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Taxman to scrutinise loan deposits under op 'clean money'

The Income Tax department may initiate penal action and impose an equivalent penalty in select cases of loan amount deposits of Rs 20,000 or more as part of the 'Operation Clean Money' to check stash post demonetisation.

I-T to go easy on up to Rs 5 lakh deposits by 70-plus people

I-T to go easy on up to Rs 5 lakh deposits by 70-plus people

The income tax department will be going easy for cash deposits up to Rs 5 lakh made by 70-plus people. This means no further verification will be required in such case.

Operation Clean Money: No threat or show cause to taxpayers, CBDT tells taxman

Operation Clean Money: No threat or show cause to taxpayers, CBDT tells taxman

The CBDT on Tuesday asked the taxman to ensure there is no "threat, warning or show cause" notice to taxpayers contacted by it under 'Operation Clean Money' that is aimed at checking black money post-note ban.

 

I-T department books arms dealer Sanjay Bhandari under new anti-black money act

The Income Tax department has booked arms dealer Sanjay Bhandari under the new and stringent anti-black money Act and is mulling attaching his foreign and domestic assets as part of a tax evasion probe against him.

I-T dept to launch 2nd phase of bank accounts scrutiny next month

I-T dept to launch 2nd phase of bank accounts scrutiny next month

The I-T department is likely to launch the second phase of 'Operation Clean Money' next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs 5 lakh for now.

I-T dept to scrutinise tax relief claims by sick companies

I-T dept to scrutinise tax relief claims by sick companies

The I-T Department has asked Assessing Officers to scrutinise tax relief being claimed by sick companies as part of the rehabilitation scheme approved by the BIFR.

CBDT signs 4 more advance pricing pacts with tax payers

CBDT signs 4 more advance pricing pacts with tax payers

The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

 

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.

I-T department to impose fine on filing I-T return after due date

I-T department to impose fine on filing I-T return after due date. Watch the full segment for more details.

I-T dept asks taxpayers to e-verify deposits post demonetisation

I-T dept asks taxpayers to e-verify deposits post demonetisation

As the Income Tax Department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.

Tax dept to rope in auditors to probe bank deposits

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.

Government extends tax dispute resolution scheme by one month

Government extends tax dispute resolution scheme by one month

The government on Friday extended the tax dispute resolution scheme by one month to January 31, 2017.

ED arrested the manager of Kotak Mahindra bank for illegal exchange of money

ED arrested the manager of Kotak Mahindra bank for illegal exchange of money. Watch this special segment and get to know more here.

Notes ban: ED arrests Kotak Bank manager in Delhi on charges of money laundering

Notes ban: ED arrests Kotak Bank manager in Delhi on charges of money laundering

The Enforcement Directorate on Wednesday arrested the manager of Kotak Bank branch in Delhi in connection with its money laundering probe in a criminal case of detection of nine alleged fake accounts with deposits worth Rs 34 crore post demonetisation.

IT Dept raids Kotak Bank's KG Marg branch over fake account reports

IT Dept raids Kotak Bank's KG Marg branch over fake account reports

The Income Tax Department on Friday raided Kotak Bank's KG Marg branch in connection with survey on 2 of its customers and related accounts.

 I-T dept recovers Rs 66 lakh cash in new notes in Hyderabad

I-T dept recovers Rs 66 lakh cash in new notes in Hyderabad

As a part of anti black money crackdown operations in the city, income tax department officials have recovered Rs 66 lakh in cash, all in new Rs 2000 notes.

I-T department rejects declaration of Rs 2,00,000 crore made under IDS by Mumbai family

I-T department rejects declaration of Rs 2,00,000 crore made under IDS by Mumbai family

The Income Tax department has rejected declaration of Rs 2,00,000 crore made under IDS made by a family of four from Mumbai 

Depositing cash over Rs 2.5 lakh? Banks, Post Offices will report it to Income Tax

Depositing cash over Rs 2.5 lakh? Banks, Post Offices will report it to Income Tax

The government has asked banks and post offices to report to the I-T Department all deposits above Rs 2.50 lakh in savings accounts, and more than Rs 12.50 lakh in current accounts, made during the 50-day window provided to tender the scrapped 500 and 1000 rupee notes.

No raids by Delhi's VAT department: Arvind Kejriwal to traders

No raids by Delhi's VAT department: Arvind Kejriwal to traders

Delhi Chief Minister Arvind Kejriwal today said the VAT department was not carrying out raids on traders and termed as "completely false" such whispers as he appealed to the city's shopkeepers to report to police if anyone claimed to be from the agency.