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Rs 5,400 crore of undisclosed income detected post-demonetisation

Rs 5,400 crore of undisclosed income detected post-demonetisation

The Income Tax department carried out over 1100 searches and surveys immediately after demonetisation and detected undisclosed income of over Rs 5,400 crore, Finance Minister Arun Jaitley told the Rajya Sabha on Tuesday.

Note ban impact: Over 7 lakh assessees respond to I-T dept query; 'non-statutory' letters to be issued in case of no reply

Note ban impact: Over 7 lakh assessees respond to I-T dept query; 'non-statutory' letters to be issued in case of no reply

The I-T Department on Friday said that more than 7 lakh assessees, out of 18 lakh who were sent SMS/emails for making suspicious deposits post demonetisation, have submitted their response.

 

I-T dept clarifies on deposits, says no questions on deposits up to Rs 2.5 lakh

I-T dept clarifies on deposits, says no questions on deposits up to Rs 2.5 lakh

"There is no need to fear for any genuine person. We will ensure there is no harassment to genuine person," Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said at CII post-Budget seminar.

Demonetisation: I-T detects Rs 47.74 cr unaccounted income of bullion traders, jewellers

Demonetisation: I-T detects Rs 47.74 cr unaccounted income of bullion traders, jewellers

The Income Tax department on Friday said it has detected undisclosed income of Rs 47.74 crore after surveys were conducted at half-a-dozen bullion traders and jewellers in the city following surge in their sales post demonetisation.

Midcap Bazaar: New RBI guidelines on cash deposits of demonetised notes

New RBI guidelines on cash deposits of demonetised notes.

Banking shares, bonds fall as RBI temporarily hikes Cash Reserve Ratio

Banking shares, bonds fall as RBI temporarily hikes Cash Reserve Ratio

Indian bonds and banking shares slumped on Monday after the central bank ordered banks to temporarily boost cash deposits with it in a bid to absorb excess liquidity generated by a government ban on larger notes. 

Demonetisation: No over-the-counter exchange of old Rs 500 and 1,000 currency notes at banks, only at RBI counters

Demonetisation: No over-the-counter exchange of old Rs 500 and 1,000 currency notes at banks, only at RBI counters

The Reserve Bank of India said that it will continue to exchange of old Rs 500 and Rs 1,000 notes only at RBI counters.

Demonetisation: Govt puts total ban on over-the-counter exchange of old notes

Demonetisation: Govt puts total ban on over-the-counter exchange of old notes

In yet another shocker for the public, the central government on Thursday decided to put a total ban on exchange of old Rs 500 and Rs 1000 notes over the counter.

Demonetisation: Bank account violators will face 7 years jail, warns I-T department

Demonetisation: Bank account violators will face 7 years jail, warns I-T department

Warning people against depositing their unaccounted old currency in someone else's bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years. 

Govt to keep tabs on deposits over Rs 2.5 lakh, to attract tax plus 200% fine on income mismatch

Govt to keep tabs on deposits over Rs 2.5 lakh, to attract tax plus 200% fine on income mismatch

Any mismatch with income declared by the account holder will be treated as a case of tax evasion and thus attract tax plus a penalty of 200 percent, the government said.

Indians prefer to put their retirement savings into cash: HSBC

More than half of working Indians in the age bracket of 55-64 years prefer to put their retirement savings into cash deposits, says an HSBC survey.