Vision 2020 and Strategic Plan 2011-15 of the Income Tax Department lays emphasis on revenue optimization efforts of the Department, for which a scientifically developed revenue forecasting model is required to ascertain the potential tax base of the country. To develop a customized revenue forecasting model for the Direct Taxes, an Expert Committee has been constituted. OM dated 25-03-2011 has been issued on the subject.

In view of huge discrepancies found in transactions at stock exchanges, the Income Tax Department has asked NSE, BSE and other bourses to submit monthly statement of all transactions from April. According to sources, the I-T department has analysed data and found huge mismatch in the information provided by certain brokers to the stock exchanges.

Cyber crooks are on the prowl this financial year closing and are using phishing attacks and hoax-alerts to gain access to account details of individuals who have filed their Income Tax returns online, said experts.

Pramod Agrawal, chartered accountant accused of swindling crores of public money, has been slapped with a tax demand of over Rs 100 crore. This is probably biggest ever demand from an assessee in the region. Not just that, the income tax department could slap another Rs 100 crore penalty on Agrawal for concealment of income.

Suspecting the use of black money to finance deals in the country’s booming real estate sector, the Income Tax Department is keeping close tabs on the sources of funding for developers’ lucrative projects. “The focus of the Income Tax Department is real estate developers as the department has received many complaints of the involvement of black money in these deals. There is a large amount of money involved in the sale and purchase of land and huge income is generated,” a Finance Ministry source said.

BELLARY (KARNA): The Income Tax department on Tuesday conducted raids at the premises of a mining company and two iron ore transporters in Hospet here. A 20-member team conducted searches on offices and residences of the mining company’s proprietors, official sources said here.

The Centralized Processing Center of the Income Tax Department at Bangalore, which was established to mass-process Income Tax Returns has bagged the Gold Award in the category “Excellence in Government Process Re-engineering” at the 14th National e-G

In a bid to curb generation of black money during the upcoming assembly polls in five states, the Election Commission today asked the Income Tax department to keep a check on suspicious movement of cash and hawala brokers. At a high-level meeting C

The Bombay high court on Tuesday deferred a hearing on Vodafone Plc’s petition against the income tax authorities without specifying a new date for next hearing. The Bombay high court on Tuesday deferred a hearing on Vodafone Plc’s petition against t

The air travellers and courier service companies are under the scanner of air intelligence unit (AIU) of the Income Tax (I-T) department, which is trying to get to the black money trail in India. The AIUs conducted a series of search operations at va