Income Tax News
Finance ministry directs all banks to maintain record of old and new currency deposit
12 December 2016 at 11:28The Ministry of Finance through a letter to all the MDs &CEOs/CMDs of PSBs and Chairman, IBA directs that all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about
Direct tax collection grows to 4.12 lakh crore till Nov
10 December 2016 at 15:42Direct Tax Collections up to November, 2016 show net collections at Rs. 4.12 lakh crore which is 15.12% more than the net collections for the corresponding period last year
Seizure of Rs 106 crore Cash and 127 kg Gold in Chennai
10 December 2016 at 15:42Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesSeizure of Rs. 106.52 crore Cash and 127 kg Gold in the case ofSand mining Contractors at Chennai by the Income Tax DepartmentThe Investigation Directorate of Inc
11 incentives given by Govt for promotion of digital and cashless economy
09 December 2016 at 11:07In the aftermath of the cancellation of the legal tender character of old Rs.500 and Rs.1,000 notes, there has been a surge in the digital transactions through use of credit/debit cards and mobile phone applications/e-wallets etc. To further accelera
Innovative Methods of Laundering and Transportation of Cash found by Income tax department
09 December 2016 at 10:51Income Tax Sleuths Unearth Innovative Methods of Laundering and Transportation of Cash at Mumbai, Nagpur and Ahmedabad Income tax investigations atMumbailed to the revelation of a syndicate of ground level operators active in converting banned curren
Inflow of funds into Jan Dhan accounts not alarming says Govt
08 December 2016 at 11:03Inflow of Funds into Jan Dhan Accounts not alarming; Income Tax Department identifies the local clusters and Bank Branches where the inflow of Jan Dhan deposits have been more than normal Since the time the Government has alerted people not to allow
Rs 2000 crore of undisclosed inc admitted by taxpayers since demonetisation
07 December 2016 at 10:37Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016; More than Rs. 130 crore in cash and jewellery seized and approximately Rs. 2,0
Payment above Rs 5000 by govt to be made digitally
06 December 2016 at 10:38Any Payment above Rs.5,000 to Suppliers, contractors, grantee/loanee institutions etc by Government Departments to be now made through e-Payment to attain the goal of complete digitization of Government payments. In order to attain the goal of comple
IT dept rejects Rs 2 lakh crore IDS declaration by a family from Mumbai
05 December 2016 at 11:33Verification of High Value Suspicious Declarations made under the IDS 2016 An Income Declaration Scheme (IDS) was announced in the Union Budget 2016-17 under which declaration of undisclosed income or assetcould be made by agreeing to pay forty five
Tax Investigations unearth misuse of Jan Dhan Accounts
05 December 2016 at 10:47Tax Investigations unearth mis-use of Jan-Dhan Accounts; Account holders once again urged by CBDT not to consent to any kind of mis-use of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupu
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