Income Tax Department

4 lakh cos likely to face deregistration for not filing I-T returns: Report

Amid the government’s crackdown on shell companies, around four lakh of the total 11 lakh active Indian companies are likely to face deregistration for failing to file their returns for three financial years.

Income Tax, Election Commission working with our political rivals as a coalition: AIADMK

AIADMK deputy general secretary T T V Dinakaran today alleged that the Income Tax department and Election Commission were working in tandem with political rivals to decimate his party.

IT raids at 50 locations in TN, Rs 5.5 crore seized ahead of RK Nagar bypoll

Banks get time till June 30 to obtain PAN from account holders

Black Money: I-T department cracks down against tax evasion of Rs 100 cr, raids 50 locations across India

The Income Tax department today conducted searches at over 50 locations as part of its crackdown against tax evasion to the tune of over Rs 100 crore.

I-T department uncovers Rs 45,622 crore of undisclosed income

Over Rs 45,622 crore of undisclosed income has been unearthed by I-T department searches on nearly 2,534 groups of persons in the last three financial years and the current one (up to January 2017). “During

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

The CBDT has refrained tax officials from issuing threat, warning or show-cause notice to taxpayers contacted by it under Operation Clean Money.

I-T dept detects Rs 120 cr hidden income after raids on Congress MLA

The Income Tax department on Saturday claimed to have detected undisclosed income worth Rs 120 crores and seized cash worth Rs 1.10 crores and 10 kgs of gold after it conducted raids on a Congress

'Operation Clean Money’: Taxmen scan 1 cr accounts, seek explanation from 18L ‘suspects’

Determined to track down black money from the deposits made during the 50-day demonetisation window, the tax department has scrutinised and matched as many as 1-crore accounts and asked 18 lakh people to explain the

Post note ban deposits cross Rs 10 lakh crore mark, IT Dept readies action plan

The deposits made in old Rs 500 and Rs 1000 notes within the 50-day demonetisation window provided by Prime Minister Narendra Modi have crossed the Rs 10 lakh crore mark. Over one crore bank accounts

Over 1,100 searches, 5,100 notices in demonetisation so far: FM

More than 1,100 searches have been conducted and 5,100 notices issued by the Income Tax Department after the November 8 demonetisation for cross-checking of high-value deposits, the government informed parliament today. This led to seizure

AAP alleges harassment by Income Tax department, says 'it will raid us'

Alleging harassment by the Income Tax department, the Aam Aadmi Party (AAP) today said that the officials are planning to raid it ahead of the Goa and Punjab assembly elections on February 4. AAP spokesman

Could Delhi Health Minister Satyendra Jain be first casualty of new Benami Property law?

Troubles seem to be mounting for Delhi Health Minister Satyendra Jain who could soon find himself in the net of the amended ‘Benami property’ law recently introduced by the Centre.

I-T dept detected Rs 4,807 cr undisclosed income, seized Rs 112 cr of new notes

Following the demonetisation drive, India's Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore, an official source here said on Sunday.

I-T department seeks details of pre-demonetisation cash deposits

The Income Tax Department has asked banks to report large cash deposits in savings accounts between April 1 and November 9, 2016.

Alarmed over ten-fold rise in ‘suspect transactions’, banks alert tax authorities

banks are not taking any chances in reporting “suspicious” transactions with some of the private banks reporting an increase of up to 10 times.

In post-demonetisation raids, I-T dept uncovered Rs 4,663 cr of ‘undisclosed income’: Report

In a massive crackdown on black money hoarders across the country, the Income Tax Department has detected over Rs 4,663 crore of undisclosed income post the demonetisation of two high-value currencies by the government.

Don’t discuss official matters on social media websites: CBDT tells IT dept

To avoid information leakage, the Central Board of Direct Taxes (CBDT) has asked the officials of Income Tax department to not drag official decisions to social media platforms like Twitter, Facebook and others. The policy-making

I-T dept detects Rs 3,185 cr black income, seizes Rs 86 cr in new notes post-demonetisation

The Income Tax department has detected over Rs 3,185 crore of un-disclosed income and has also seized Rs 86 crore worth new notes.

Taxpayers earning over Rs 10L may have their LPG subsidy blocked

Taking forward the government's initiative to effectively block subsidised cooking gas to higher income groups, the Income Tax department will soon begin sharing personal data--like PAN, residential address and mobile number--of a taxpayer earning ov