Page 36 - Latest Updates on Income tax
I-T search at TN Chief Secy's house ends after 24 hours, new notes seized
Rao is also the additional charge of Vigilance Commissioner and the Commissioner for Administrative
 "I-T search at TN Chief Secy's house ends after 24 hours, new notes seized")
Just 1% Indians pay Income Tax: NITI Aayog's Amitabh Kant
Kant said there are more than a billion mobile phone subscribers in India
 "Just 1% Indians pay Income Tax: NITI Aayog's Amitabh Kant")
CBDT asks Income Tax to ensure better collection of revenue arrears
CBDT has sought collection of all due recoveries from all regions that will boost tax collection
 "CBDT asks Income Tax to ensure better collection of revenue arrears")
Note ban: Income Tax department raids TN chief secy Rao's residence in Chennai
The raids at Rao's residences reportedly began at 5:30am although no seizure has been made, News18 said. The report added that the raid was conducted based on tip-offs from some road contractors.
I-T searches at premises of BJP leader Sushil Vaswani in MP
The searches are believed to be part of ongoing cash clean up drive in the wake of demonetisation
Income tax rate is expected to come down: MoS Finance
Arjun Ram Meghwal indicated there is a possibility of rate cut in upcoming budget which is expected on February 1
 "Income tax rate is expected to come down: MoS Finance")
In fresh raids, I-T officials seize Rs 24 cr in new notes in TN
With this amount, the total seizure in the case has now gone up to Rs 166 crore in a single case
 "In fresh raids, I-T officials seize Rs 24 cr in new notes in TN")
I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized
Rs 80 cr has been seized in the form of demonetised currencies and Rs 10 cr were in new currencies of Rs 2,000 notes
 "I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized")
Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled
Despite their stupendous net-worth, the Sayeds' sources of income and details of their business remains unknown.
 "Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled")
IDS: Income Tax dept rejects disclosures of over Rs 2 lakh cr
Probe is on to determine the intention behind false claims
I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe
It was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation
 "I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe")
No tax on legitimate gold: What you should know about I-T Amendment Bill
With effect from April 1, 2016, in case of unexplained asset/cash a 60% tax plus 25% of tax as surcharge plus 3% of tax as cess will be levied
 "No tax on legitimate gold: What you should know about I-T Amendment Bill")
New income declaration scheme explained
Govt has proposed a total tax, penalty and surcharge of 50% on amount deposited since demonetisation
 "New income declaration scheme explained")
Unaccounted deposits disclosed to taxman face 50% tax, lock-in
Govt will introduce amendments to the I-T Act giving effect to this in the ongoing session of Parliament
 "Unaccounted deposits disclosed to taxman face 50% tax, lock-in")
Income tax notices to religious, charitable trusts
The notice also advises the management of such institutions not to deal with Rs 1,000 and Rs 500 notes
I-T Dept to keep record of deposits over Rs 2 lakh
Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent
 "I-T Dept to keep record of deposits over Rs 2 lakh")
India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh
Among those who filed I-T returns for 2014-15, more people in the Rs 5.5 lakh to Rs 9.5 lakh bracket than those in the Rs 3.5 lakh to Rs 5.5 lakh bracket
 "India has 47,000 <i>crorepatis</i>, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh")
SMS alert service on TDS deductions for salaried class launched
CBDT will soon offer this facility on a monthly basis
 "SMS alert service on TDS deductions for salaried class launched")
I-T department collects Rs 6,750 cr
Expects disclosures worth Rs 25,000-30,000 cr by Sept 30
 "I-T department collects Rs 6,750 cr")
I-T raid on half-a-dozen jewellers at Zaveri Bazaar
In an effort to curb black money from the system, govt has discovered an innovative way to force jewellers declare their additional gold stocks
 "I-T raid on half-a-dozen jewellers at Zaveri Bazaar")