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Undisclosed income News
''Old Jewellery found in locker can’t be treated as undisclosed Income'': ITAT
Wed, Apr 10, 2019
Jaipur bench of the Income Tax Appellate Tribunal (ITAT) has held that the old jewellery found in the locker of the assessee and the family members cannot be treated as undisclosed for the purpose of levying penalty.
Undisclosed income of Rs 71,941 crore found in 3 yrs: Govt to SC
Sun, Jul 23, 2017
Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court.
I-T Department unearths income of Rs 5,400 crore post-note ban
Sat, Jul 22, 2017
"During the period from November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha.
1.58 lakh tax payers under lens for partial account declarations
Wed, May 17, 2017
The tax department is conducting analysis in conjuction with previously available/analysed data. Such incremental data analysis has already led to identification of new cases for e-verification, I-T department said.
10 days left to deposit under Pradhan Mantri Garib Kalyan Deposit Scheme; Follow these 3 steps
Thu, Apr 20, 2017
Launched on December 6, 2017, the PMGKDS was applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana - the scheme closed on March 31.
Government to allow deposits on one or more occasions in Garib Kalyan scheme
Tue, Feb 07, 2017
More than one deposit of undisclosed income can be deposited at the authorized banks. The deposit sum should not be less than 25% of declared undisclosed income.
Deposit undisclosed income at authorised bank under PMGKDS: FinMin
Fri, Jan 20, 2017
As per the scheme, the deposit sum shall not be less than 25% of the declared undisclosed income.
Foreign accounts, property, bullion can't be disclosed under Pradhan Mantri Garib Kalyan Yojana Scheme: Govt
Wed, Jan 18, 2017
Drawing a line for disclosure under the new tax evasion amnesty scheme, the government on Wednesday said only unaccounted domestic cash holding can be declared through it and not jewellery, stocks, immovable property or overseas accounts.
Undisclosed income of Rs 2600 crore unearthed since November 8
Fri, Dec 16, 2016
The Ministry said that while the searches have been carried out in 291 cases across the country, 295 cases have been covered by survey action.
No tax on jewellery purchased out of disclosed income under new Bill, FinMin clarifies
Thu, Dec 01, 2016
The Lok Sabha on Tuesday passed by a voice vote a bill to amend the income tax laws.
No immunity whatsoever for declarants on undisclosed income: MoF
Thu, Jul 14, 2016
The Ministry of Finance clarified on Thursday that declarants will not be provided any immunity with regards to income that has not been declared over and above undisclosed income under the Income Tax Scheme.
Here's how to use Income Tax Declaration Scheme
Fri, Jul 08, 2016
In an attempt to curb black money flowing into the country's economy, Prime Minister Narendra Modi-led government has launched an Income Tax Declaration Scheme, 2016.