tag: Income Tax department
Taxmen to keep an eye on social media sites to trace black money
The tax department will begin gathering virtual information to trace black money with ‘Project Insight’, likely to be launched next month. It will use big data analytics to match data from social media sites to deduce disparities between spending pattern and income declaration. The taxmen will analyze mismatches to trace[Read More…]
I-T dept questions RJD over money spent on mega rally
The Income Tax Department has issued a notice to Rashtriya Janata Dal (RJD) and has asked for details on the amount of money spent at Lalu Prasad’s mega anti-BJP rally in Patna on 27 August. The I-T department has asked RJD to explain the source of money that was spent[Read More…]
Cash deposits of Rs 2.89 lakh crore post demonetisation under radar: I-T dept
The Central Board of Direct Taxes (CBDT) on Thursday said that cash deposits of Rs 2.89 lakh crore, deposited after demonetisation, is under the radar of the income tax department. As many as 9.72 lakh persons have deposited the stated cash in 13.33 lakh accounts, the department said. Around 14,000[Read More…]
I-T return filings grew by 25% after demonetization: Tax department
According to the tax department, the number of I-T returns filed for the 2016-17 year grew by 25% to 2.82 crores, as increased number of individuals filed their tax returns post demonetization. The growth in ITRs filed by Individuals is 25.3% with over 2.79 crore returns having been received up[Read More…]
About ₹71,941 crore undisclosed income detected in last 3 years
Around 71, 941 crores of undisclosed income have been detected in the last three years after Income Tax (IT) department carried out searches and seizures, informed the Centre to the Supreme Court. The Ministry of Finance has said in an affidavit that from the day after high currency notes were[Read More…]
Delhi tax defaulters names published by the IT dept
On Thursday, the Income Tax department issued the names of five tax defaulters who owed over 10 crores to the government. This is a new strategy adopted by the government in order to shame the tax defaulters who are indebted of hefty amounts. The latest list released has five names[Read More…]
Income tax department starts helpline to stop frauds
There is now a helpline number for people who have been issued a notice to disclose their unaccounted income. The Income tax (I-T) department officials said the helpline will restrict frauds trying to impersonate an income tax official. As per the principal commissioner of I-T, Noida, T Tonsing Prasad, this[Read More…]
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Reply date for I-T queries on deposits extended till Feb 15
The government on Saturday extended the deadline for reply to SMS or e-mail queries from the income tax department on cash deposits made post demonetisation by 5 days to February 15. “Time limit for filing of online response to cash deposit data extended! Now you can file your details by[Read More…]
IT department asks taxpayers to verify online deposits made post demonetisation
Income Tax department on Thursday asked taxpayers to verify online the deposits they have made in their accounts post demonetisation and respond to queries of any mismatch. The department is using data analytics for comparison of deposits made after the November 8 decision to scrap high-value banknotes with information in[Read More…]
I-T dept to send SMSes, emails to 18 lakh suspicious cash depositors
18 lakh people, who made suspicious cash deposits post demonetisation, have been identified by the Income Tax department. I-T department will send emails and SMSes seeking explanation about their source of funds. Those who deposited over Rs 5 lakh will also come under the I-T scanner. These people will have[Read More…]
Nearly 70 lakh income tax non-filers identified for 2015-16
An additional 67.54 lakh potential non-filers who performed hefty transactions in 2014-15 but did not file returns has been identified by the Income Tax Department. The Systems Directorate of Central Board of Direct Taxes (CBDT) – the policy making body of I-T Department, initiated the Non-Filers Monitoring System (NMS) to[Read More…]
Major crackdown after demonetisation: Rs 4 crore of new notes, gold seized
In the major crackdown post the demonetisation, the Income Tax department seized more than ₹ 4 crore of new notes on Thursday during the search operation on several location in Bengaluru and other spaces. The searches officials said were launched on the property of two engineers working with the state[Read More…]
I-T dept conducts raids across country after demonetisation of notes
Cracking the whip on potential tax evaders, the Income Tax (I-T) department on Thursday conducted multiple raids in Delhi, Mumbai and other cities in the wake of demonetisation of currency. The department had been keeping a close watch on large deposits in banks. As reported by The Indian Express, the[Read More…]
CBI files corruption cases against nine Income Tax dept officials
The Central Bureau of Investigation (CBI) on Wednesday filed a corruption case against nine top officials of Income Tax department after conducting nearly 17 raids all over the country. The corrupt officials included I-T chief of New Delhi, SK Mittal. During the raids, the items that were recovered included property[Read More…]