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Demonetisation: ED arrests two Axis Bank managers for helping in conversion of black money

Demonetisation: ED arrests two Axis Bank managers for helping in conversion of black money

The ED has arrested two Axis Bank managers under PMLA case for their alleged involvement in settling of unaccounted money.

OMG! This Ahmedabad businessman owes Rs 4,500 crore in taxes, but now missing - Read

OMG! This Ahmedabad businessman owes Rs 4,500 crore in taxes, but now missing - Read

He had revealed to the authorities that he had not disclosed an income of Rs13,860 crore. That puts him for a direct tax liability of Rs4,500 crore.  

Income Tax department reminds IDS declarants to pay tax by Nov 30

Income Tax department reminds IDS declarants to pay tax by Nov 30

With the last date for payment of tax instalment under IDS drawing close, the Income Tax Department today warned declarants that non-payment of first instalment by November 30 will make declarations invalid.

Rs 14 lakh in old and new denominations seized in Nashik

Rs 14 lakh in old and new denominations seized in Nashik

According to Ranjit Dere, in-charge of Niphad Police Station, the cash (Rs 14,65,760) was seized during a routine checking of vehicles on Friday.

 

I-T dept raids residence of 2 Axis Bank managers for helping in conversion of black money

I-T dept raids residence of 2 Axis Bank managers for helping in conversion of black money

The raids were conducted after two people were held with Rs 3.5 crore new notes.

SC dismisses special leave petition against RCOM on taxing of proceeds of  FCCBs

SC dismisses special leave petition against RCOM on taxing of proceeds of FCCBs

A Supreme Court bench of Justice Kurian Joseph and Justice Rohinton Fali Nariman passed the order dismissing the I-T department`s SLP, in relation to taxing of the FCCB proceeds, interest and derivatives income or loss thereon.

Mandi Live | IT department to take strong action against black money holders | Part 2

IT department to take strong action against black money holders. Watch the full segment for more details.

Seven years term jail for the deposit of undeclared money

Seven years term jail for the deposit of undeclared money. Watch this special segment and get to know more here.

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. 

Demonetisation: I-T department issues notices to those depositing huge cash

Demonetisation: I-T department issues notices to those depositing huge cash

Acting swiftly, the Income Tax department has issued hundreds of notices seeking "source" of funds from individuals and firms who have deposited huge amounts of cash in banks using the scrapped Rs 500 and Rs 1000 currency notes after November 8.

Delhi bullion market: Traders keep shops shut for 8th day

Gold and jewellery establishments in the national capital remained shut for the 8th day Friday after Income Tax Department on November 10 carried out surveys following reports of alleged profiteering and tax evasion by traders as government demonetised high value currency note.

CBI examines reference from ED to probe meat exporter Moin Qureshi

CBI is examining a reference from Enforcement Directorate to probe alleged role of public servants in a money laundering case against meat exporter Moin Qureshi who is also facing other money laundering and tax evasion cases.

Report deposits over Rs 2.5 lakh in 50-day window: I-T Department to banks

Report deposits over Rs 2.5 lakh in 50-day window: I-T Department to banks

Moving quickly to plug loopholes, the Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct 500 and 1000 rupee notes.

Demonetisation: I-T dept expands survey ops, detects Rs 100 crore 'excess' sales, cash

Demonetisation: I-T dept expands survey ops, detects Rs 100 crore 'excess' sales, cash

Expanding its survey operations, the Income Tax department Friday detected unexplained cash and sales worth Rs 100 crore in its crackdown on alleged profiteering and tax evasion by traders and other operators while converting demonetised currency notes.

Demonetisation of currency: I-T Department conducts raids in Delhi, Mumbai

Demonetisation of currency: I-T Department conducts raids in Delhi, Mumbai

The move of the Income Tax Department comes in the wake of the demonetisation of currency notes of Rs 500 and Rs 1000 which was announced by the government on Tuesday.

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.

After demonetisation of Rs 500 and Rs1,000 notes, I-T Dept to track all deposits over Rs 2 lakh

After demonetisation of Rs 500 and Rs1,000 notes, I-T Dept to track all deposits over Rs 2 lakh

After demonetisation of Rs 500 and Rs1,000 currency notes, the government has issued orders to income tax department and all banks to keep a track of all the monetary transactions involving cash of Rs 2 lakh and above.

CBDT directives to IT dept: Widen tax base, prevent avoidable disputes

CBDT directives to IT dept: Widen tax base, prevent avoidable disputes

In fresh directives, the CBDT has asked the taxman to take steps for widening the existing tax base, prevent avoidable disputes and ensure that the honest taxpayer is "facilitated" while stressing that tax evasion cases are handled without fear.

Salaried tax payers will now receive SMS alerts on TDS deductions

Salaried tax payers will now receive SMS alerts on TDS deductions

As many as 2.5 crore salaried tax payers will now receive SMS alerts from the Income Tax department regarding their quarterly TDS deductions.