Income Tax department - Electronic Gurudev

Sep22017 by Team - The Digital IndianNo Comments

99% demonetized currency finds its way back into the system — It’s a success not failure & here’s why!

Opinion

The debate over the achievements of demonetization is not settled yet. Ever since the Reserve Bank of India put out its annual report which revealed that close to 99 per cent currency returned to the banks, political parties such as Congress, CPI(M) and TMC have attacked the government and asked Prime Minister Narendra Modi to apologise for undertaking a move that disrupted the country's growth momentum. Senior politicians like P Chidambaram and Mamata Banerjee called the demonetization a big scam which facilitated the conversion of black money. Their argument is fairly simple. They say that the government had expected dividend of close to Rs 4-5 lakh crore, however, the RBI data shows it got just Rs 16,050 crore. So, was it wise decision to lose one per cent GDP for just Rs 16,000 cror...

May312017 by Team - The Digital IndianNo Comments

Link Aadhaar with PAN Card: Send SMS to 567678 or 56161 to link both unique identity numbers

Information

Linking Aadhaar card to Permanent Account Number (PAN) card has now become a mandatory procedure for filing Income Tax returns. For this, the Income Tax Department has launched a slew of initiatives that would help individuals get done with the process hassle free as early as possible. But if you still haven’t linked both the unique identity numbers, here’s a golden chance! The IT department on Wednesday rolled out an SMS facility and urged taxpayers to link their Aadhaar card with PAN card. The IT department issued advertisements in leading national newspapers and mentioned how both the unique identity numbers of an individual can be linked by sending an SMS to either 567678 or 56161.

May242017 by Team - The Digital IndianNo Comments

ED arrests Misa Bharti’s CA in Rs 8,000 crore PMLA scam

Bihar

In a big setback to RJD, Enforcement Directorate arrested chartered accountant allegedly linked to former Bihar chief minister Lalu Prasad Yadav’s daughter Misa Bharti in Rs 8,000 crore PMLA cases. The CA, Rajesh Agarwal, has been arrested under provisions of the Prevention of Money Laundering Act (PMLA) and will be produced in court today, officials said. Agarwal was allegedly instrumental in providing accommodation entries to many high-profile people to help launder their funds. These included those being probed by the Income Tax Department in the Rs 1,000 crore dubious land deals case allegedly linked to Rashtriya Janata Dal (RJD) chief Lalu Prasad’s family, they said. The CA, officials said, was also allegedly involved in routing funds for the Jain brothers, Virendra and Surendra,...

Feb12017 by Team - The Digital IndianNo Comments

Operation ‘Clean Money’: begins; 18 lakh people to get IT notice if deposits don’t match income

Economy

The Income Tax department has identified 18 lakh people who have made ‘suspicious’ cash deposits post demonetisation, including those having deposited over Rs 5 lakh, and will send emails and SMSes seeking explanation about their source of funds. These people will have to reply within 10 days to avoid any notice from the tax department or further enforcement action. The department today launched ‘Operation Clean Money’ project under which CBDT, with data analysis and profiling of assessees, will send e-communications to people whose cash deposits post November 8 note ban do not match their income. “Operation Clean Money/Swachh Dhan Abhiyan is a programming software which will be used to get answers on all the deposits made and after preliminary answers from the people. Then...

Jan92017 by Team - The Digital IndianNo Comments

I-T dept. detects Rs. 4,807 crore black income; seizes Rs. 112 crore new notes

National

Over Rs. 4,807 crore of undisclosed income has been detected while Rs. 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post demonetisation. Official sources said the taxman carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs. 609.39 crore during the same period even as the new currency seized (majorly Rs. 2000 notes) is valued at about Rs. 112.8 crore. The value of the seized jewellery ...