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Finance min asked to probe assets of former CJI

-The Times of India   The home ministry has asked the finance ministry to conduct a probe into the assets of former Chief Justice of India, K G Balakrishnan, in what could possibly lead to action against him for allegedly possessing wealth disproportionate to his income. Sources said the ministry has written to the revenue secretary, asking him to institute an inquiry through the Central Board of Direct Taxes. "The inquiry would be...

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Committee on black money to seek comments from public by Sujay Mehdudia

-The Hindu   The High Level Committee appointed for tracing black money stashed away abroad and unearthing such ill-gotten wealth in the country, on Thursday decided to seek public comments on the issue. The committee, headed by Central Board of Direct Taxes chairman Prakash Chandra, held its first meeting and discussed laws that need to be amended to tackle the menace. It was set up by Union Finance Minister Pranab Mukherjee last...

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Panel set up to curb black money by Surojit Gupta

The central government on Saturday set up a committee to examine ways to tighten laws to curb black money generation. The panel is to submit its report within six months after consultations with the stakeholders. The panel headed by thw Central Board of Direct Taxes (CBDT) chairman will study ways to prevent the transfer of black money abroad, besides recovering such illegal assets. The committee will also examine the existing legal and...

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Rs 30,000 crore black money recovered by CBDT

-PTI   Taxmen have seized black money to the tune of a whopping Rs 30,000 crore in the country in the past two years, said the Central Board of Direct Taxes (CBDT) which is set to get investigative powers to boost its drive against wrong-doers. The CBDT is in the process of creating a Directorate of Criminal Investigation after getting approval from finance minister Pranab Mukherjee last week. CBDT chairman Sudhir Chandra said...

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Government to issue biometric PAN cards to taxpayers

The gap between PAN holders and the number of returns filed was 617.1 lakh Biometrics uses biological method to identify physical features of an individual The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry, in the wake of a Comptroller and Auditor General (CAG) report that asked the Income...

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