Income Tax deparment News

Congress leader KC Venugopal alleged a conspiracy against the Congress party to freeze its financial resources to contest the Lok Sabha elections

The IT dept on Wednesday carried out raids at 53 places linked to minister The raids were carried in connection with the mid-day meal scam A large number of policemen and CRPF personnel were present with the I-T team

The group is engaged in trading of various commodities, production of vanaspati ghee, real estate and tea estates. The group is having real estate projects in Kolkata. During the search, substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses and cash advances received and interest having been paid in cash, have been found. Further, cash has been found to have been introduced in the group shell companies, which has been advanced as a loan to the real estate company. Most of the companies having family members as directors, do not have any real business and very few returns of income have been filed. Most of the returns with ROC have also not been filed.

In a major relief for taxpayers, the deadline to link PAN card and Aadhaar has been extended from September 30 to December 31, a notification issued by Ministry of Finance said on Saturday.

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Income Tax officials are probing 600 Jan Dhan accounts in Bihar and Jharkhand for their suspected naxal connection after they showed a total deposit of over Rs 10.8 crore following demonetisation.

 Income Tax department has filed a charge sheet against Punjab Congress chief and former CM Amarinder Singh in a case of alleged untaxed foreign assets

The government on Thursday extended the last date of filing of audit report and the return of income for the Assessment Year 2015-16 to October 31.