-The Economic Times   The Central Board of Direct Taxes (CBDT) will soon have a dedicated cell to monitor election-related expenditure by political parties and donations made to them. "A special cell is being created under CBDT to look at election funding," said a finance ministry official. The new cell will be headed by a commissioner rank officer of the I-T department and will monitor election-related expenditure and political funding and enforce...

Political parties are sourcing a major chunk of their funds from unidentified donors, according to their income-tax returns. Donors' lists and tax returns filed by the Congress, BJP, NCP and BSP for the past five years show they have not identified those who account for most of their funding. For instance, the Congress collected at least Rs 978 crore through sale of coupons in the five years till 2008-09, for which...

Contesting an Income Tax notice to him over money he owes the government, Team Anna member Arvind Kejriwal has claimed he did not breach any bond norms. However, in a June 2007 letter, he had admitted to having violated the pledge he had signed before proceeding on a two-year study leave from his government service, adding this was done in “larger public interest”. “At the time of taking study leave, I...

-The Economic Times   Prominent activist and key Anna associate Arvind Kejriwal claimed the income-tax notice asking him to pay dues of 9 lakh to the government is prompted by "political bosses" and without merit. The notice was slapped on him in August, days before Anna started the second round of his indefinite anti-graft hunger strike. The I-T notice and related developments threatened to deteriorate into yet another nasty row between Team Anna and...

-PTI   The Institute of Chartered Accountants of India (ICAI) today said it would submit its report to the government in September, suggesting changes required in the key economic Acts such as Income Tax and FEMA to tackle the menace of black money and ways of retrieving it from tax havens abroad. ICAI had said earlier this month that the report was expected in August. A committee, headed by ICAI President G Ramaswamy, is...