-The Times of India NEW DELHI: The income tax department identified more than 400 benami transactions up to May 23 and immovable properties were attached in 40 cases valued at over Rs 530 crore as the authorities stepped up their fight against black money. Sources said 200 other properties were also identified as part of an ambitious crackdown on benami assets. They added that searches were conducted on 10 senior government...
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Can we measure demonetisation's impact on income tax collections? -Roshan Kishore
-Livemint.com One-off gains from Income Disclosure Scheme 2016 call for scepticism about any immediate claims of demonetisation having widened India’s income tax net News reports have quoted government officials making claims about a record increase in the number of income tax payers in 2016-17. Should such claims be seen as a success of demonetisation in forcing unscrupulous individuals to become a part of income tax net? An analysis of direct tax collection...
More »Days after Jharkhand breach, govt websites continue to bleed Aadhaar data -Aman Sethi, Samarth Bansal and Saurav Roy
-Hindustan Times Days after Hindustan Times reported a data breach of over a million Aadhaar numbers from a Jharkhand government website, at least four more instances of similar leaks on other government websites have come to light. These breaches come at a time when the Supreme Court is hearing a set of petitions challenging a controversial government decision to make it mandatory to seed Permanent Account Numbers (PAN) with Aadhaar numbers for...
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 »Lens on co-operative banks as I-T sleuths find laundering role -Pradeep Thakur & Prabhakar Sinha
-The Times of India NEW DELHI: Investigations by the income tax department have found that a large number of cooperative banks have been manipulating and laundering unaccounted money post demonetisation of high denomination currency notes of Rs 1000 and Rs 500 on November 8. As the department's findings suggest a general absence of requisite regulatory oversight over cooperative banks across the country, the government feels the need for a strong regulatory framework. An...
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