-The Hindu As part of the first phase of the operation, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded. New Delhi: As part of the second phase of the 'Operation Clean Money' (OCM) launched Friday to unearth black money, the Income Tax department will probe over 60,000 individuals including 1,300 high risk persons for alleged excessive Cash sales post demonetisation on...
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Drought - Tamil Nadu: A bitter harvest for farmers in Nilgiris -LN Revathy
-The Hindu Business Line Combatore: V Pandian, a vegetable grower at Ketti Pallada in the Nilgiris, recalled the wild buffalo intrusion on his farmland around mid-March. “A herd of 30 or so wild buffaloes trampled on the half-acre plot in which carrot shoots had started to show up, destroying the crop completely. I just gave up,” he said. The sleepy hamlet, located 15 km from Coonoor, has become the haunting ground for...
More »Note ban hit not just poor, but manufacturing sector too: House panel -Abantika Ghosh
-The Indian Express When announcing the decision on November 8, the government had said the then Rs 500 and Rs 1,000 notes would cease to be legal tender and this would cleanse the system of black money. A Parliamentary panel has come down heavily on demonetisation, describing it as one that not just inconvenienced the poor but also affected the manufacturing sector. “It was an effort to combat corruption, tax evasion and...
More »1.37 crore who don't file returns are now on Income Tax radar -Aanchal Magazine & Anil Sasi
-The Indian Express The department is employing what it calls a “360 degree profiling” of taxpayers ARMED WITH information on Cash deposits of over Rs 2 lakh by tax assessees through a newly inserted column in the income-tax returns for 2017-18, the tax department has started the process of scrutinising and matching details with those provided earlier by banks and financial institutions. Alongside this, a list has been readied of about 1.37 crore...
More »Rs 2 lakh limit not applicable on bank withdrawals
-PTI NEW DELHI: Ban on Cash transaction in excess of Rs 2 lakh will not be applicable to withdrawals from banks and post office savings accounts, the income tax department said on Wednesday. Through the Finance Act 2017, the government has banned Cash transactions of over Rs 2 lakh and said a penalty of an equal amount would be levied on the receiver. In a clarification on the newly inserted Section 269ST in...
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