(New Delhi)IT Deptt Raided Educational Trusts in Bengaluru
The Income Tax Department conducted search and seizure operation on 17.02.2021 on 09 major Trusts registered in Bengaluru &Mangaluru, which are running educational institutes including medical colleges. Searches were conducted at 56 different locations across Karnataka and Kerala.
Illegal capitation fee/ Donations are collected through a network of brokers/ agents employed by the key persons/Trustees of these medical colleges.
Searches have Resulted in recovery of Gold Jewellery of 81 Kg (valued at Rs. 30 crore), 50 carat diamonds and 40 kg of silver articles have been found from the residential premises of the trustees and are prime facie, unexplained. Evidence of undisclosed foreign assets of Rs. 2.39 crore in Ghana has also been found apart from evidence of huge investments in 35 Luxury cars in benami names.
Further investigation is in progress.
Tag: Income Tax Department
IT Deptt Raided Educational 9 Trusts in Bengaluru
Chinese Entities Raided For Hawala Transactions
(New Delhi)A search action was mounted at various premises of Chinese entities, their close confederates and couple of bank employees
Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than ₹ 1,000 Crore over the period.
A subsidiary of Chinese company and its related concerns have taken over ₹ 100 Crore bogus advances from shell entities for opening businesses of retail showrooms in India.
Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered accountants has been found as a result of search action. Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed
IT’s 12 Clerks, Booked for ‘Fraudulently’ Securing Jobs
[Nagpur,Maha]IT’s 12 Clerks, Booked for ‘Fraudulently’ Securing Jobs
The CBI’s Anti-Corruption Bureau (ACB) has registered an FIR against 11 clerks of the Income Tax office in Nagpur and one posted in Rajasthan for allegedly securing jobs through fraudulent means.
The bureau has also charged some unidentified officials of the Staff Selection Commission (SSC) with issuing letters of appointment to the accused without verifying discrepancies in their admit cards issued for the examination for the posts,
The selection process, was conducted by the SSC between 2012 and 2014.
The fraud came to light when differences were found in signatures of these employees on their admit cards for the written exam and the cards issued to them for the skill tests.
Modi Govt Start Attaching BENAMIs :Opening Score Rs 3500 Cr
[New Delhi]Modi Govt Start Attaching BENAMIs :Opening Score Rs 3500 Cr
@narendramodi Warned
He Informed
Now
His Govt
Starts Attaching BENAMI Properties
Inaugural Attchments @ Rs 3500 Cr
As per The Income Tax Department (ITD)
it has attached more than 900 benami properties including flats, shops, jewellery and vehicles worth over Rs 3,500 crore.
ITD said in a statement that it has stepped up action under the Prohibition of Benami Property Transactions Act, which came into force from November 1, 2016.
The Act provides for provisional attachment and subsequent confiscation of benami properties, whether movable or immovable.
The department had set up 24 dedicated Benami Prohibition Units (BPUs) under its Investigation Directorates all over India in May, 2017 to ensure swift action in respect of Benami properties.
Benami literally means ‘without a name’. An asset without a legal owner or a fictitious owner is called benami.
The original Benami Act was introduced in 1988 for prevention of black money and was amended in 2016 to prohibit benami transactions and provides for confiscating benami properties.
Centre Has No Estimates Of Black Money Even After Demonetization
[New Delhi]Centre Has No Estimates Of Black Money Even After Demonetization
There is no official estimation of black money either before or after November 8 — the day government announced scrapping of old Rs 500 and Rs 1,000 notes, Finance Minister Arun Jaitley said today.
“There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9,” he said in a written reply in Lok Sabha.
The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assessees led to admission of
undisclosed income of Rs 31,277 crore
apart from seizure of undisclosed assets worth
Rs 2,164 crore, he added.
Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.
Replying to another question on whether the government has received any proposal from the employees of LIC to provide another opportunity to those who have not chosen pension option earlier, Jaitley replied in affirmative.
“The proposal was examined and a view has been taken that no more options for pension may be extended to employees of public sector insurance companies,” he said.
File,Symbolic,Photo
Bullion Shine Suffers Demonetization Eclipse For 9th Day
[New Delhi]Bullion Shine Suffers Demonetization Eclipse For 9th Day
Bullion Traders kept their shops shut for 9th day
Gold and jewellery establishments in the national capital remained shut for the 9th day after Income Tax Department on November 10 carried out surveys following reports of alleged profiteering and tax evasion by traders as government demonetised high value currency note.
The survey operations were carried out in at least four locations, including the popular
Dariba Kalan,
Chandni Chowk and
Karol Bagh.
The government last week demonetised high denomination of Rs 500 and 1,000 notes to flush out black money.
Most of the jewellery showrooms here have been closed since November 11.
Black Money Declarants To Pay Tax From White Money Only
[New Delhi] Black Money Declarants To Pay Tax From White Money Only
Declarants cannot pay tax from undeclared income
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability and such acts will not get any immunity.
The Income Tax Department on Thursday came out with a fourth set of clarifications on the Income Declaration Scheme (IDS) on queries seeking to know if payment under the Scheme can be made out of the undisclosed income without including the same in the income declared, which would bring down the effective rate of tax, surcharge and penalty payable to around 31 per cent from 45 per cent.
The clarification in the form of frequently asked questions (FAQs) stated that there is no intent to “modify or alter the rate of tax, surcharge and penalty payable under the Scheme which have been clearly specified in the Scheme itself”.
It said further “Sections 184 & 185 of the Finance Act, 2016 unambiguously provide for payment of tax, surcharge and penalty at the rate of 45 per cent of undisclosed income”.
It offered an illustration:
A person declares Rs 100 lakh as the undisclosed income… as on June 1, 2016, but pays tax, surcharge and penalty of Rs 45 lakh (30 lakh + 7.5 lakh + 7.5 lakh) on the same out of his other undisclosed income.
“In this case, the declarant will not get any immunity under the Scheme in respect of undisclosed income of Rs 45 lakh utilised for payment of tax, surcharge and penalty, but not included in the declaration filed under the Scheme,” it added.
To get immunity under the Scheme in respect of the entire undisclosed income of Rs 145 lakh in this case (Rs 100 lakh undisclosed income being declared and Rs 45 lakh being the payment made from the undisclosed income not declared), one has to pay tax, surcharge and penalty amounting to Rs 65.25 lakh, that is 45 per cent of Rs 145 lakh.
A four-month window starting from June 1 has been provided to persons holding undeclared income and assets to come clean by paying a tax of 30 per cent and interest and penalty of another 7.5 per cent each, totaling 45 per cent.
The window ends on September 30. .
Cong Capt Amarinder’s Son “Raninder”Hazir Ho:Foreign Assets
[Chandigarh,Punjab] Cong Capt Amarinder’s Son Hazir Ho:Foreign Assets
Congress Punjab Capt Amarinder’s Son Gets Court Notice
Punjab Congress leader Amarinder Singh’s son has been summoned by a court in Ludhiana on a complaint by the Income Tax Department regarding his foreign assets.
“Raninder Singh be summoned on July 26 under Section 277 of the Income Tax Act and Sections 177 and 181 of the IPC,” Ludhiana’s Chief Judicial Magistrate (CJM) Ranjiv Vashishta ordered yesterday.
The IT department had alleged that Raninder made false statements twice under oath, denying being a beneficiary of foreign assets or having association with any such foreign entity,
As per sources ,The department had credible information that the accused was a beneficiary of foreign assets, maintained and controlled through business entities,
Meanwhile, Amarinder Singh Called it a classic case of political vendetta borne out of bruised egos and haunting memory of a humiliating defeat”.
Reacting to the complaint, the Punjab Congress chief said that he had full faith in the judiciary and expressed confidence that his son will come out clean.
The PCC president said,it was not for the first time that the issue had been raked up.
He said “They have been doing it for the last two years since my Amritsar election and every time they tried it, they failed miserably and they will fail once again,”
The issue was also raised by Narendra Modi and Subramanian Swamy during an election speech in Barmer and Subramanian Swamy in run up to the 2014 General Elections.
Income Tax Department’s Advise ,Don’t Share Personal Data over Phone,email
[New Delhi]Income Tax Department’s Advise,,Don’t Share Personal Data over Phone,email
The Indian Income Tax department on Tuesday issued an advisory asking taxpayers not to share their personal financial details over email or phone and urged them to register a complaint in case they face such malicious attempt.
The advisory has come at a time when income tax returns (ITRs) filing season has concluded and it is an opportune time for hackers and other fraudsters to launch phishing attempts to compromise users’ vital data for their illegal benefits by dishing out false promises about pending refunds or ITR authentications.
The attempt to issue the advisory is a step in making aware the taxpayers about such instances and attempts, a senior I-T official said.
IT Deptt Now Under Lines Black Money Generators In Mining Sector
[New Delhi] IT Deptt Now UnderLines Black Money Generators In Mining Sector.Orders Are Issued For Checking The Financial Statements.
The Income Tax department has begun a crackdown against black money being generated by the rich mining sector with the taxman initiating a detailed scrutiny of a number of such exploration and production companies across the country.
The Central Board of Direct Taxes (CBDT), the apex policy-making body of the I-T department, has recently issued orders to all tax offices to check any “discrepancies” in the financial statements filed and actual operations conducted by these companies after the Special Investigation Team (SIT) on black money took a serious view in this regard.
Sources As per, a recent I-T investigation found that a number of discrepancies were found in the returns filed by some major firms involved in the mining of iron ore, manganese and others when their tax returns were compared with similar statements filed by them with the Indian Bureau of Mines (IBM), a mandatory procedure that has to be followed by these firms.
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