Income Tax seized Rs. 300 cr from Vels Group

Income Tax seized Rs. 300 cr from Vels Group Recently, the Income Tax Department examined in the house and offices of prominent academic and filmmakers of the Vels Group, Ishari Ganesh. In this case, three days of income tax officials have reportedly found that the Ceylon Group has found a tax evasion of Rs 300 crore.…

Income tax Raid: seized worth Rs120 cr

Income tax Raid: seized worth Rs120 cr According to the income tax authorities, over Rs 120 crore has been detected in the income tax raids conducted by four companies, including Saravana Bhavan and Anjapur restaurants. On January 3, 2011, income tax officials began a test in Saravana bhavan and Anjapar restaurants in…

Income Tax Raid in VVMinerals Company

Income Tax Raid in VVMinerals Company VV for exporting mineral sand exports More than 500 income tax authorities are conducting 100 locations owned by the Minerals Company. The branches of VV Minerals are located in various locations including Thoothukudi, Nellai and Chennai. In this case, complained that it had been…

Nearly 70 Lakh Income Tax Non-Filers For 2015-16 Identified By Authorities

The Income Tax Department through its Non-filers Monitoring System was initiated by CBDT has identified 67.54 lakh people who did not file their returns in 2014-15 despite carrying out high-value transactions that year. “The Income Tax Department has conducted the fifth cycle of data matching which has identified an…

Demonetisation: Multiple Raids Held Across Co-operative Banks In Kerala

The Enforcement Directorate and CBI on Thursday carried out raids at district co-operative banks in different parts of Kerala. ED conducted raids at Kannur, Kozhikode, and Thrissur while the CBI officials conducted inspections of records of district co-operative banks in Kollam and Malappuram. Sources said the raids…

I-T Officials raids Tamil Nadu chief secretary’s residence, office; seized Rs 30 lakh in new notes and 5 kg gold, 40 documents

The raid by income tax officials at Tamil Nadu Chief secretary Rammohan Rao’s house in Chennai concluded today morning, which had started yesterday. The raids extended to the premises of Rao’s son P Vivek, relatives spread across 14 locations in Chennai, Bengaluru and Chittoor.  Tax officials said Rs 30 lakh…

Form 12BB- New form to claim HRA, other Tax benefits

The Central Board of Direct Taxes (CBDT) has recently released New Form No. 12BB. This is going to be the new standard form for salaried tax payers to claim tax deduction on; LTA (Leave Travel Allowance) / LTC (Leave Travel Concession) HRA (House Rent Allowance) Interest payable on Home Loan (Section 24) and…

After I-T raids, AP govt removes Sekhar Reddy from TTD Board

After the Central Bureau of Investigation (CBI), along with Enforcement Directorate (ED), has joined the probe against mining baron Sekhar Reddy following the Income Tax (IT) department seizure of over Rs 130 crore worth cash and 127 kg of gold from him, the Government of Andhra Pradesh has decided to expel J Sekhar…

I-T dept’s biggest seizure of more than Rs 4.7 cr in new currency in Bengaluru

Officials from the Income Tax Department’s Karnataka and Goa region operationsseized Rs six crore, including Rs 4.7 crore in new Rs 2000 denomination, along with huge bullion and jewellery from four persons – two Government engineers and two contractors – following searches conducted on Wednesday and Thursday. A…