Income tax department

The Income Tax Department today conducted searches at the premises of prominent industrialist Gautam Singhania here and in Delhi over alleged tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Wing of the department. Full Article

In its pursuit to unearth black money, the Income Tax Department will probe certain banks and their officials suspected to be helping customers hide illicit funds through multiple accounts. We have found instances where banks are running multiple accounts of certain customers for the purpose of hiding black money, a senior official of Central Board of Direct Taxes (CBDT) said, although refusing to name the banks. Full Article

The Income Tax Department is targeting an 18% jump in collection from the financial capital in FY12 to Rs 1,85,000 crore, a top official said on Wednesday.The department, which surpassed its target last fiscal by Rs 3,000 crore by collecting Rs 1,53,000 crore, has set itself the 'fairly challenging' target of Rs 1,85,000 crore for 2011-12, Chief Commissioner of Income Tax PP Srivastava told reporters. Full Article

Despite unrest consuming nearly five months of business in the valley last year, the Income Tax department has registered a growth of 27% in its revenue collection in Jammu and Kashmir at Rs 1,197 crore for the fiscal ended March 31, 2011. Full Article

Amid reports that the government is planning to make tax evasion a criminal offence, a finance ministry official today said it could be done only if the source of income is illegal. But 'if it is a tax evasion alone, it is a civil offence,' the official said. He, however, asserted that 'if there is an element of illegality about the source of income or if funds are used for illegal purpose...we can think of classifying these as criminal tax offences'. Full Article

) Income Tax department conducted raids at 14 premises and surveys at six places belonging to private doctors here for suspected tax evasion, officials said today. The raids launched yesterday were being carried out till late last night and are likely to end today, they said. Full Article

The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. 'Hasan Ali does not have enough assets to meet the tax liability,' an I-T department official said. Full Article

The Income Tax department is probing a 'treacherous' and secretive channel of money transfer through ATMs along the 'open'' Indo-Nepal border which is suspected to have 'national security' implications. The department, which stumbled across the stealth money transfers during the recently conducted Assembly polls in five states, has sent a classified report to central security agencies for a detailed probe. Full Article