Page 34 - Income Tax

2.4 mn declared income above Rs 10 lakh but 2.5 mn cars bought annually

The tax returns when compared with car sales throw astonishing numbers

Post demonetisation, IT Dept has seized over Rs 93 crore in new notes

Post demonetisation, the Income Tax Department has made over 760 searches and seizures amounting to Rs. 505 crores, out of which more than 93 crore was new currency.According to IT sources, more than Rs. 3590 crores of undisclosed income has been detected and 3589 notices have been issued.During the searches, the IT Department referred around 400 cases to Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for further investigation.Also, the IT Department had made 215 references to the ED and 185 references to CBI.Meanwhile, a raid is being carried out at the residence of businessman Rup Chand Prasad in Naya Bazar in Siliguri, West Bengal.The Enforcement Directorate has also been carrying out searches and enquiry at various places in the wake of de-monetisation.

Don't share your user ID & password, may be misused: I-T dept warns users

'If a password is hacked or stolen, it can result in information security breach', warns I-T dept

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 Reforms.

Just 1% Indians pay Income Tax: NITI Aayog's Amitabh Kant

Kant said there are more than a billion mobile phone subscribers in India

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

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

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

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

Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled

The declaration of Rs 200,000 crore wealth by a four-member Mumbai family confounds the Income Tax Department, especially due to their middle class antecedents, official sources said on Monday.

IDS: Income Tax dept rejects disclosures of over Rs 2 lakh cr

The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind their false claims. Meanwhile, the government has revised upwards the total illicit wealth disclosed in the one-time window to Rs 67,382 crore as against Rs 65,250 crore estimated earlier. "Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means," the Finance Ministry said in a statement today. A family of four declarants namely, Abdul Razzaque Mohammed Sayed (self), Mohammed Aarif Abdul Razzaque Sayed (son), Rukhsana Abdul Razzaque Sayed (wife) and Noorjahan Mohammed Sayed (sister), who were shown as residents .

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

No tax on legitimate gold: What you should know about I-T Amendment Bill

In case of unexplained asset/cash a 60% tax plus 25% of tax as surcharge plus 3% of tax as cess will be levied

New income declaration scheme explained

Govt has proposed to levy a total tax, penalty and surcharge of 50% on the amount deposited since demonetisation; here's you need to know about it

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

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

India has 47,000 crorepatis, most I-T return filers earn Rs 2 lakh to Rs 2.5 lakh

Income tax slabs and how individuals performed