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

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

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

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

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

Govt likely to levy 60% tax on unaccounted bank deposits
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Govt likely to levy 60% tax on unaccounted bank deposits

The Union Cabinet on Thursday is learnt to have cleared significant amendments in the Income-Tax Act fixing the quantum of levy of high penalty on “unaccounted” funds deposited in banks after implementation of demonetisation on November 8. Prime Minister Narendra Modi held a meeting of the Cabinet on Thursday …

Currency Ban: Income tax Notices for Suspicious Cash Deposits
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Currency Ban: Income tax Notices for Suspicious Cash Deposits

The Income Tax Department has begun to send notices to those who made deposits at banks that exceeded Rs 2.5 lakh. Hundreds of notices seeking the source of the money were issued after banks reported cases of “unusual or suspicious volumes of cash deposits” since the Centre’s decision to demonetise Rs 500 and Rs …