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Political parties depositing old notes exempt from Income Tax

Political parties depositing old notes exempt from Income Tax

Section 13A of the Income Tax Act, 1961 grants exemption from tax to political parties in respect of their income.

16 Dec 2016 8:24 PM IST

Income Tax officials conducted a raid at Tamil Nadu Chief Secretary Rammohan Raos residence in Chennais Anna Nagar on Wednesday. (Photo: PTI)

I-T detects Rs 500 crore hawala racket in Madhya Pradesh

At least 50 such accounts have been detected in Katni branch of Axis Bank.

25 Dec 2016 3:26 AM IST

West Bengal Chief Minister Mamata Banerjee

Now, CM Mamata Banerjee seethes over CRPF use in I-T raids

Taxmen say search operations have increased manifold, help from forces sought as per law'.

24 Dec 2016 2:24 AM IST

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from April 1, 2016.

All buys of over Rs 2 lakh under tax watch

Traders have been asked to submit data about every purchase exceeding Rs 2 lakh to taxmen.

24 Dec 2016 12:40 AM IST

According to government estimates, there is Rs 400 crore of fake currency in circulation in the economy at any given point of time.

Chhattisgarh: Man who never filed ITR declares Rs 10 crore to IT dept

The department did not disclose the identity of the man as they said investigations in the case are still ongoing.

23 Dec 2016 11:06 AM IST

S&P corporates and banks are likely to face short-term downside risk as the demonetisation-induced cash crunch will curtail GDP growth.

I-T focus on 150 new accounts at BJP minister's bank

Huge transactions such as deposition and notes-exchange, have been conducted in these accounts.

23 Dec 2016 12:59 AM IST

Taxmen to pursue aggresive strategies to nab people not filing returns.

Taxmen target 67.54 lakh non-filers

Data mining to help in zeroing in on evaders.

23 Dec 2016 1:03 AM IST

CBDT has made available in the Compliance Module on the e-filing portal of the Income Tax Department the information relating to the identified non-filers.

Lakhs of non Income Tax filers identified by CBDT

Non-filers have been identified based on data analytics carried out by the Systems Directorate of CBDT.

22 Dec 2016 9:05 PM IST

Income Tax officials conducted a raid at Tamil Nadu Chief Secretary Rammohan Raos residence in Chennais Anna Nagar on Wednesday. (Photo: PTI)

Income-tax raids at Tamil Nadu chief secretary's home

Rao suffers the ignominy of being the first chief secretary of a state to be raided by the income tax department.

22 Dec 2016 1:18 AM IST

Election Commission of India (Photo: PTI)

EC to ask I-T to look into finances of 200 political parties

The poll panel believes that most of them exist on papers to help people convert their back money into white by...

21 Dec 2016 11:25 AM IST

Income Tax sleuths conduct a raid at the residence of BJP senior leader Sushil Vaswani in Bhopal. (Photo: PTI)

BJP leader Sushil Vaswani under I-T lens after money row

BJP sources said his family has been associated with RSS for three generations.

21 Dec 2016 3:38 AM IST

Lok Sabha on Tuesday passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during search and seizure. (Representational image)

Centre clarifies stand on inherited gold tax

Highlights old provisions on gold holding for assesse.

2 Dec 2016 6:37 AM IST