Income Tax Raid

Happy Diwali with crackers of Income Tax

Income Tax - Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, w...

Read More

Income Tax RAID – understanding Survey Vs. Search

Income Tax - Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

Read More

Income Tax raid- What to do?

Income Tax - Our Income Tax law allows all persons to self-assess their income and pay taxes. However, to protect the revenue base, unearth concealed income and to act as a deterrent, tax authorities have been vested with powers to conduct surveys and searches (commonly referred to as ‘raids’). These raids are made the basis of information availab...

Read More

IT Raid & Survey detects undisclosed income of Rs.58568 Crore

Income Tax - IT Dept searches 1242 groups of assessees, seizing undisclosed assets worth Rs.2,029 Crore. Such assessees admitted undisclosed income of Rs.28,567 Crore. ...

Read More

Karti Chidambaram raid: No collateral purpose in I-T searches, CBDT says

Income Tax - Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the...

Read More

CBDT Clarifies Regarding Prosecution of Tax Evaders

Income Tax - Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during […]...

Read More

ID card must for carrying cash more than Rs 50,000: IT Dept

Income Tax - Uttar Pradesh Income tax department said that any person carrying cash more than Rs 50,000 would have to show ID proof along with documents related to the source of the cash, in view of the Model code of Conduct. “As per the Election Commission guidelines, any person carrying more than Rs 50,000 cash or bullion […]...

Read More

Income Tax officials seize Rs 28,000 cr worth ‘US bonds’

Income Tax - Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today....

Read More

Income tax raid on IAS officer for non allotment of House to DIT (I) is invalid

Rajesh Rajora Vs Union of India (Madhya Pradesh High Court) - In the present case, in September 2007 the search was carried out in the premises of Dr. Yogi Raj Sharma. The document Annexure RJ-1 was seized by the respondents. At the relevant time petitioner no. 1 was the Chief Health Secretary and this fact was within the knowledge...

Read More

No increase in Income Tax raid and survey in current Financial Year – Govt

PRESS NOTE 402/92/2006-MC (32 OF 2011) - (22/12/2011) - It is informed that under the Income Tax Act, search and seizure is conducted on the basis of specific and credible information regarding tax evasion, and after conducting necessary verification. Information technology tools, such as CASS and ITDMS, have been developed and are being extensively util...

Read More

Recent Posts in "Income Tax Raid"

IT Raid & Survey detects undisclosed income of Rs.58568 Crore

IT Dept searches 1242 groups of assessees, seizing undisclosed assets worth Rs.2,029 Crore. Such assessees admitted undisclosed income of Rs.28,567 Crore. ...

Read More
Posted Under: Income Tax |

Karti Chidambaram raid: No collateral purpose in I-T searches, CBDT says

Based upon credible information of tax evasion and large scale financial irregularities committed by a group based at Chennai and Tiruchirappalli, the Investigation Wing of the Income Tax Department at Chennai has been conducting investigation. As part of such investigation, searches under section 132 and surveys under section 133A of the...

Read More
Posted Under: Income Tax |

CBDT Clarifies Regarding Prosecution of Tax Evaders

Effective and Stringent Action only in known and big cases of Tax Evasion to Demonstrate to the Large Number of Compliant Tax Payers that the Tax Laws are just and Fair and to Encourage Voluntary Tax Compliance It has been noticed that the certain section of media have referred to the Discussion Paper, circulated during […]...

Read More
Posted Under: Income Tax |

Happy Diwali with crackers of Income Tax

Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, w...

Read More
Posted Under: Income Tax | ,

Income Tax RAID – understanding Survey Vs. Search

Often termed as Raid by laymen, income tax survey and search are becoming increasingly common as businesses continue to grow. Apparently, there is no word called raid in the Income Tax Act. The two important tools which the department uses are survey and search and when one or both of these two operations get initiated, people term it as ...

Read More
Posted Under: Income Tax | ,

ID card must for carrying cash more than Rs 50,000: IT Dept

Uttar Pradesh Income tax department said that any person carrying cash more than Rs 50,000 would have to show ID proof along with documents related to the source of the cash, in view of the Model code of Conduct. “As per the Election Commission guidelines, any person carrying more than Rs 50,000 cash or bullion […]...

Read More
Posted Under: Income Tax |

Income tax raid on IAS officer for non allotment of House to DIT (I) is invalid

Rajesh Rajora Vs Union of India (Madhya Pradesh High Court)

In the present case, in September 2007 the search was carried out in the premises of Dr. Yogi Raj Sharma. The document Annexure RJ-1 was seized by the respondents. At the relevant time petitioner no. 1 was the Chief Health Secretary and this fact was within the knowledge...

Read More

Income Tax officials seize Rs 28,000 cr worth ‘US bonds’

Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today....

Read More
Posted Under: Income Tax |

I-T department conducts search and seizure actions based on credible information

Income Tax Department conducts search and seizure actions based on credible information relating to ‘persons’, which include individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person, who satisfy any of the condition...

Read More
Posted Under: Income Tax |

Gujarat Income Tax department detects Rs 111 crore of undisclosed income

Gujarat's Income Tax department has detected allegedly undisclosed income of Rs 111 crore during a I-T survey on a transport and logistics firm. On the basis of evidences gathered and inquiries conducted, the taxpayer group has surrendered Rs 111 crore as undisclosed income, an I-T official said, adding the survey was conducted at three p...

Read More
Posted Under: Income Tax |
Page 1 of 612345...Last »

Browse All Categories

CA, CS, CMA (3,436)
Company Law (3,327)
Custom Duty (6,551)
DGFT (3,398)
Excise Duty (4,034)
Fema / RBI (3,226)
Finance (3,386)
Income Tax (24,803)
SEBI (2,706)
Service Tax (3,275)

Search Posts by Date

July 2017
M T W T F S S
« Jun    
 12
3456789
10111213141516
17181920212223
24252627282930
31