-The Times of India NEW DELHI: The income tax department has identified an additional 67.54 lakh non-filers who carried out high-value transactions in the 2014-15 financial year, but did not file tax returns for 2015-16. The I-T department is set to initiate action against these people soon. The information was collected from banks and other financial institutions. Data analysis carried out by the Central Board of Direct Taxes (CBDT) identifies non-filers about whom specific...
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Deposits scrutiny a challenge, says ex-CBDT chief -Vikas Dhoot
-The Hindu “We have around 45 crore bank accounts and if 1% of such accounts are picked up for scrutiny, that itself will make 45 lakh cases. Is it humanly possible? No chance”. Former Central Board of Direct Taxes chairperson Sudhir Chandra, who headed a high-level committee to tackle the black money menace back in 2011, has said that the Income Tax department will find it challenging to scrutinise all cash deposits...
More »Demonetisation: FinMin clarifies on scrutiny of political parties under I-T law -KRSrivats
-The Hindu Business Line No special treatment for political parties, clarifies Jaitley New Delhi: Political parties registered with the election commission may not necessarily escape scrutiny of their returns with regard to deposits of old demonetised notes just because they are exempted from taxation under Section 13 A of income tax law. For political parties to gain exemption under Section 13 A, certain conditions have to be met. Also, there are "enough provisions" in...
More »CBDT urges jan dhan holders to reject misuse of accounts
-The Hindu After probe revealed a sudden surge in such deposits revealing various inconsistencies Account holders once again urged by Central Board of Direct Taxes not to consent to any kind of misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements. Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in jan...
More »Queues of pain for tiny gain on black money? -Subodh Varma
-The Times of India NEW DELHI: The aam aadmi putting up with the widespread distress and economic loss caused by declaring invalid all Rs 500 and Rs 1,000 currency notes sees a positive side to the move — it will unearth and stamp out black money. This is one of the stated objectives in the government's notification of November. There is also the target of finishing off fake currency, which harms...
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