Thursday , February 21 2019

Tag Archives: Income tax

Union Budget 2017: Relief for earnings up to Rs 5 lakh


Union Budget for the year of 2017-18 was finalized on Wednesday New Delhi: Softening the demonetization blow, the Budget for 2017-18 on Wednesday share out the tax to five per cent on incomes up to Rs 5 lakh but recommended a new surcharge of 10 per cent on incomes among ...

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Rs 3-4 lakh crore unaccounted money deposited in bank accounts: IT dept

IT dept

Besides, the IT Dept said Rs 25,000 crore worth of cash was deposited in dormant bank accounts. New Delhi: The Income Tax Department suspects that nearly Rs 3-4 lakh crore of uncounted income has been deposited in banks post the demonization drive that began 2 months ago and is scrutinizing ...

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Income Tax sleuths raid jewellers’ homes, seize Rs 90 Cr cash, 100 kg gold  in Chennai


The income tax department said they had seized nearly Rs 2,000 crore of undeclared income till Dec 6. Chennai: Income Tax department officials on Thursday  has raided eight locations in Chennai including Anna Nagar and T Nagar and  have recovered Rs 90 crore in cash of which 70 crores were ...

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Gold deposits over 500gm without known income sources will attract tax


Govt says existing  IT Act regulations for gold holdings will apply to the gold monetization scheme as well  New Delhi: After Prime Minister Narendra Modi’s surgical strike on Demonetization on 500 and 1000 notes, wild buzzes have been spread on social media uttering the government’s next move is to seize ...

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Get 7-year jail for depositing your black money in friend’s account


The Benami amount (Black Money) in the bank account deposited post de-monetisation will be seized and confiscated. New Delhi: Warning people against depositing their Uncounted old Currency (Black Money) in someone else’s bank account, the tax department has determined to slap charges under the newly enforced Benami Transactions Act against ...

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