value transactions

Taking a serious note of Union Bank of India (UBI) not reporting high-value transactions to it, the government has asked the state-owned bank to immediately carry out an audit of all its branches to check for such large deposits that have gone unreported.The Income Tax department, during a probe into alleged money laundering by former Jharkhand chief minister Madhu Koda, had stumbled on a bank account at one of UBI's branches in Zaveri Bazar in Mumbai where approximately.. Full Article

The income tax return filing process requires that a lot of information be provided to the tax authorities. Most people gear up by ensuring they have collected all the details necessary for ensuring the correct income is shown and the right deductions are available. This is not enough, as individuals need to ensure there is some [...] Full Article

It’s not just high-value property transactions that come under the IT’s hawk eyes. The income tax department will scrutinize property deals of even Rs 5 lakh and above to tap tax dues. Thus, the trap is set for those who undervalue their properties to escape the IT net. Sub-registrars have been asked to submit details [...] Full Article