Page 28 - Latest Updates on Income tax
Taxmen can reopen up to 10-yr old cases in big transactions
Currently, I-T officers can go back up to 6 years to scrutinise the books of accounts of assesses
 "Taxmen can reopen up to 10-yr old cases in big transactions")
I-T data analysed: 1 taxpayer owes 11% of India's individual income tax
There were 64 taxpayers with a tax liability of over Rs 500 crore in 2014-15
 "I-T data analysed: 1 taxpayer owes 11% of India's individual income tax")
Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov
The taxmen want to find out the source of the money
 "Brace for a call from I-T if you deposited over Rs 10 lakh after 8 Nov")
Digital trail: I-T may soon track electronic transactions like RTGS, NEFT
FinMin's pilot project is aimed at tracking benami transactions
 "Digital trail: I-T may soon track electronic transactions like RTGS, NEFT")
Black money chase: Don't panic if you receive a tax notice
Prepare your replies with expert help and keep relevant documents ready to support your replies
 "Black money chase: Don't panic if you receive a tax notice")
CBI nabs income tax officer taking Rs 1 lakh bribe in new notes
ITO Vinay Kumar had demanded the bribe in new currency notes from the complainant
Economists favour cut in income tax rate; harmonise custom rate
Experts also suggested that there is a need to invest in the tourism sector
 "Economists favour cut in income tax rate; harmonise custom rate")
2.4 mn declared income above Rs 10 lakh but 2.5 mn cars bought annually
The tax returns when compared with car sales throw astonishing numbers
 "2.4 mn declared income above Rs 10 lakh but 2.5 mn cars bought annually")
Post demonetisation, IT Dept has seized over Rs 93 crore in new notes
More than Rs 3590 crore of undisclosed income has been detected and 3589 notices have been issue
 "Post demonetisation, IT Dept has seized over Rs 93 crore in new notes")
Don't share your user ID & password, may be misused: I-T dept warns users
'If a password is hacked or stolen, it can result in information security breach', warns I-T dept
 "Don't share your user ID & password, may be misused: I-T dept warns users")
I-T search at TN Chief Secy's house ends after 24 hours, new notes seized
Rao is also the additional charge of Vigilance Commissioner and the Commissioner for Administrative
 "I-T search at TN Chief Secy's house ends after 24 hours, new notes seized")
Just 1% Indians pay Income Tax: NITI Aayog's Amitabh Kant
Kant said there are more than a billion mobile phone subscribers in India
 "Just 1% Indians pay Income Tax: NITI Aayog's Amitabh Kant")
CBDT asks Income Tax to ensure better collection of revenue arrears
CBDT has sought collection of all due recoveries from all regions that will boost tax collection
 "CBDT asks Income Tax to ensure better collection of revenue arrears")
Note ban: Income Tax department raids TN chief secy Rao's residence in Chennai
The raids at Rao's residences reportedly began at 5:30am although no seizure has been made, News18 said. The report added that the raid was conducted based on tip-offs from some road contractors.
I-T searches at premises of BJP leader Sushil Vaswani in MP
The searches are believed to be part of ongoing cash clean up drive in the wake of demonetisation
Income tax rate is expected to come down: MoS Finance
Arjun Ram Meghwal indicated there is a possibility of rate cut in upcoming budget which is expected on February 1
 "Income tax rate is expected to come down: MoS Finance")
In fresh raids, I-T officials seize Rs 24 cr in new notes in TN
With this amount, the total seizure in the case has now gone up to Rs 166 crore in a single case
 "In fresh raids, I-T officials seize Rs 24 cr in new notes in TN")
I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized
Rs 80 cr has been seized in the form of demonetised currencies and Rs 10 cr were in new currencies of Rs 2,000 notes
 "I-T raid at eight locations in Chennai; Rs 90 cr, 100 kgs gold seized")
Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled
Despite their stupendous net-worth, the Sayeds' sources of income and details of their business remains unknown.
 "Mumbai family's wealth declaration 14 times more than Gujarati realtor; taxmen puzzled")
I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe
It was announced that declarations totalling Rs 65,250 crore were received from 64,275 declarants, subject to reconciliation
 "I-T rejects declarations of Rs 2 lakh cr, Rs 13,860 cr; begins probe")
