Income Tax dept to intensify anti-black money operations
PrintListen to this Article
The case that recently took place in Kolkata has stunned authorities of the I-T investigations wing after the said business entity produced, during searches, a bonafide receipt of declaring about Rs 3 crore worth of black money under the Income Declaration Scheme (IDS) that ended on September 30.
The entity, however, had concleaed about Rs 30 crore illegal wealth which only came to light when the department conducted a “routine search” base on “actionable information” of tax evasion few days back.
While official sources did not disclose the identity of the entity citing IDS confidentiality clauses, they said the taxman will undertake strict action of penalty and prosecution against the entity as he hid his actual income and made a partial declaration under the IDS.
In yet another similar case, a Delhi-based lawyer recently disclosed Rs 125 crore of black money to the taxman after searches were conducted against him, post the closure of IDS.
In this case reported from the national capital, the person concerned did not avail the IDS opportunity but got caught soon after the taxman came calling at his doorsteps.
Tax officials said there have been few more cases in the southern part of the country where tax evasion worth crores has been found after searches were carried out by the department, after the IDS window closed.
Officials said taking into cognisance such cases, I-T sleuths are now expected to intensify their search and seizure operations to unearth as much black money as possible within this fiscal.
They said while there is no target to achieve in this regard, these recent disclosures indicate that some more people who had used the IDS to declare their illegal wealth to the government could only have parted with only some portion of it and not in full even as some had totally concleaed their tainted wealth. #casansaaar (Indian Express)
Category : Income Tax | Comments : 0 | Hits : 430
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments