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Demonetisation: Over Rs 130 crore in cash and jewellery seized, says CBDT

Demonetisation: Over Rs 130 crore in cash and jewellery seized, says CBDT

Following the demonetisation move, over Rs 130 crore in cash and jewellery has been siezed while taxpayers have admitted Rs 2,000 crore undisclosed income, the Central Board of Direct Taxes (CBDT) informed on Tuesday.

Rs 14,000 crore default case: Gujarat businessman detained, says money belongs to politicians, babus

Rs 14,000 crore default case: Gujarat businessman detained, says money belongs to politicians, babus

Mahesh Shah, the missing businessman from Gujarat, who had disclosed unaccounted earnings of Rs 13,860 under Income Declaration Scheme (IDS) and since gone missing for 10 days was detained by I-T officials from the sets of a TV news channel on Saturday.

Gujarat man who disclosed Rs 14,000 crore unaccounted wealth goes missing

Gujarat man who disclosed Rs 14,000 crore unaccounted wealth goes missing

The man from Gujarat who disclosed unaccounted earnings of Rs 13,860 crore under the Centre's Income Declaration Scheme has gone missing.

Biggest-ever seizure of cash in new currency! I-T recovers Rs 5.7 crore in Rs 2,000 notes in Bengaluru, Chennai, Erode

Biggest-ever seizure of cash in new currency! I-T recovers Rs 5.7 crore in Rs 2,000 notes in Bengaluru, Chennai, Erode

The 7 kg bullion and about 9 kg jewellery valued at approximately Rs 5 crore were found in the raid.

Opposition giving communal turn to IT notice to Church: BJP

The BJP on Tuesday accused the opposition and a section of the media of trying to create anxiety among Catholics by trying to politicise an Income Tax department notice to the Goa Archbishop.

Lok Sabha passes I-T Amendment Bill to tax black money post-demonetisation

Lok Sabha passes I-T Amendment Bill to tax black money post-demonetisation

Amidst din and without debate, Lok Sabha Tuesday passed within minutes a major bill that provides a window to legalise black money post-demonetisation and a tax on that amount, triggering a controversy with the Opposition calling it a "black day" and accusing it of being "undemocratic and dictatorial".

Lok Sabha passes Income tax amendment bill

The Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which amends the Income-tax Act, 1961, and the Finance Act, 2016.

Cabinet mulls 60% income tax on unaccounted deposits post demonetisation

Cabinet mulls 60% income tax on unaccounted deposits post demonetisation

The Cabinet tonight is believed to have discussed amending laws to levy close to 60 percent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.

Days after Rs 500 crore wedding of Janardhan Reddy's daughter, Income Tax raids his Obulapuram mining company in Karnataka's Bellary

Days after Rs 500 crore wedding of Janardhan Reddy's daughter, Income Tax raids his Obulapuram mining company in Karnataka's Bellary

Days after lavish wedding of Janardhan Reddy's daughter, Income Tax officials on Monday raided his Obulapuram mining company.

Demonetisation: Tax and penalty you pay on misreported income

Demonetisation: Tax and penalty you pay on misreported income

Zee Media Bureau

New Delhi: Ever since the government announced demonetisation of Rs 5,00 and Rs 1,000 notes, many people are keen to know that how should they declare the cash they are holding without incurring tax liability.

Beware! You may get I-T notice for flaunting your wealth on social media

Beware! You may get I-T notice for flaunting your wealth on social media

Income tax department may be keeping a close tab on you in case you take pride in flaunting your wealth on social media platforms.

Watch video: Busting myths on currency ban

Watch video: Busting myths on currency ban

Zee Media Bureau

New Delhi: There are many rumors floating around demonetisation of Rs 500 and Rs 1000 currency. Watch the video and get to know how some of these rumors may even create panic and misinformation.

Converting black money into legal tender: Govt warns against fraudulent cash deposit, withdrawal

Converting black money into legal tender: Govt warns against fraudulent cash deposit, withdrawal

Amid scathing attack from the Opposition over its sudden decision to ban old currency, the Narendra Modi government has now warned people against fraudulent cash deposit and withdrawal to convert black money into legal tender.

Depositing Rs 2.5 lakh or above? Quoting PAN is mandatory, says CBDT

Depositing Rs 2.5 lakh or above? Quoting PAN is mandatory, says CBDT

Quoting of PAN for cash deposits aggregating to Rs 2.5 lakh or more in bank accounts after the withdrawal of old 500 and 1000 rupees notes is mandatory, the tax department said Thursday.

Pay I-T dues in advance to avoid last minute rush: RBI

Reserve Bank has asked income tax assessees to pay their dues in advance for December quarter and has designated a total of 29 banks at which the payments can be done.

Rs 73 lakh cash in Rs 500, 1000 notes seized from two cars on Nashik-Aurangabad road

Cash worth nearly Rs 73 lakh in now defunct denominations of Rs 1,000 and Rs 500 was seized from two cars in the district, police said on Thursday.

Demonetisation: I-T department surveys real estate firms in Delhi-NCR

Demonetisation: I-T department surveys real estate firms in Delhi-NCR

The Income Tax department Wednesday surveyed some real estate players in the national capital region to check reports of alleged profiteering and tax evasion by these entities while converting the recently demonetised currency notes.

PAN must for cash deposits exceeding Rs 50,000: RBI to banks

PAN must for cash deposits exceeding Rs 50,000: RBI to banks

RBI Wednesday asked banks to ensure customers submit a copy of PAN card for any cash deposit exceeding Rs 50,000, if it is not already seeded with the account, to ensure tax rule compliance in the wake of the recent decision to abolish Rs 500 and Rs 1,000 notes.

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.

Abolish income tax - proposes team that advised Modi government to demonetise

Abolish income tax - proposes team that advised Modi government to demonetise

The Modi government could be thinking about abolishing the Income Tax completely and replacing them with flat tax on banking transaction only.