The Income Tax Department has issued a notice to Jayalalithaa’s legal heirs, demanding payment of outstanding tax arrears. Authorities have warned that her assets, including her home, will be auctioned if the dues are not cleared.


India: I-T Dept Threatens to Auction Jayalalithaa’s Assets Over Unpaid Tax Arrears

The last date for filing the income tax returns was September 16. Now the Income Tax Department has started to credit the income tax refunds to the bank accounts of taxpayers who are eligible for returns. Many taxpayers, however, have complained that their income tax returns had been processed by the department, but they haven't received the refunds. Here's what can be done to rectify delays.&nbsp;Normally, the Income Tax Department takes between 7 and 21 days from the filing of the returns to start processing the refund of eligible taxpayers&nbsp;The Income Tax Department says that it takes around 4-5 weeks for it to credit the refund into the account of taxpayers.<h2>Here's what to do if the ITR refund is delayed</h2>Don't panic if you haven't received the refund, even if your income tax return is processed.Here are the possible reasons for Income Tax refund delays1. You may have put the wrong account details or the IFSC code. 2. TDS errors could also delay your refunds.&nbsp; 3. Sometimes, banks take 15-30 days to issue refunds. 4. There could be discrepancies in Form 26AS.<h2>Here's what you can do. Check the step-by-step guide.</h2>1. Visit the Official Portal. Use your credentials to log in. 3. Check Refund/Demand Status: Navigate to this section to see the status of your refund. 4. Verify Bank Details: Ensure your bank account number and IFSC code are correct. Incorrect details are a common reason for delays. 5. Submit Refund Reissue Request: If details are correct and you still haven't received the refund, submit this request to initiate reissue.

Income Tax Returns: The Income Tax Department takes between 7 and 21 days from the filing of the returns to start processing the refund of eligible taxpayers

The last date for filing the income tax returns was September 16. Now the Income Tax Department has started to credit the income tax refunds to the bank accounts of taxpayers who are eligible for returns. Many taxpayers, however, have complained that their income tax returns had been processed by the department, but they haven't received the refunds. Here's what can be done to rectify delays. Normally, the Income Tax Department takes between 7 and 21 days from the filing of the returns to start processing the refund of eligible taxpayers The Income Tax Department says that it takes around 4-5 weeks for it to credit the refund into the account of taxpayers. Here's what to do if the ITR refund is delayed Don't panic if you haven't received the refund, even if your income tax return is processed. Here are the possible reasons for Income Tax refund delays 1. You may have put the wrong account details or the IFSC code. 2. TDS errors could also delay your refunds. 3. Sometimes, banks take 15-30 days to issue refunds. 4. There could be discrepancies in Form 26AS. Here's what you can do. Check the step-by-step guide. 1. Visit the Official Portal. Use your credentials to log in. 3. Check Refund/Demand Status: Navigate to this section to see the status of your refund. 4. Verify Bank Details: Ensure your bank account number and IFSC code are correct. Incorrect details are a common reason for delays. 5. Submit Refund Reissue Request: If details are correct and you still haven't received the refund, submit this request to initiate reissue.

Income Tax Returns: The Income Tax Department takes between 7 and 21 days from the filing of the returns to start processing the refund of eligible taxpayers

Income Tax refunds delayed despite ITR processing? Step-by-step guide

Some people invest their hard-earned money in mutual funds and stocks for returns. However, many want their&nbsp;investments to earn modest returns as well as save their income tax.&nbsp;These tax-saving financial instruments generally give lower returns than mutual funds. However, they are safer.<h2>Here are the 8 schemes that one can invest in for tax savings.</h2><h3>Fixed Deposit</h3>Fixed deposits offer fixed returns when their tenure ends. They are great financial instruments if you don't want your funds to be exposed to the market. They are one of the safety-saving options. Deposits with a minimum term of five years qualify for a tax deduction of up to Rs 1.5 lakh per annum.<h3>Health insurance</h3>Health insurance can also be used for tax savings. They also provide a safety net in case of medical exigencies. Under the Income Tax Act of 1961, one can get a deduction of Rs 25000 under Section 80D.<h3>National Savings Certificate</h3>The government-backed National Savings Certificate offers a tax deduction of up to Rs 1.5 lakh per annum. They are also considered safe investment options.<h3>Pension Plans</h3>These plans offer a fixed income after your retirement. A person pays an amount every year. Based on the corpus accumulated, they later earn a pension after retirement. The premiums are eligible for tax deduction of up to Rs 1.5 lakh per annum.<h3>ULIP</h3>A Unit-Linked Insurance Plan (ULIP) is an insurance product. The return of these insurance plans is linked to the market. It also provides an insurance benefit. Under Section 80C of the Income Tax Act, 1961, the premiums paid are eligible for a tax deduction of up to Rs 1.5 lakh per annum.&nbsp;<h3>Endowment Plans</h3>They are insurance. They offer a return on your investment and insurance coverage till you pay your premiums. They are low-risk and low-premium products. Under Section 80C of the Income Tax Act, 1961, the premiums are eligible for deductions of up to Rs 1.5 lakh.<h3>Term Insurance</h3>A term insurance is an insurance plan that offers financial protection. The premiums paid under term insurance are eligible for a tax deduction of up to Rs 1.5 lakh.<h3>Mutual funds</h3>Some mutual funds save tax. They are called Equity-Linked Savings Schemes or ELSS. They carry low risk compared to other mutual funds. Under Section 80C of the Income Tax Act, 1961, they qualify for a tax deduction of up to Rs 1.5 lakh.

Some people invest their hard-earned money in mutual funds and stocks for returns. However, many want their investments to earn modest returns as well as save their income tax. 

Some people invest their hard-earned money in mutual funds and stocks for returns. However, many want their investments to earn modest returns as well as save their income tax. These tax-saving financial instruments generally give lower returns than mutual funds. However, they are safer. Here are the 8 schemes that one can invest in for tax savings. Fixed Deposit Fixed deposits offer fixed returns when their tenure ends. They are great financial instruments if you don't want your funds to be exposed to the market. They are one of the safety-saving options. Deposits with a minimum term of five years qualify for a tax deduction of up to Rs 1.5 lakh per annum. Health insurance Health insurance can also be used for tax savings. They also provide a safety net in case of medical exigencies. Under the Income Tax Act of 1961, one can get a deduction of Rs 25000 under Section 80D. National Savings Certificate The government-backed National Savings Certificate offers a tax deduction of up to Rs 1.5 lakh per annum. They are also considered safe investment options. Pension Plans These plans offer a fixed income after your retirement. A person pays an amount every year. Based on the corpus accumulated, they later earn a pension after retirement. The premiums are eligible for tax deduction of up to Rs 1.5 lakh per annum. ULIP A Unit-Linked Insurance Plan (ULIP) is an insurance product. The return of these insurance plans is linked to the market. It also provides an insurance benefit. Under Section 80C of the Income Tax Act, 1961, the premiums paid are eligible for a tax deduction of up to Rs 1.5 lakh per annum. Endowment Plans They are insurance. They offer a return on your investment and insurance coverage till you pay your premiums. They are low-risk and low-premium products. Under Section 80C of the Income Tax Act, 1961, the premiums are eligible for deductions of up to Rs 1.5 lakh. Term Insurance A term insurance is an insurance plan that offers financial protection. The premiums paid under term insurance are eligible for a tax deduction of up to Rs 1.5 lakh. Mutual funds Some mutual funds save tax. They are called Equity-Linked Savings Schemes or ELSS. They carry low risk compared to other mutual funds. Under Section 80C of the Income Tax Act, 1961, they qualify for a tax deduction of up to Rs 1.5 lakh.

How to save tax and earn returns: These tax-saving financial instruments generally give lower returns than mutual funds. However, they are safer. Check out eight tax-saving schemes.

Top eight tax-saving investments every Indian must know about

The Income Tax Department has extended the last date for filing Income Tax Returns. The Central Board of Direct Taxes extended the deadline from September 15, 2025, to September 16. The decision was taken after several taxpayers complained about glitches in the Income Tax e-Filing Portal. The original last date for ITR 2025 was July 31. The date was extended from July 31 to September 15. The department extended the deadline further&nbsp;despite warning taxpayers that it would not be moved further away.<h2>What the Income Tax Department said</h2>"The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15th September, 2025, to 16th September, 2025. To enable changes in the utilities, the e-filing portal will remain in maintenance mode from 12:00 AM &nbsp;to 02:30 AM on 16th September 2025," the department said on X.&nbsp;The Income Tax Department further said that 7.3 crore Income Tax returns had been filed by taxpayers by September 15.&nbsp;"We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2025-26 to file their ITR. To assist taxpayers for ITR filing, tax payment, and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions &amp; Twitter/X," it added.&nbsp;The Income Tax Department had also sent guidelines on how to offset technical problems while accessing the Income Tax portal. "Delete temporary files;&nbsp; Clear browser cache &amp; cookies; use a different/supported browser; open in Incognito/private mode; disable browser extensions; update your browser and try a different network," it said.<h2>What if you don't file your ITR before the extended deadline?</h2>If a taxpayer's income is less than Rs 5 lakh, she would be liable to pay a late fee of Rs 1000. If the income is over Rs 5 lakh, she would be required to pay Rs 5000 as a penalty.

The Income Tax Department has extended the last date for filing Income Tax Returns. The Central Board of Direct Taxes extended the deadline from September 15, 2025, to September 16.

The Income Tax Department has extended the last date for filing Income Tax Returns. The Central Board of Direct Taxes extended the deadline from September 15, 2025, to September 16. The decision was taken after several taxpayers complained about glitches in the Income Tax e-Filing Portal. The original last date for ITR 2025 was July 31. The date was extended from July 31 to September 15. The department extended the deadline further despite warning taxpayers that it would not be moved further away. What the Income Tax Department said "The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15th September, 2025, to 16th September, 2025. To enable changes in the utilities, the e-filing portal will remain in maintenance mode from 12:00 AM to 02:30 AM on 16th September 2025," the department said on X. The Income Tax Department further said that 7.3 crore Income Tax returns had been filed by taxpayers by September 15. "We extend our gratitude to taxpayers and tax professionals for helping us reach this milestone, and urge all those who haven't filed ITR for AY 2025-26 to file their ITR. To assist taxpayers for ITR filing, tax payment, and other related services, our helpdesk is functioning on a 24x7 basis, and we are providing support through calls, live chats, WebEx sessions & Twitter/X," it added. The Income Tax Department had also sent guidelines on how to offset technical problems while accessing the Income Tax portal. "Delete temporary files; Clear browser cache & cookies; use a different/supported browser; open in Incognito/private mode; disable browser extensions; update your browser and try a different network," it said. What if you don't file your ITR before the extended deadline? If a taxpayer's income is less than Rs 5 lakh, she would be liable to pay a late fee of Rs 1000. If the income is over Rs 5 lakh, she would be required to pay Rs 5000 as a penalty.

Income Tax Due Date Extended: The income tax department extended the deadline just minutes before the September 15 deadline was to end. The Income Tax Department further said that 7.3 crore Income Tax returns had been filed. Here are key updates on Income Tax Returns.

ITR Due Date Extended: Know new Income Tax Return deadline, late fee and key update

The Income Tax Department on Monday extended the deadline for filing income tax returns (ITRs) for Assessment Year (AY) 2025-26 by a day to Tuesday, September 16. The announcement was made late on Monday night. The move came after people complained of glitches in the Income Tax department portal.&nbsp;&nbsp;“The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRS for AY 2025-26 from 15th September, 2025 to 16th September, 2025,” the Income Tax department's handle posted on X at 11.48 pm.&nbsp;

<blockquote class="twitter-tweet">KIND ATTENTION TAXPAYERS! The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY… <a href="https://t.co/jrjgXZ5xUs">pic.twitter.com/jrjgXZ5xUs</a>&mdash; Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1967654152370295087?ref_src=twsrc%5Etfw">September 15, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;&nbsp;The e-filing portal, it said, would remain in maintenance mode from midnight to 2.30 am on Tuesday to enable changes in the utilities.In a new post on X minutes later, the department said that over 7.3 crore Income Tax returns had been filed till Monday, which was a new record.“A record 7.3 crore+ ITRs have been filed till 15th Sept 2025, surpassing last year’s 7.28 crore. We sincerely thank taxpayers &amp; professionals for their timely compliance. To facilitate further filings of ITRs, the due date has been extended by one day (16th September 2025),” the post said.&nbsp;On Monday evening, following complaints from tax filers, the department shared a guide on resolving browser issues. However, several people still complained that the glitches continued even after following the steps.&nbsp;Earlier on Sunday, the Income Tax Department had dismissed some reports claiming that the deadline for filing Income Tax Returns has been extended beyond September 15. Addressing the fake news being circulated on social media platforms, the Income Tax Department said that “The due date for filing ITRs remains 15.09.2025.”&nbsp;

While the deadline extension by a day gives taxpayers a small breather, the Income Tax Department has urged everyone to complete their filings well in time to avoid last-minute technical glitches or penalties.

The Income Tax Department on Monday extended the deadline for filing income tax returns (ITRs) for Assessment Year (AY) 2025-26 by a day to Tuesday, September 16. The announcement was made late on Monday night. The move came after people complained of glitches in the Income Tax department portal. “The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025. The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRS for AY 2025-26 from 15th September, 2025 to 16th September, 2025,” the Income Tax department's handle posted on X at 11.48 pm.

While the deadline extension by a day gives taxpayers a small breather, the Income Tax Department has urged everyone to complete their filings well in time to avoid last-minute technical glitches or penalties.

Income Tax return filing deadline extended for a day, till Tuesday, September 16

Advance Tax is the tax paid before the end of the financial year. At the start of the financial year, taxpayers estimate their annual income and pay taxes through multiple instalments&nbsp;if the tax on such income exceeds Rs 10,000.<h2>What is advance tax?</h2>The advance income tax is filed before the financial year. It is paid through several instalments before the end of the financial year. Instead of a lump sum payment at the end of the financial year, these are paid before filing the income tax returns. The provisions related to advance tax are covered under Sections 207 to 219 of the Income Tax Act. Taxpayers are required to make payments&nbsp;in four instalments.<h2>Who should pay advance payments?</h2>Taxpayers whose estimated tax liability exceeds Rs 10000 should pay advance tax. It includes salaried individuals, freelancers and business owners. People aged 60 who don't earn income from a business or profession are exempt from paying advance tax.<h3>The due date for advance tax payments for FY 2025-26 are:&nbsp;</h3>1. First Instalment on or before 15th June 2025 -- 15% of tax liability.2. Second Instalment on or before 15th September 2025 -- 45% of tax liability minus advance tax already paid. 3. Third Instalment on or before 15th December 2025 - 75% of tax liability minus advance tax already paid. 4. Fourth Instalment On or before 15th March 2026 100% of tax liability minus advance tax already paid.<h3>Calculating Advance Tax in India: A Step-by-Step Guide</h3>1. Assess Current Income: Consider income from all sources for the financial year, comparing with previous years. Account for new income like capital gains and gratuity redemption. 2. Eligible Deductions and Exemptions: Include tax-saving investments and deductions like: &nbsp; &nbsp; - Medical insurance premium &nbsp; &nbsp; - Home loan interest and principal repayment &nbsp; &nbsp; - HRA (House Rent Allowance) &nbsp; &nbsp; - Donations &nbsp; &nbsp; - Start-up deductions &nbsp; &nbsp; - Capital gain exemptions 3. Estimate Taxable Income: Calculate total taxable income based on income and deductions. 4. Determine Tax Liability: Use a tax calculator to find the most beneficial tax regime (old vs new). If total tax liability exceeds ₹10,000 for the financial year, advance tax is required. 5. Pay Advance Tax Instalments: Pay required percentages of tax liability by due dates. You can revise estimates if income changes during the year.<h3>How to make an advance tax payment online? Step-by-step guide</h3>1. Log on to the e-filing portal of the Income Tax Department of India. Access e-Pay Tax: On the homepage, find 'Quick Links' &gt; click 'e-Pay Tax'. Or search 'e-Pay Tax' in the search bar. 2. Enter Details: Input PAN (confirm by re-entering), mobile number &gt; click 'Continue'. 3. Verify OTP: Enter 6-digit OTP received on mobile &gt; 'Continue'. 4. Select Tax Type: Choose 'Income Tax' &gt; 'Proceed'. 5. Payment Details: Select Assessment Year (e.g., 2026-27), Type of Payment: 'Advance Tax (100)' &gt; 'Continue'. 6. Enter Tax Details: Fill in the required tax information. 7. Choose Payment Method: Select bank and payment method &gt; 'Continue'. 8. Preview and Pay: Check challan details &gt; 'Pay Now' (or 'Edit' if needed). 9. Acknowledgement: Post-payment, note the BSR code and challan serial number from the acknowledgement screen.

Advance Tax is the tax paid before the end of the financial year. At the start of the financial year, taxpayers estimate their annual income and pay taxes through multiple instalments if the tax on such income exceeds Rs 10,000.

Advance Tax is the tax paid before the end of the financial year. At the start of the financial year, taxpayers estimate their annual income and pay taxes through multiple instalments if the tax on such income exceeds Rs 10,000. What is advance tax? The advance income tax is filed before the financial year. It is paid through several instalments before the end of the financial year. Instead of a lump sum payment at the end of the financial year, these are paid before filing the income tax returns. The provisions related to advance tax are covered under Sections 207 to 219 of the Income Tax Act. Taxpayers are required to make payments in four instalments. Who should pay advance payments? Taxpayers whose estimated tax liability exceeds Rs 10000 should pay advance tax. It includes salaried individuals, freelancers and business owners. People aged 60 who don't earn income from a business or profession are exempt from paying advance tax. The due date for advance tax payments for FY 2025-26 are: 1. First Instalment on or before 15th June 2025 -- 15% of tax liability. 2. Second Instalment on or before 15th September 2025 -- 45% of tax liability minus advance tax already paid. 3. Third Instalment on or before 15th December 2025 - 75% of tax liability minus advance tax already paid. 4. Fourth Instalment On or before 15th March 2026 100% of tax liability minus advance tax already paid. Calculating Advance Tax in India: A Step-by-Step Guide 1. Assess Current Income: Consider income from all sources for the financial year, comparing with previous years. Account for new income like capital gains and gratuity redemption. 2. Eligible Deductions and Exemptions: Include tax-saving investments and deductions like: - Medical insurance premium - Home loan interest and principal repayment - HRA (House Rent Allowance) - Donations - Start-up deductions - Capital gain exemptions 3. Estimate Taxable Income: Calculate total taxable income based on income and deductions. 4. Determine Tax Liability: Use a tax calculator to find the most beneficial tax regime (old vs new). If total tax liability exceeds ₹10,000 for the financial year, advance tax is required. 5. Pay Advance Tax Instalments: Pay required percentages of tax liability by due dates. You can revise estimates if income changes during the year. How to make an advance tax payment online? Step-by-step guide 1. Log on to the e-filing portal of the Income Tax Department of India. Access e-Pay Tax: On the homepage, find 'Quick Links' > click 'e-Pay Tax'. Or search 'e-Pay Tax' in the search bar. 2. Enter Details: Input PAN (confirm by re-entering), mobile number > click 'Continue'. 3. Verify OTP: Enter 6-digit OTP received on mobile > 'Continue'. 4. Select Tax Type: Choose 'Income Tax' > 'Proceed'. 5. Payment Details: Select Assessment Year (e.g., 2026-27), Type of Payment: 'Advance Tax (100)' > 'Continue'. 6. Enter Tax Details: Fill in the required tax information. 7. Choose Payment Method: Select bank and payment method > 'Continue'. 8. Preview and Pay: Check challan details > 'Pay Now' (or 'Edit' if needed). 9. Acknowledgement: Post-payment, note the BSR code and challan serial number from the acknowledgement screen.

Advance Income Tax Rules 2025: Only people aged 60 or above, who don't have any active income through salary or business, are exempt from paying Advance Income Tax. Here are all relevant details regarding Advance Income Tax Rules 2025.

Advance Tax Payment 2025: Due dates, rules, who needs to pay | Everything you need to know

On Sunday (September 14), the Income Tax department debunked rumours circulating on social media about the extension of the Income Tax Return (ITR) filing deadline beyond September 15, 2025. In an official clarification, the department confirmed that the due date for filing ITRs remains fixed at September 15, 2025. The department took to its X (formerly Twitter) account to refute the claims suggesting that the deadline, initially set for July 31, 2025, and later extended to September 15, 2025, would be further extended to September 30, 2025. The Income Tax department highlighted that such news was entirely fake.&nbsp;Taxpayers were advised to rely exclusively on the official Income Tax India handle for accurate updates and to reach out to the helpdesk, which operates 24/7, for any assistance. The department stressed that support was available through phone calls, live chats, WebEx sessions, and even on Twitter/X.

<blockquote class="twitter-tweet">A fake news is in circulation stating that the due of filing ITRs (originally due on 31.07.2025, and extended to 15.09.2025) has been further extended to 30.09.2025. ✅ The due date for filing ITRs remains 15.09.2025. Taxpayers are advised to rely only on official… <a href="https://t.co/F7fPEOAztZ">pic.twitter.com/F7fPEOAztZ</a>&mdash; Income Tax India (@IncomeTaxIndia) <a href="https://twitter.com/IncomeTaxIndia/status/1967280298120618097?ref_src=twsrc%5Etfw">September 14, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The false notice making the rounds had said that the Central Board of Direct Taxes (CBDT) had decided to push the filing deadline further due to concerns over system readiness and stakeholder feedback. However, the department clarified that these claims were untrue.&nbsp;Earlier, the Income Tax Department reported that over 6 crore ITRs had already been filed for the Assessment Year 2025-26, thanking both taxpayers and tax professionals for helping achieve this milestone. It encouraged those yet to file to do so promptly, to avoid last-minute hassles. As the final day approaches, taxpayers are reminded that failing to file by the deadline could result in penalties and complications, including late filing fees, interest charges, delayed refunds, and more stringent scrutiny of returns.<h2>What are the penalties and fine for not filing ITR on time?</h2>Under Section 234F, if ITRs are filed late, taxpayers may face a late fee of up to Rs 5,000. The penalty is Rs 1,000 if the&nbsp;income is less than Rs 5 lakh, and Rs 5,000 if it exceeds that threshold.&nbsp;Other Consequences of Late Filing:Interest on Tax Due: Interest charges may apply under Sections 234A, 234B, and 234CCarry Forward Losses: Only certain losses, such as unabsorbed depreciation and house property loss, can still be carried forward if ITR is filed lateRefund Delays: Delayed filing could cause a delay in processing any refundsIncreased Scrutiny: Late filings might lead to closer scrutiny from the Income Tax DepartmentTaxpayers are urged to file their returns on time to avoid these consequences

The Income Tax department refuted claims of a deadline extension for ITR filing, confirming the due date remains Monday (September 15). Taxpayers are urged to file promptly to avoid penalties and delays

On Sunday (September 14), the Income Tax department debunked rumours circulating on social media about the extension of the Income Tax Return (ITR) filing deadline beyond September 15, 2025. In an official clarification, the department confirmed that the due date for filing ITRs remains fixed at September 15, 2025. The department took to its X (formerly Twitter) account to refute the claims suggesting that the deadline, initially set for July 31, 2025, and later extended to September 15, 2025, would be further extended to September 30, 2025. The Income Tax department highlighted that such news was entirely fake. Taxpayers were advised to rely exclusively on the official Income Tax India handle for accurate updates and to reach out to the helpdesk, which operates 24/7, for any assistance. The department stressed that support was available through phone calls, live chats, WebEx sessions, and even on Twitter/X.

The Income Tax department refuted claims of a deadline extension for ITR filing, confirming the due date remains Monday (September 15). Taxpayers are urged to file promptly to avoid penalties and delays

ITR filing FY 2025-26: IT filing date extended beyond September 15? Here's what the tax department really said

The Hinduja Group is on the Income Tax Department's radar for allegations of tax evasion. According to information received by Zee Media from important sources, the income tax department has imposed the provision of anti-tax avoidance on the group companies. However, the Hinduja Group has denied those allegations. Take a look at this Zee's exclusive report.

Hinduja Group Under IT Department's Lens

Addressing an event to mark the 165th year of the Income Tax Department, Finance Minister Nirmala Sitharaman on Wednesday urged the department to simplify the language of notices and further expedite the refund processes. She also asked the tax department to work towards being “fair and friendly”.

Indian FM Nirmala Sitharaman urges Income Tax Department to simplify tax procedures

The Income Tax Department carried out raids on Surana Jewellers and other establishments of its proprietor in the Indian city of Nashik, Maharashtra and seized $3.

The Income Tax Department carried out raids on Surana Jewellers and other establishments of its proprietor in the Indian city of Nashik, Maharashtra and seized $3.1 million (Rs 26 crore) in cash, besides undisclosed wealth, the news agency ANI reported on Sunday (May 26). The raid was carried out following reports of alleged undisclosed transactions by Surana Jewellers' proprietor. Moreover, documents of unaccounted wealth worth $10.8 million (Rs 90 crore) were also seized. The video of a raid was shared by ANI on X which showed department officials seizing multiple bundles of cash from the Surana Jewellers store. Income Tax Department launched a raid on Surana Jewellers in Nashik, in response to alleged undisclosed transactions by the proprietor. About Rs 26 crore in cash and documents of unaccounted wealth worth Rs 90 crore have been seized in raids carried out by the Income Tax… pic.twitter.com/XJ0wyuI8HQ — ANI (@ANI) May 26, 2024 × A report by English Jagran on Sunday said that the raids continued for about 30 hours and targeted multiple locations including the proprietor's residence and his construction firm. The report said that around 50 officials from Nashik, Nagpur and Jalgaon were part of this operation. The raids started early morning with officials scrutinising financial records, transactional data, and pertinent documents. Heavy police presence was seen at the locations that were raided. (With inputs from agencies)

Income Tax dept raids Surana Jewellers in Nashik, seizes $3.1 million in cash, assets worth $10.8 million

India's&nbsp;Income Tax (IT) Department on Saturday (May 18) raided three shoe traders in the northern state of Uttar Pradesh, seizing cash worth Rs 40 crore ($4.8 million).&nbsp;The officials said&nbsp;the&nbsp;counting&nbsp;of&nbsp;the money was still underway&nbsp;and&nbsp;the final amount is highly likely to go up.&nbsp;As officials unearthed bundles of Rupees 500 notes from the house of a&nbsp;company's&nbsp; owner, bank officials and officers&nbsp;were called in&nbsp;to help count money.

“So far, Rs 40 crore has been counted, of which there is no accounting. The remaining amount is being counted,”&nbsp;one official source&nbsp;was quoted as saying.

The IT department took action in Agra based on suspicion of suspected tax evasion and accumulation of disproportionate assets. The cash was found stashed in shoe boxes, mattresses and walls, said reports.

All three companies and their owners were not paying taxes duly, which seemingly triggered the raids by the IT department.

WATCH:&nbsp;India: Heatwave in Punjab, Haryana &amp; Delhi to last until May 21

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The IT officials also seized several&nbsp;important&nbsp;documents from the sites. They also examined some files and electronic devices&nbsp;in connection with&nbsp;the tax evasion case.

<h2>IT&nbsp;dept's&nbsp;raids in Kanpur</h2>

Earlier in&nbsp;February, the IT department raided Bansidhar Tobacco Company in Kanpur of Uttar Pradesh state.

The company is also operational in states like Delhi and Gujarat, as well as Mumbai city.

The department raided 20 places simultaneously belonging to the company and found massive discrepancies in the&nbsp;company's&nbsp;accounts.

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As per media reports, while the company reported its annual turnover to be just INR 20-25 crore, the inspection found it to be well above Rs 100 crore.

The IT department also found several luxury cars, worth more than Rs 60 crore, in the Delhi house of the&nbsp;owner of the company. The cars included a Rolls-Royce Phantom worth Rs 16 crore.&nbsp;

(With inputs from agencies)

India's Income Tax (IT) Department on Saturday (May 18) raided three shoe traders in the northern state of Uttar Pradesh, seizing cash worth Rs 40 crore ($4.8 million).

India's Income Tax (IT) Department on Saturday (May 18) raided three shoe traders in the northern state of Uttar Pradesh, seizing cash worth Rs 40 crore ($4.8 million). The officials said the counting of the money was still underway and the final amount is highly likely to go up. As officials unearthed bundles of Rupees 500 notes from the house of a company's owner, bank officials and officers were called in to help count money. “So far, Rs 40 crore has been counted, of which there is no accounting. The remaining amount is being counted,” one official source was quoted as saying. The IT department took action in Agra based on suspicion of suspected tax evasion and accumulation of disproportionate assets. The cash was found stashed in shoe boxes, mattresses and walls, said reports. All three companies and their owners were not paying taxes duly, which seemingly triggered the raids by the IT department. WATCH: India: Heatwave in Punjab, Haryana & Delhi to last until May 21 × The IT officials also seized several important documents from the sites. They also examined some files and electronic devices in connection with the tax evasion case. IT dept's raids in Kanpur Earlier in February, the IT department raided Bansidhar Tobacco Company in Kanpur of Uttar Pradesh state. The company is also operational in states like Delhi and Gujarat, as well as Mumbai city. The department raided 20 places simultaneously belonging to the company and found massive discrepancies in the company's accounts. Also read: 'Helicopter' worth $54000 'stolen' from India's Uttar Pradesh? Defence ministry clarifies As per media reports, while the company reported its annual turnover to be just INR 20-25 crore, the inspection found it to be well above Rs 100 crore. The IT department also found several luxury cars, worth more than Rs 60 crore, in the Delhi house of the owner of the company. The cars included a Rolls-Royce Phantom worth Rs 16 crore. (With inputs from agencies)

Indian Income Tax dept raids shoe traders in Uttar Pradesh, seizes cash worth $5 million

In a significant blow to the Congress ahead of Lok Sabha polls, the party said that it had received fresh notices from the Income Tax department, with a tax demand amounting to over Rs 1,745 crore (2,09,274 USD) for the assessment years 2014-15 to 2016-17.

With the latest development, the Income Tax department has raised a demand of Rs 3,567 crore (4,27,783 USD) from the grand old party.&nbsp;

The fresh tax notices are linked to 2014-15 (Rs 663 crore), 2015-16 (approximately Rs 664 crore) and 2016-17 (approximately Rs 417 crore), news agency PTI reported citing sources.

The authorities have removed tax exemption given to the political parties because of returns not being filed and further added that they were now subject to pay tax for the entire amount collected.

The grand old party, according to the sources, has also been taxed for "third-party entries" made in diaries which were seized by probe agencies from some of the party leaders during raids at multiple locations, said sources.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/arvind-kejriwals-arrest-unites-indian-opposition-at-the-site-of-his-political-birthplace-706214">Opposition unites at INDIA bloc rally over Kejriwal’s arrest to take on BJP</a>

<h2>Congress accuses IT department of double standards</h2>

Congress on Friday (Mar 29) accused the Income Tax Department of double standards alleging that it penalised the grand old party over a violation of Rs 14 lakh (16,789 USD) but was silent at the time the Bharatiya Janata Party (BJP) made a violation of Rs 42 crore (50,36,997 USD) that entailed a penalty of Rs 4,600 crore (5,51,671 USD).

While addressing a press conference, Congress leaders Jairam Ramesh and Ajay Maken alleged that the ruling party at the Centre was making attempts to stifle the grand old party financially ahead of the Lok Sabha polls.

Maken stated that it was the Election Commission's responsibility to ensure fair play during the elections.

"We have received notices from the time of Sitaram Kesari, from 1993-94... We have been demanded to pay Rs 53 crores from the time of Sitaram Kesari. A total demand of Rs 1823 crores has been made by the IT department from Congress," he said.

"We have analysed all violations of the BJP using the same parameters they used to analyse our violations... BJP has a penalty of Rs 4600 crore. The income Tax department should raise a demand from the BJP for the payment of this amount," he added.

Maken alleged that the saffron party was making efforts to weaken the Congress financially by freezing their bank accounts ahead of Lok Sabha polls.

"Our analysis reveals that out of the 1,297 individuals who donated to the BJP, their identities remain undisclosed with no addresses or evidence of contribution totalling Rs 42 crore, indicating a blatant breach of regulations. Additionally, there are 92 individuals whose names are absent from the list but they provided electoral bonds to the BJP," he said.

(With inputs from agencies)

In a significant blow to the Congress ahead of Lok Sabha polls, the party said that it had received fresh notices from the Income Tax department, with a tax demand amounting to over Rs 1,745 crore (2,09,274 USD) for the assessment years 2014-15 to 2016-17.

In a significant blow to the Congress ahead of Lok Sabha polls, the party said that it had received fresh notices from the Income Tax department, with a tax demand amounting to over Rs 1,745 crore (2,09,274 USD) for the assessment years 2014-15 to 2016-17. With the latest development, the Income Tax department has raised a demand of Rs 3,567 crore (4,27,783 USD) from the grand old party. The fresh tax notices are linked to 2014-15 (Rs 663 crore), 2015-16 (approximately Rs 664 crore) and 2016-17 (approximately Rs 417 crore), news agency PTI reported citing sources. The authorities have removed tax exemption given to the political parties because of returns not being filed and further added that they were now subject to pay tax for the entire amount collected. The grand old party, according to the sources, has also been taxed for "third-party entries" made in diaries which were seized by probe agencies from some of the party leaders during raids at multiple locations, said sources. Also read: Opposition unites at INDIA bloc rally over Kejriwal’s arrest to take on BJP Congress accuses IT department of double standards Congress on Friday (Mar 29) accused the Income Tax Department of double standards alleging that it penalised the grand old party over a violation of Rs 14 lakh (16,789 USD) but was silent at the time the Bharatiya Janata Party (BJP) made a violation of Rs 42 crore (50,36,997 USD) that entailed a penalty of Rs 4,600 crore (5,51,671 USD). While addressing a press conference, Congress leaders Jairam Ramesh and Ajay Maken alleged that the ruling party at the Centre was making attempts to stifle the grand old party financially ahead of the Lok Sabha polls. Maken stated that it was the Election Commission's responsibility to ensure fair play during the elections. "We have received notices from the time of Sitaram Kesari, from 1993-94... We have been demanded to pay Rs 53 crores from the time of Sitaram Kesari. A total demand of Rs 1823 crores has been made by the IT department from Congress," he said. "We have analysed all violations of the BJP using the same parameters they used to analyse our violations... BJP has a penalty of Rs 4600 crore. The income Tax department should raise a demand from the BJP for the payment of this amount," he added. Maken alleged that the saffron party was making efforts to weaken the Congress financially by freezing their bank accounts ahead of Lok Sabha polls. "Our analysis reveals that out of the 1,297 individuals who donated to the BJP, their identities remain undisclosed with no addresses or evidence of contribution totalling Rs 42 crore, indicating a blatant breach of regulations. Additionally, there are 92 individuals whose names are absent from the list but they provided electoral bonds to the BJP," he said. (With inputs from agencies)

India's Congress party gets fresh income tax department notice: Report

Congress has received a fresh notice of $200 million from the Income Tax Department for its alleged failure in complying with the tax returns. The notice, adding to the party's tax woes, comes a day after the High Court rejected its plea challenging tax notices.

India: Congress gets fresh tax notice after High Court dismisses plea

The Indian Income Tax Department arrived at the Delhi and Mumbai offices of the British Broadcasting Corporation (BBC). The operation is being called a survey by officials, not a raid.

Income Tax Department surveys BBC India: 5 things to know

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday.

The department raided at least two dozen premises in Delhi, Gurgaon and Ghaziabad as part of the action under which it covered the Chinese, some of their Indian associates and bank officials, the Central Board of Direct Taxes said in a statement issued here late night.

The CBDT is the policy-making body for the tax department.

It said the “subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India”.

The CBDT said the searches were launched based on “credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities.”

A Chinese man, who allegedly holds a fake Indian passport, is alleged to be the kingpin of the racket apart from few other nationals of that country.

They said the Chinese man had got prepared the fake Indian passport from Manipur and has been detained by the department as searches are continuing.

The tax officials have shared the information of alleged possession of fake Indian passport with police authorities who are expected to book him for violation of the Passport Act.

The police many later arrest him and even the Enforcement Directorate may take over the case for investigation under the criminal provisions of the Prevention of Money Laundering Act, they said.

“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 Rs 1,000 crore over the period,” the CBDT said in a statement without identifying the entities involved.

“Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action,” it said.

Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said.

India recently banned 59 Chinese apps (Internet-based mobile applications) in the aftermath of a continuing standoff between the militaries of the two countries in Ladakh.

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday.

The Income Tax Department has conducted raids against some Chinese individuals and their local associates for allegedly running an estimated Rs 1,000 crore worth money laundering racket using shell or dubious firms, the CBDT said Tuesday. The department raided at least two dozen premises in Delhi, Gurgaon and Ghaziabad as part of the action under which it covered the Chinese, some of their Indian associates and bank officials, the Central Board of Direct Taxes said in a statement issued here late night. The CBDT is the policy-making body for the tax department. It said the “subsidiary of Chinese company and its related concerns have taken over Rs 100 crore bogus advances from shell entities for opening businesses of retail showrooms in India”. The CBDT said the searches were launched based on “credible inputs that a few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through a series of shell entities.” A Chinese man, who allegedly holds a fake Indian passport, is alleged to be the kingpin of the racket apart from few other nationals of that country. They said the Chinese man had got prepared the fake Indian passport from Manipur and has been detained by the department as searches are continuing. The tax officials have shared the information of alleged possession of fake Indian passport with police authorities who are expected to book him for violation of the Passport Act. The police many later arrest him and even the Enforcement Directorate may take over the case for investigation under the criminal provisions of the Prevention of Money Laundering Act, they said. “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 Rs 1,000 crore over the period,” the CBDT said in a statement without identifying the entities involved. “Incriminating documents of hawala transactions and money laundering with active involvement of bank employees and Chartered Accountants have been found as a result of the search action,” it said. Evidences of foreign hawala transactions involving Hong Kong and US dollars have also been unearthed, the CBDT said. India recently banned 59 Chinese apps (Internet-based mobile applications) in the aftermath of a continuing standoff between the militaries of the two countries in Ladakh.

Rs 1,000-crore money laundering case: Income Tax department raids Chinese individuals

The <a href="https://www.wionews.com/india-news/ajit-pawar-took-false-documents-to-raj-bhawan-yesterday-sanjay-raut-264162">Income Tax Department</a> is conducting searches at 25 locations in <a href="https://www.wionews.com/india-news/pune-notices-issued-to-163-people-ahead-of-202nd-anniversary-of-bhima-koregaon-269744">Pune</a> and <a href="https://www.wionews.com/india-news/severe-cold-continues-in-delhi-dense-fog-hampers-visibility-270958">Delhi-NCR</a> at properties belonging to <a href="https://www.wionews.com/india-news/agustawestland-case-enforcement-directorate-seeks-custody-of-ratul-puri-accuses-him-of-influencing-witnesses-239702">Sushen Mohan Gupta</a> and Pune-based industrialist Dinesh Munot in connection with Rs 3,600 crore <a href="https://www.wionews.com/india-news/court-allows-ed-to-record-christian-michels-statement-in-agustawestland-case-259504">VVIP AgustaWestland</a> chopper deal, sources said on Thursday. 
 
The searches are currently underway. Gupta was arrested on March 26 this year by the <a href="https://www.wionews.com/india-news/delhi-high-court-adjourns-hearing-on-enforcement-directorates-plea-seeking-cancellation-of-robert-vadras-anticipatory-bail-269750">Enforcement Directorate</a> (ED) on charges of money laundering. 
 
A special CBI court had in June granted him bail in connection with the case. 
 
In 2014, India had scrapped a contract with <a href="https://www.wionews.com/india-news/no-attempts-to-tamper-with-evidence-influence-witnesses-christian-michel-in-bail-plea-in-agustawestland-case-257771">Finmeccanica's British</a> subsidiary, <a href="https://www.wionews.com/india-news/cbi-to-examine-agustawestland-middleman-christian-michel-in-another-defence-deal-case-265457">AgustaWestland</a>, for supplying 12 VVIP choppers to the Indian Air Force, over alleged breach of contractual obligations and charges of kickbacks worth Rs 423 crore being paid to secure the deal.

The Income Tax Department is conducting searches at 25 locations in Pune and Delhi-NCR at properties belonging to Sushen Mohan Gupta and Pune-based industrialist Dinesh Munot in connection with Rs 3,600 crore VVIP AgustaWestland chopper deal, sources said on Thursday.

The Income Tax Department is conducting searches at 25 locations in Pune and Delhi-NCR at properties belonging to Sushen Mohan Gupta and Pune-based industrialist Dinesh Munot in connection with Rs 3,600 crore VVIP AgustaWestland chopper deal, sources said on Thursday. The searches are currently underway. Gupta was arrested on March 26 this year by the Enforcement Directorate (ED) on charges of money laundering. A special CBI court had in June granted him bail in connection with the case. In 2014, India had scrapped a contract with Finmeccanica's British subsidiary, AgustaWestland, for supplying 12 VVIP choppers to the Indian Air Force, over alleged breach of contractual obligations and charges of kickbacks worth Rs 423 crore being paid to secure the deal.

AgustaWestland deal: IT department conducts raids at 25 properties in Pune, NCR-Delhi

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt? Was it the taxman’s scrutiny that he was subject to? Was it his inability to cope with the stress of managing a big business empire and the bigger debt it inevitably involves? Or, was it a lethal combination of all three?

Whatever was the last straw that made Siddhartha take the extreme step and plunge to his death, there are good reasons for the government, the business community and other interested sections to know, understand and draw the correct conclusions. Doubtless, there would be lessons, too, to be learnt.

At the same time, to pick on particular officials and question them for the harassment alleged by Siddhartha would be unfair. There is no case whatsoever for such a course of action. In such cases, officials, particularly tax and enforcement officials, are damned if they do, and damned if they don’t. Diligently doing their duty risks the charge of harassment. Failure to go by the book can invite accusations of negligence or favouritism. &nbsp;And, it is easy to make a scapegoat of an official especially if the political class wants to.

Precisely for that reason, the political class must desist from giving in to the temptation of picking on an official unless there is direct culpability with proof of personal enmity or vendetta. In the absence of these, questioning an official for “harassment” in the vague sense would be a fishing expedition.

Therein lies a lesson for government officials: to discharge their duty, at all times, without fear or favour and shun political bias, influence or instruction.

(Disclaimer: WION Edit is the channel's take on the big events of the world)

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt?

In the aftermath of Café Coffee Day founder V G Siddhartha’s death what refuses to go away is the abounding speculation over the trigger for his suicide. Was it the mountain of debt? Was it the taxman’s scrutiny that he was subject to? Was it his inability to cope with the stress of managing a big business empire and the bigger debt it inevitably involves? Or, was it a lethal combination of all three? Whatever was the last straw that made Siddhartha take the extreme step and plunge to his death, there are good reasons for the government, the business community and other interested sections to know, understand and draw the correct conclusions. Doubtless, there would be lessons, too, to be learnt. At the same time, to pick on particular officials and question them for the harassment alleged by Siddhartha would be unfair. There is no case whatsoever for such a course of action. In such cases, officials, particularly tax and enforcement officials, are damned if they do, and damned if they don’t. Diligently doing their duty risks the charge of harassment. Failure to go by the book can invite accusations of negligence or favouritism. And, it is easy to make a scapegoat of an official especially if the political class wants to. Precisely for that reason, the political class must desist from giving in to the temptation of picking on an official unless there is direct culpability with proof of personal enmity or vendetta. In the absence of these, questioning an official for “harassment” in the vague sense would be a fishing expedition. Therein lies a lesson for government officials: to discharge their duty, at all times, without fear or favour and shun political bias, influence or instruction. (Disclaimer: WION Edit is the channel's take on the big events of the world)

WION Edit: Let officials do their job without fear or favour

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain.

In a letter which surfaced shortly after Siddhartha went missing, the coffee chain promoter said he felt harassed when the department attached his shares.

"There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to serious liquid crunch” Siddhartha said in the letter.

The letter was addressed to board members and his employees.

The Income Tax department, however, issued a clarification in which it said that during the recent raids Siddhartha had admitted holding black money. It also said that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department.

The Income Tax department further said that the provisional attachment of shares was made to protect the “interests of revenue” in cases of large tax evasion and the action was based on “credible evidence” gathered in the searches that were conducted against the Bengaluru-based group in 2017.

It also said that Siddhartha fetched &nbsp;Rs 3,200 crore from the sale of Mindtree shares, but has paid only Rs 46 crore out of the total Rs 300 crore minimum alternate tax payable on the deal.

Sources in the income department said that Siddhartha, in a sworn statement, admitted an unaccounted income of Rs 362.11 crore and Rs 118.02 crore in his hands and that of Coffee Day Enterprises ltd respectively.

They further claimed that tax sleuths recovered numerous messages from his mobile phone that indicated his “active involvement in cross-border hawala transactions.”

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain.

The officials of the Income Tax Department on Tuesday have rejected the allegations of harassment during their probe against V G Siddhartha, the missing promoter of the Café Coffee Day (CCD) chain. In a letter which surfaced shortly after Siddhartha went missing, the coffee chain promoter said he felt harassed when the department attached his shares. "There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking the position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to serious liquid crunch” Siddhartha said in the letter. The letter was addressed to board members and his employees. The Income Tax department, however, issued a clarification in which it said that during the recent raids Siddhartha had admitted holding black money. It also said that the signature of Siddhartha on the letter being circulated on the social media under his name "does not match" with the record available with the department. The Income Tax department further said that the provisional attachment of shares was made to protect the “interests of revenue” in cases of large tax evasion and the action was based on “credible evidence” gathered in the searches that were conducted against the Bengaluru-based group in 2017. It also said that Siddhartha fetched Rs 3,200 crore from the sale of Mindtree shares, but has paid only Rs 46 crore out of the total Rs 300 crore minimum alternate tax payable on the deal. Sources in the income department said that Siddhartha, in a sworn statement, admitted an unaccounted income of Rs 362.11 crore and Rs 118.02 crore in his hands and that of Coffee Day Enterprises ltd respectively. They further claimed that tax sleuths recovered numerous messages from his mobile phone that indicated his “active involvement in cross-border hawala transactions.”

Income Tax department refutes V G Siddhartha's allegation of harassment, says he accepted holding black money

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids.

Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season.

The EC had on Sunday "strongly advised" the Finance Ministry that any action by its enforcement agencies during election time should be "neutral" and "non-discriminatory" and officials of the poll panel should be kept in loop about such actions.

The EC's advice had come against the backdrop of Income Tax Department's raids in Madhya Pradesh Sunday and in Karnataka, Tamil Nadu and Andhra Pradesh in the recent past on politicians and people connected to them.&nbsp;

Since the Model Code Conduct came into force on March 10, the I-T Department has carried out several raids on political leaders and their associates which the opposition has dubbed a misuse of central agencies during poll season.

The Income-Tax Department Monday said it has detected a "widespread and well-organised" racket of a collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others.

It said sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.?

The Central Board of Direct Taxes (CBDT) said the department has also detected a trail of Rs 20 crore suspect cash allegedly being moved to the "headquarters of a major political party in Delhi" from the house of an important person who lives on Tughlaq Road, home to many VIPs.

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids. Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season.

The Election Commission has called the revenue secretary and chairman, Central Board of Direct Taxes on Tuesday to discuss ongoing income tax raids. Revenue Secretary A B Pandey and CBDT Chairman P C Mody have been called to explain the raids amid allegations by the Congress that the ruling BJP was using enforcement agencies to target it during the poll season. The EC had on Sunday "strongly advised" the Finance Ministry that any action by its enforcement agencies during election time should be "neutral" and "non-discriminatory" and officials of the poll panel should be kept in loop about such actions. The EC's advice had come against the backdrop of Income Tax Department's raids in Madhya Pradesh Sunday and in Karnataka, Tamil Nadu and Andhra Pradesh in the recent past on politicians and people connected to them. Since the Model Code Conduct came into force on March 10, the I-T Department has carried out several raids on political leaders and their associates which the opposition has dubbed a misuse of central agencies during poll season. The Income-Tax Department Monday said it has detected a "widespread and well-organised" racket of a collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others. It said sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.? The Central Board of Direct Taxes (CBDT) said the department has also detected a trail of Rs 20 crore suspect cash allegedly being moved to the "headquarters of a major political party in Delhi" from the house of an important person who lives on Tughlaq Road, home to many VIPs.

IT raids: Election Commission calls CBDT chairman, Revenue Secretary

The income tax department Tuesday evening auctioned the artworks owned by the absconding diamantaire Nirav Modi, who fled the country after duping state-run lender PNB of a whopping Rs 14,000 crore, for Rs 59.37 crore.

Of the gross proceeds, the department will get a net of Rs 54.84 crore, with the rest being the commission to the auction house Saffronart and the buyers' premium.

This is the first time that a government department has sold artworks adopting the auction-route involving a professional art-house. The department had put up a total of 68 works for auction to recover Rs 97 crore from the scamster.

An untitled work by the abstract artist VS Gaitonde fetched a winning bid of Rs 25.24 crore, including the buyer's premium, which, however, is lower than the Rs 29.3 crore his work had fetched in 2015, making it the most expensive bid for an artwork from the country ever.

The great Raja Ravi Varma's 1881 work depicting the Maharaja of Travancore and his younger brother welcoming Richard Temple-Grenville, and Chandos, the third duke of Buckingham and the governor general of Madras, got sold for Rs 16.10 crore through a phone bid.

Potential investors and artlovers started trickling in into the central Mumbai gallery Tuesday evening, but it was the bids over the phones and the Net which were higher at the auctions that began early evening but extended through the course of late night.

None of the artworks, "lots" in auction-speak, saw intense bidding, though. As many as 13 works out of 68 had to be passed or returned unsold as the bids were lower than the reserved price.

Barring a few works which could not be sold, many of the artworks were sold at prices above the reserve price. Modi's collection of paintings by FN Souza which saw significant interest from the collectors, with "cityscape" and "golly-wog" notching up bids of over Rs 1 crore each.

Akbar Padamsee's "Grey Nude" completed in 1960 got a winning bid of Rs 1.72 crore as against an expected price of Rs 1.5-2 crore.

Throughout the bidding that lasted over 120 minutes, eight dedicated agents worked frantically on the phones getting the bids from investors and art lovers.

The online bids came in from diverse places like Seattle in the US, Toronto in Canada and Belgium in Northwestern Europe, which has emerged as the nerve-centre of the global diamond trade now.

Works by some Chinese artists also generated considerable interest among the bidders, with all of them fetching more-than-expected prices.

Every buyer will have to pay a 15 per cent premium for works costing up to Rs 20 crore, while the same for the ones above Rs 20 crore is a tad lower at 12 per cent. The premium goes to the art gallery. A successful bidder has to pay 10 per cent of the amount plus the buyers' premium within four days and pay up the remaining in a month's time.

The sale is being undertaken under relevant sections of the Income Tax Act of 1961. The department was looking to raise up to Rs 97 crore, which is the tax liabilities of Modi shell firm Camelot Enterprises.

The tax department reportedly discovered the paintings in a climate-controlled room at his house in the metropolis.

As many as 68 artworks went under the hammer this evening and included works by the greats like Raja Ravi Varma, VS Gaitonde, FN Souza, Jogen Chowdhury, and Akbar Padamsee among others to recover dues and the department was expecting to mop up over Rs 97 crore from the artworks which had a reserve price of Rs 50 crore.

The income tax department Tuesday evening auctioned the artworks owned by the absconding diamantaire Nirav Modi, who fled the country after duping state-run lender PNB of a whopping Rs 14,000 crore, for Rs 59.

The income tax department Tuesday evening auctioned the artworks owned by the absconding diamantaire Nirav Modi, who fled the country after duping state-run lender PNB of a whopping Rs 14,000 crore, for Rs 59.37 crore. Of the gross proceeds, the department will get a net of Rs 54.84 crore, with the rest being the commission to the auction house Saffronart and the buyers' premium. This is the first time that a government department has sold artworks adopting the auction-route involving a professional art-house. The department had put up a total of 68 works for auction to recover Rs 97 crore from the scamster. An untitled work by the abstract artist VS Gaitonde fetched a winning bid of Rs 25.24 crore, including the buyer's premium, which, however, is lower than the Rs 29.3 crore his work had fetched in 2015, making it the most expensive bid for an artwork from the country ever. The great Raja Ravi Varma's 1881 work depicting the Maharaja of Travancore and his younger brother welcoming Richard Temple-Grenville, and Chandos, the third duke of Buckingham and the governor general of Madras, got sold for Rs 16.10 crore through a phone bid. Potential investors and artlovers started trickling in into the central Mumbai gallery Tuesday evening, but it was the bids over the phones and the Net which were higher at the auctions that began early evening but extended through the course of late night. None of the artworks, "lots" in auction-speak, saw intense bidding, though. As many as 13 works out of 68 had to be passed or returned unsold as the bids were lower than the reserved price. Barring a few works which could not be sold, many of the artworks were sold at prices above the reserve price. Modi's collection of paintings by FN Souza which saw significant interest from the collectors, with "cityscape" and "golly-wog" notching up bids of over Rs 1 crore each. Akbar Padamsee's "Grey Nude" completed in 1960 got a winning bid of Rs 1.72 crore as against an expected price of Rs 1.5-2 crore. Throughout the bidding that lasted over 120 minutes, eight dedicated agents worked frantically on the phones getting the bids from investors and art lovers. The online bids came in from diverse places like Seattle in the US, Toronto in Canada and Belgium in Northwestern Europe, which has emerged as the nerve-centre of the global diamond trade now. Works by some Chinese artists also generated considerable interest among the bidders, with all of them fetching more-than-expected prices. Every buyer will have to pay a 15 per cent premium for works costing up to Rs 20 crore, while the same for the ones above Rs 20 crore is a tad lower at 12 per cent. The premium goes to the art gallery. A successful bidder has to pay 10 per cent of the amount plus the buyers' premium within four days and pay up the remaining in a month's time. The sale is being undertaken under relevant sections of the Income Tax Act of 1961. The department was looking to raise up to Rs 97 crore, which is the tax liabilities of Modi shell firm Camelot Enterprises. The tax department reportedly discovered the paintings in a climate-controlled room at his house in the metropolis. As many as 68 artworks went under the hammer this evening and included works by the greats like Raja Ravi Varma, VS Gaitonde, FN Souza, Jogen Chowdhury, and Akbar Padamsee among others to recover dues and the department was expecting to mop up over Rs 97 crore from the artworks which had a reserve price of Rs 50 crore.

Tax department raises Rs 55 crore from selling Nirav Modi paintings

The Income Tax Department on Monday claimed to have busted a <a href="http://www.wionews.com/south-asia/kapil-mishra-alleges-aap-received-money-through-hawala-network-15786?amp">nexus of hawala</a> operators who were running a <a href="http://www.wionews.com/india-news/madhya-pradesh-assembly-elections-2018-rs-500-crore-hawala-cash-documents-recovered-before-polls-177234">money laundering racket</a> in the national capital estimated to be worth Rs 20,000 crore.

Official sources in the department said a "series of" raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Department over the last few weeks in different business areas of old Delhi.

These operations led to the unearthing of illegal financial activities by three groups of operators, a senior official said.

A survey was conducted on one such group in the Naya Bazar area, that led to the detection of bogus billing of about Rs 18,000 crore. This group had floated a dozen bogus entities for providing fake bills, the official said.

The identities of the accused were not disclosed by the department.

In the second case, a "highly organised" money laundering racket has been unearthed where current transactions in well-known shares were fraudulently camouflaged as being sales of old shares held for years, the official said.

He said this way, the beneficiaries have been found claiming "bogus long-term capital gains."

The taxman suspects the magnitude of this purported scam to be over Rs 1,000 crore.

"This figure appears to be the tip of the iceberg. This modus operandi has been found to be going on for many years," the official said.

The department similarly conducted searches against a group and found "undisclosed foreign bank accounts and a well-established racket of claiming bogus duty drawback/GST through over-invoicing of exports."

"Preliminary estimates of such bogus exports is more than Rs 1,500 crore," the official said.

The search teams have seized signed, un-signed papers, MoUs, agreements, cash loans and interest earned thereupon, documents of the settlement of financial disputes in cash, receipt of cash in settlement of disputed immovable properties among others of around Rs 100 crore, he said.

"Evidence of arranging foreign trips and foreign currency overseas to persons on undertaking these trips have also been noticed vis-a-vis probe in the third case," the official said.

The total amount of tax evasion detected is expected to be around Rs 20,000 crore, he said.

The Income Tax Department on Monday claimed to have busted a nexus of hawala operators who were running a money laundering racket in the national capital estimated to be worth Rs 20,000 crore.

The Income Tax Department on Monday claimed to have busted a nexus of hawala operators who were running a money laundering racket in the national capital estimated to be worth Rs 20,000 crore. Official sources in the department said a "series of" raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Department over the last few weeks in different business areas of old Delhi. These operations led to the unearthing of illegal financial activities by three groups of operators, a senior official said. A survey was conducted on one such group in the Naya Bazar area, that led to the detection of bogus billing of about Rs 18,000 crore. This group had floated a dozen bogus entities for providing fake bills, the official said. The identities of the accused were not disclosed by the department. In the second case, a "highly organised" money laundering racket has been unearthed where current transactions in well-known shares were fraudulently camouflaged as being sales of old shares held for years, the official said. He said this way, the beneficiaries have been found claiming "bogus long-term capital gains." The taxman suspects the magnitude of this purported scam to be over Rs 1,000 crore. "This figure appears to be the tip of the iceberg. This modus operandi has been found to be going on for many years," the official said. The department similarly conducted searches against a group and found "undisclosed foreign bank accounts and a well-established racket of claiming bogus duty drawback/GST through over-invoicing of exports." "Preliminary estimates of such bogus exports is more than Rs 1,500 crore," the official said. The search teams have seized signed, un-signed papers, MoUs, agreements, cash loans and interest earned thereupon, documents of the settlement of financial disputes in cash, receipt of cash in settlement of disputed immovable properties among others of around Rs 100 crore, he said. "Evidence of arranging foreign trips and foreign currency overseas to persons on undertaking these trips have also been noticed vis-a-vis probe in the third case," the official said. The total amount of tax evasion detected is expected to be around Rs 20,000 crore, he said.

Income Tax department unearths Rs 20,000 cr hawala, money laundering racket in Delhi

<a href="http://www.wionews.com/india-news/national-herald-case-income-tax-re-assessment-of-sonia-gandhi-rahul-gandhi-for-2011-12-can-continue-says-supreme-court-181427">National Herald case: SC allows </a><a href="http://www.wionews.com/india-news/national-herald-case-income-tax-re-assessment-of-sonia-gandhi-rahul-gandhi-for-2011-12-can-continue-says-supreme-court-181427">I-T</a><a href="http://www.wionews.com/india-news/national-herald-case-income-tax-re-assessment-of-sonia-gandhi-rahul-gandhi-for-2011-12-can-continue-says-supreme-court-181427"> department to reopen tax case against Rahul, Sonia Gandhi</a>

The Supreme Court on Tuesday allowed the Income Tax Department to reopen tax assessment of top Congress leaders Rahul and Sonia Gandhi for 2011-12 in connection with the National Herald case.

<a href="http://www.wionews.com/central-asia/chinese-scientist-who-conducted-gene-editing-kept-under-house-arrest-report-181479">Chinese</a><a href="http://www.wionews.com/central-asia/chinese-scientist-who-conducted-gene-editing-kept-under-house-arrest-report-181479"> scientist who conducted gene editing kept under house arrest: Report</a>

He Jiankui, the controversial Chinese scientist who claimed to have created the world's first genetically edited babies has been kept under house arrest, media reports said.

<a href="http://www.wionews.com/world/france-pm-philippe-confirms-fuel-tax-suspensions-calls-for-calm-181453">France PM Philippe confirms fuel tax suspensions, calls for calm</a>

French Prime Minister Edouard Philippe announced Tuesday new concessions to "yellow vest" protesters, including the suspension for six months of planned tax increases raising the price of fuel.

<a href="http://www.wionews.com/south-asia/sri-lanka-crisis-rajapaksa-files-appeal-in-supreme-court-against-interim-courts-order-181435">Sri Lanka crisis: Rajapaksa files appeal in Supreme Court against interim court's order</a>

An appeal was filed Tuesday in Sri Lanka's Supreme Court against a court order that barred Mahinda Rajapaksa from acting as Prime Minister.

The Court of Appeal in an interim order Monday temporary halted Rajapaksa and his Cabinet from functioning in their positions in response to a case filed by 122 legislators against his disputed government. The court set the hearing of the case for December 12 and 13.

<a href="http://www.wionews.com/world/ukraine-conducts-military-drill-as-russia-partially-reopens-azov-sea-ports-181420">Ukraine conducts military drill as Russia partially reopens Azov </a><a href="http://www.wionews.com/world/ukraine-conducts-military-drill-as-russia-partially-reopens-azov-sea-ports-181420">Sea ports</a>

Ukraine's armed forces conducted military drills even as Kiev said Russia has partially opened the Sea of Azov for Ukranian ships to enter the ports.

"The Berdyansk and Mariupol ports have been partially unblocked," Ukraine's infrastructure minister Volodymyr Omelyan said.

National Herald case: SC allows I-T department to reopen tax case against Rahul, Sonia Gandhi The Supreme Court on Tuesday allowed the Income Tax Department to reopen tax assessment of top Congress leaders Rahul and Sonia Gandhi for 2011-12 in connection with the National Herald case.

National Herald case: SC allows I-T department to reopen tax case against Rahul, Sonia Gandhi The Supreme Court on Tuesday allowed the Income Tax Department to reopen tax assessment of top Congress leaders Rahul and Sonia Gandhi for 2011-12 in connection with the National Herald case. Chinese scientist who conducted gene editing kept under house arrest: Report He Jiankui, the controversial Chinese scientist who claimed to have created the world's first genetically edited babies has been kept under house arrest, media reports said. France PM Philippe confirms fuel tax suspensions, calls for calm French Prime Minister Edouard Philippe announced Tuesday new concessions to "yellow vest" protesters, including the suspension for six months of planned tax increases raising the price of fuel. Sri Lanka crisis: Rajapaksa files appeal in Supreme Court against interim court's order An appeal was filed Tuesday in Sri Lanka's Supreme Court against a court order that barred Mahinda Rajapaksa from acting as Prime Minister. The Court of Appeal in an interim order Monday temporary halted Rajapaksa and his Cabinet from functioning in their positions in response to a case filed by 122 legislators against his disputed government. The court set the hearing of the case for December 12 and 13. Ukraine conducts military drill as Russia partially reopens Azov Sea ports Ukraine's armed forces conducted military drills even as Kiev said Russia has partially opened the Sea of Azov for Ukranian ships to enter the ports. "The Berdyansk and Mariupol ports have been partially unblocked," Ukraine's infrastructure minister Volodymyr Omelyan said.

News brief: Big stories of the day

The Madras High Court on Friday quashed an order passed by the Income Tax department sanctioning criminal prosecution against the family members of former Union minister P Chidambaram in a black money case.

When the petitions by Chidambaram's wife Nalini, his son Karti and daughter-in-law Srinidhi came up, a division bench of justices S Manikumar and Subramania Prasad said no case was made out and quashed the criminal prosecution.

The writ petitions were filed challenging the criminal prosecution initiated by the I-T Department against them.

On October 12, the high court had extended the interim order dispensing with the appearance of Chidambaram's family members before a special court here till Friday, in the case of 'non-disclosure' of foreign assets filed against them by the I-T Department.

The issue pertains to alleged non-disclosure of overseas assets and bank accounts held by the three.

According to the I-T Department, the three had failed to disclose a property they jointly own in Cambridge in the UK, worth Rs 5.37 crore, which amounted to an offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act.

The department has also alleged that Karti Chidambaram had failed to disclose an overseas bank account he holds with Metro Bank in the UK and investments he had made in Nano Holdings LLC, USA.

He had also "failed" to disclose investments made by Chess Global Advisory, a company co-owned by him, which amounts to an offence under the Black Money Act, the department said in its complaint filed in the special court in May.

Assailing the prosecution, the three had approached the high court. As a single judge bench refused any relief, they moved an appeal. 
On June 27, the first bench headed by then Chief Justice Indira Banerjee reserved its order on the appeal.

However, as Justice Banerjee was later elevated to the Supreme Court, orders could not be pronounced.

The appeal was then referred to the bench headed by Justice Manikumar for fresh hearing.

During the hearing by Justice Banerjee, counsel for the appellants had contended that prima facie no offence can be made out against them under the Black Money Act, which deals with undisclosed income raised from foreign assets.&nbsp;

The Madras High Court on Friday quashed an order passed by the Income Tax department sanctioning criminal prosecution against the family members of former Union minister P Chidambaram in a black money case.

The Madras High Court on Friday quashed an order passed by the Income Tax department sanctioning criminal prosecution against the family members of former Union minister P Chidambaram in a black money case. When the petitions by Chidambaram's wife Nalini, his son Karti and daughter-in-law Srinidhi came up, a division bench of justices S Manikumar and Subramania Prasad said no case was made out and quashed the criminal prosecution. The writ petitions were filed challenging the criminal prosecution initiated by the I-T Department against them. On October 12, the high court had extended the interim order dispensing with the appearance of Chidambaram's family members before a special court here till Friday, in the case of 'non-disclosure' of foreign assets filed against them by the I-T Department. The issue pertains to alleged non-disclosure of overseas assets and bank accounts held by the three. According to the I-T Department, the three had failed to disclose a property they jointly own in Cambridge in the UK, worth Rs 5.37 crore, which amounted to an offence under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act. The department has also alleged that Karti Chidambaram had failed to disclose an overseas bank account he holds with Metro Bank in the UK and investments he had made in Nano Holdings LLC, USA. He had also "failed" to disclose investments made by Chess Global Advisory, a company co-owned by him, which amounts to an offence under the Black Money Act, the department said in its complaint filed in the special court in May. Assailing the prosecution, the three had approached the high court. As a single judge bench refused any relief, they moved an appeal. On June 27, the first bench headed by then Chief Justice Indira Banerjee reserved its order on the appeal. However, as Justice Banerjee was later elevated to the Supreme Court, orders could not be pronounced. The appeal was then referred to the bench headed by Justice Manikumar for fresh hearing. During the hearing by Justice Banerjee, counsel for the appellants had contended that prima facie no offence can be made out against them under the Black Money Act, which deals with undisclosed income raised from foreign assets.

Madras HC quashes I-T Dept's criminal prosecution against Chidambaram's family 

Over 780 benami asset attachments worth crores of rupees run the risk of being invalidated in the near future as the government has failed to create a designated adjudicating authority for over a year-and-a-half since the stringent law was enforced to deal with black money and corruption.

The Benami Property Transaction Act, enacted in 1988, was revived and enforced by the current government from November 1, 2016, the month that also saw demonetisation of two big currencies of the country by a declaration made by Prime Minister Narendra Modi.

Section 7 of this law, that attracts a rigorous imprisonment of up to seven years and fine up to 25 per cent of the fair market value of the property, requires the government to create an independent 3-member Adjudicating Authority (like the one for PMLA) that will decide on the validity of the attachment of properties made under this legislation by the Income Tax Department (ITD).

In the absence of such an authority for over 1.5 years now, the government has entrusted the task of handling these cases on an ad-hoc basis and as a "transitional" arrangement to the already short-staffed and over-burdened Adjudicating Authority for the Prevention of Money Laundering Act (PMLA), a stringent law enforced by the Enforcement Directorate.

Official records&nbsp;show that while over 860 such cases have been finalised by the tax department and sent to this authority till now, only about 80 could be adjudicated, leaving a pendency of about 780 cases bearing attachments worth crores of rupees and involving some very high-profile individuals, politicians, bureaucrats and others.

Worried that these high-value sensitive cases may get "time-barred" or invalidated as benami attachment orders have to be confirmed within a year of issue by the ITD, the Authority has recently asked the Department of Revenue and the CBDT under the Finance Ministry to not send to it the cases and "hold" them with the IT Department, till the new body is constituted.

The Authority, as per official records, has put the government on notice stating if a new body is not created and existing vacancies of members and staff are not immediately posted to the existing setup, "it will be impossible for it to dispose of benami cases in the prescribed time limit...Considering the speed at which work is pouring under the benami law."

"If benami cases fail to be adjudicated within the prescribed time, it will lead to major litigation and embarrassment for the government as the drive against benami assets has been the most-talked-about action of the government under its flagship anti-black money drive, about which PM Modi has himself spoken at various forums and poll rallies," a senior Finance Ministry official told the news agency.

Records show that the existing Authority is forced to work without a regular Chairman since April 1 as the incumbent retired a day before and has only two working members now.?

It has also beseeched the Finance Ministry to provide it at least 9 junior staff members like court masters-- to take down dictations and write judicial orders-- and peons to serve tea and snacks to members and defence counsels in courts.

The Revenue Department, records show, has till now not been able to fix a date to thrash out these issues even after it was told by the Authority last year that "immediate steps may kindly be taken for notification/creation of the Adjudicating Authority for the benami law so that public interest does not suffer and the purpose for which the Act was created is effectively met and justice is done."

The Authority has also told the government that it "cannot handle the pressure of work under both the PMLA and the Benami Act and do justice with both" and a single authority cannot handle the two Acts due to "huge work being thrown" at it by two departments of the government-- the ITD and the ED-- after demonetisation and the enforcement of the benami law in 2016.

"An early action in the matter will be highly appreciated," the Authority told the Revenue department even as it suggested that for the time being, some staff could be deputed with it on a temporary basis from the IT Department as it is the agency that has been entrusted with enforcing the benami law in the country.

The benami law mandates that every case under adjudication is mandatorily heard and decided by a two-member bench and hence while deciding these cases within the time limit the manpower is diverted here at the cost of PMLA adjudication, the official said.

Members of the benami authority, as per the scheme of the law, can be a person who has been a Commissioner-rank officer in the IT Department or has held the post of Joint Secretary in the Law Ministry and belongs to the Indian Legal Services.

The Authority, records show, already has a pendency of over 230 PMLA cases at present that are sent to it by the ED after attachment of assets of those charged for money laundering.

The ITD has set up 24 benami properties unit (BPU) in its investigation wings across the country to streamline functioning under the new Act and as per data till last year end, the department had attached assets worth more than Rs 2,000 crore for which it issued over 530 notices and made 550 attachments.

Benami properties are those in which the real beneficiary is not the one in whose name the property has been purchased. 
&nbsp;

Over 780 benami asset attachments worth crores of rupees run the risk of being invalidated in the near future as the government has failed to create a designated adjudicating authority for over a year-and-a-half since the stringent law was enforced to deal with black money and corruption

Over 780 benami asset attachments worth crores of rupees run the risk of being invalidated in the near future as the government has failed to create a designated adjudicating authority for over a year-and-a-half since the stringent law was enforced to deal with black money and corruption. The Benami Property Transaction Act, enacted in 1988, was revived and enforced by the current government from November 1, 2016, the month that also saw demonetisation of two big currencies of the country by a declaration made by Prime Minister Narendra Modi. Section 7 of this law, that attracts a rigorous imprisonment of up to seven years and fine up to 25 per cent of the fair market value of the property, requires the government to create an independent 3-member Adjudicating Authority (like the one for PMLA) that will decide on the validity of the attachment of properties made under this legislation by the Income Tax Department (ITD). In the absence of such an authority for over 1.5 years now, the government has entrusted the task of handling these cases on an ad-hoc basis and as a "transitional" arrangement to the already short-staffed and over-burdened Adjudicating Authority for the Prevention of Money Laundering Act (PMLA), a stringent law enforced by the Enforcement Directorate. Official records show that while over 860 such cases have been finalised by the tax department and sent to this authority till now, only about 80 could be adjudicated, leaving a pendency of about 780 cases bearing attachments worth crores of rupees and involving some very high-profile individuals, politicians, bureaucrats and others. Worried that these high-value sensitive cases may get "time-barred" or invalidated as benami attachment orders have to be confirmed within a year of issue by the ITD, the Authority has recently asked the Department of Revenue and the CBDT under the Finance Ministry to not send to it the cases and "hold" them with the IT Department, till the new body is constituted. The Authority, as per official records, has put the government on notice stating if a new body is not created and existing vacancies of members and staff are not immediately posted to the existing setup, "it will be impossible for it to dispose of benami cases in the prescribed time limit...Considering the speed at which work is pouring under the benami law." "If benami cases fail to be adjudicated within the prescribed time, it will lead to major litigation and embarrassment for the government as the drive against benami assets has been the most-talked-about action of the government under its flagship anti-black money drive, about which PM Modi has himself spoken at various forums and poll rallies," a senior Finance Ministry official told the news agency. Records show that the existing Authority is forced to work without a regular Chairman since April 1 as the incumbent retired a day before and has only two working members now.? It has also beseeched the Finance Ministry to provide it at least 9 junior staff members like court masters-- to take down dictations and write judicial orders-- and peons to serve tea and snacks to members and defence counsels in courts. The Revenue Department, records show, has till now not been able to fix a date to thrash out these issues even after it was told by the Authority last year that "immediate steps may kindly be taken for notification/creation of the Adjudicating Authority for the benami law so that public interest does not suffer and the purpose for which the Act was created is effectively met and justice is done." The Authority has also told the government that it "cannot handle the pressure of work under both the PMLA and the Benami Act and do justice with both" and a single authority cannot handle the two Acts due to "huge work being thrown" at it by two departments of the government-- the ITD and the ED-- after demonetisation and the enforcement of the benami law in 2016. "An early action in the matter will be highly appreciated," the Authority told the Revenue department even as it suggested that for the time being, some staff could be deputed with it on a temporary basis from the IT Department as it is the agency that has been entrusted with enforcing the benami law in the country. The benami law mandates that every case under adjudication is mandatorily heard and decided by a two-member bench and hence while deciding these cases within the time limit the manpower is diverted here at the cost of PMLA adjudication, the official said. Members of the benami authority, as per the scheme of the law, can be a person who has been a Commissioner-rank officer in the IT Department or has held the post of Joint Secretary in the Law Ministry and belongs to the Indian Legal Services. The Authority, records show, already has a pendency of over 230 PMLA cases at present that are sent to it by the ED after attachment of assets of those charged for money laundering. The ITD has set up 24 benami properties unit (BPU) in its investigation wings across the country to streamline functioning under the new Act and as per data till last year end, the department had attached assets worth more than Rs 2,000 crore for which it issued over 530 notices and made 550 attachments. Benami properties are those in which the real beneficiary is not the one in whose name the property has been purchased.

Benami attachments worth crores may fall flat as no authority for 1.5 years

The Income-Tax department has attached a property worth more than Rs 3 crore near Patna, suspected to be a benami asset held by RJD chief Lalu Prasad's family members who are facing investigation in a land-for-hotels scam.

IT department officials have put an attachment notice on the said property in Sheikhpura locality of the state capital.

"The notice of attachment was affixed on the property, estimated to be worth Rs 3.5 crore, in Sheikhpura locality yesterday," a senior IT department official told PTI today.

The official said the property is in the name of a company, named Fairgrow Holding. He said a few members of the Lalu family were directors in the firm "till a few years ago".

He said Lalu's sons Tejashwi Yadav and Tej Pratap, besides daughters Ragini and Chanda, are no longer directors of the company. "However, notices sent to the company several times were not answered and no other claimant of the property came forward. It suggested the property was a benami holding".

Prasad, a former Bihar chief minister, is currently serving sentences in a number of fodder scam cases.

Members of his family have been named in cases filed by the Enforcement Directorate and the IT department in connection with the land-for-hotels scam.

The scam relates to transfer of prime land properties to Prasad's family by hotelier brothers of Patna in return for getting a contract for running two Railway hotels in Ranchi and Puri when Prasad was the Railway Minister in UPA-I government.

On one such land measuring 3 acres, Bihar's biggest mall is proposed. But the construction was stopped and the land has been attached by the Enforcement Directorate.

The property attached by the Income-Tax department is worth more than Rs 3 crore near Patna

The Income-Tax department has attached a property worth more than Rs 3 crore near Patna, suspected to be a benami asset held by RJD chief Lalu Prasad's family members who are facing investigation in a land-for-hotels scam. IT department officials have put an attachment notice on the said property in Sheikhpura locality of the state capital. "The notice of attachment was affixed on the property, estimated to be worth Rs 3.5 crore, in Sheikhpura locality yesterday," a senior IT department official told PTI today. The official said the property is in the name of a company, named Fairgrow Holding. He said a few members of the Lalu family were directors in the firm "till a few years ago". He said Lalu's sons Tejashwi Yadav and Tej Pratap, besides daughters Ragini and Chanda, are no longer directors of the company. "However, notices sent to the company several times were not answered and no other claimant of the property came forward. It suggested the property was a benami holding". Prasad, a former Bihar chief minister, is currently serving sentences in a number of fodder scam cases. Members of his family have been named in cases filed by the Enforcement Directorate and the IT department in connection with the land-for-hotels scam. The scam relates to transfer of prime land properties to Prasad's family by hotelier brothers of Patna in return for getting a contract for running two Railway hotels in Ranchi and Puri when Prasad was the Railway Minister in UPA-I government. On one such land measuring 3 acres, Bihar's biggest mall is proposed. But the construction was stopped and the land has been attached by the Enforcement Directorate.

IT department attaches Lalu family's suspected benami property in Patna

The Income Tax Department has warned salaried taxpayers not to file incorrect tax returns.&nbsp

The "cautionary advisory"&nbspwas issued after the department stumbled upon instances of the malpractice in Bengaluru, Mumbai, and Ludhiana.&nbsp

The advisory, issued on Monday, said the offence was punishable under provisions of the Income Tax Act.&nbsp

News reports said Thursday that the advisory warned taxpayers against using the services of “unscrupulous intermediaries”. The reports added that alarm bells had gone off in Bengaluru after&nbspincorrect claims were made in tax returns filed through a man posing as a chartered accountant

The reports added that the department also threatened to refer the cases to other enforcement agencies for further action.&nbsp

The reports quoted officials from the department as saying the advisory was issued after surveys in three cities showed salaried taxpayers claiming benefits on house property that they did not own.&nbsp

Similarly, the survey threw up instances of people claiming donations to institutions when none had in fact been made.&nbsp

The advisory was issued after the department stumbled upon instances of the malpractice in Bengaluru, Mumbai, and Ludhiana

The Income Tax Department has warned salaried taxpayers not to file incorrect tax returns. The "cautionary advisory"&nbspwas issued after the department stumbled upon instances of the malpractice in Bengaluru, Mumbai, and Ludhiana. The advisory, issued on Monday, said the offence was punishable under provisions of the Income Tax Act. News reports said Thursday that the advisory warned taxpayers against using the services of “unscrupulous intermediaries”. The reports added that alarm bells had gone off in Bengaluru after&nbspincorrect claims were made in tax returns filed through a man posing as a chartered accountant The reports added that the department also threatened to refer the cases to other enforcement agencies for further action. The reports quoted officials from the department as saying the advisory was issued after surveys in three cities showed salaried taxpayers claiming benefits on house property that they did not own. Similarly, the survey threw up instances of people claiming donations to institutions when none had in fact been made.

Don’t file incorrect returns, I-T Department warns salaried taxpayers

The Supreme Court today dismissed the petition filed by a hospitality firm linked to Robert Vadra challenging an Income Tax (I-T) department notice to it for re-assessment of its profits from land deals in Haryana and Rajasthan for 2010-11.

The Delhi-based firm, Sky Light Hospitality LLP, had filed an appeal against the February order of the Delhi High Court which had rejected its petition against the I-T notice.

After a brief hearing, an apex court bench of justices A K Sikri and Ashok Bhushan refused to interfere with the high court's order by which the firm associated with Vadra was directed to join proceedings before the assessing officer.

The I-T department, in a tax evasion report tabled before the high court, had said it had reasons to believe that over Rs 35 crore, earned by the firm in 2010-11, "had escaped from assessment".

The high court had said, "After going through the reasons, we are satisfied that the 'reasons to believe' show and establish a live link and connect with the inference drawn that income had escaped assessment, which is required for issuance of notice."

In the high court, the firm had challenged the I-T department's notice, contending that the "reasons to believe" were mere reasons to suspect and do not establish that income had escaped assessment.

Disagreeing with the firm's contention, the high court had said that "absolute certainty is not required at the time of issue of notice and at the same time, 'reasons to believe' must not be based on mere suspicion, gossip or rumour. The said test and criteria, we have no hesitation in holding, is satisfied in the present case".

"There is evidence and material on record to justify issue of notice," it said.

The high court also said that as long as there was a "honest and reasonable opinion" formed by the assessing officer and the "reasons to believe" are not mere "reasons to suspect", courts should not interject to stop the adjudication process and scrutiny on merits."

The Supreme Court today dismissed the petition filed by a hospitality firm linked to Robert Vadra challenging an Income Tax (I-T) department notice to it for re-assessment of its profits from land deals in Haryana and Rajasthan for 2010-11

The Supreme Court today dismissed the petition filed by a hospitality firm linked to Robert Vadra challenging an Income Tax (I-T) department notice to it for re-assessment of its profits from land deals in Haryana and Rajasthan for 2010-11. The Delhi-based firm, Sky Light Hospitality LLP, had filed an appeal against the February order of the Delhi High Court which had rejected its petition against the I-T notice. After a brief hearing, an apex court bench of justices A K Sikri and Ashok Bhushan refused to interfere with the high court's order by which the firm associated with Vadra was directed to join proceedings before the assessing officer. The I-T department, in a tax evasion report tabled before the high court, had said it had reasons to believe that over Rs 35 crore, earned by the firm in 2010-11, "had escaped from assessment". The high court had said, "After going through the reasons, we are satisfied that the 'reasons to believe' show and establish a live link and connect with the inference drawn that income had escaped assessment, which is required for issuance of notice." In the high court, the firm had challenged the I-T department's notice, contending that the "reasons to believe" were mere reasons to suspect and do not establish that income had escaped assessment. Disagreeing with the firm's contention, the high court had said that "absolute certainty is not required at the time of issue of notice and at the same time, 'reasons to believe' must not be based on mere suspicion, gossip or rumour. The said test and criteria, we have no hesitation in holding, is satisfied in the present case". "There is evidence and material on record to justify issue of notice," it said. The high court also said that as long as there was a "honest and reasonable opinion" formed by the assessing officer and the "reasons to believe" are not mere "reasons to suspect", courts should not interject to stop the adjudication process and scrutiny on merits."

Supreme Court dismisses plea of firm linked to Robert Vadra in I-T case

The Income Tax Department today attached diamantaire Nirav Modi&#39;s four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said.

The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country.

According to the officials, Modi&#39;s farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra&#39;s Ahmednagar district, along with two other properties, have been provisionally attached by the department.

&quot;The total value of these attached assets is Rs 70 crore,&quot; a senior official said.

The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group.

Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders.

Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.&nbsp;

The IT department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi

The Income Tax Department today attached diamantaire Nirav Modi's four immovable assets, including a farmhouse and a solar power plant, worth Rs 70 crore in connection with a tax evasion probe against him and his companies, officials said. The department said it has also got issued a Look Out Circular (LoC), also known as a blue corner notice, against Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, to keep a tab on their entry at all land, air and sea ports in the country. According to the officials, Modi's farmhouse in Alibaug, near Mumbai, valued at Rs 13 crore, the 5.24 MW solar power plant spread in 135 acres land in Karjat in Maharashtra's Ahmednagar district, along with two other properties, have been provisionally attached by the department. "The total value of these attached assets is Rs 70 crore," a senior official said. The department also attached 34 bank accounts and fixed deposits, valued at Rs 1.45 crore, of the Gitanjali group. Modi, Choksi and others are being investigated by multiple probe agencies after the Punjab National Bank (PNB) disclosed a fraud, valued at close to UDS 2 billion, wherein they allegedly acquired fraudulent letters of undertaking (LoUs) from its Brady House branch in Fort area for overseas credit from other lenders. Earlier this week, PNB had said the number of unauthorised transactions could go up by more than Rs 1,300 crore from the earlier estimate of Rs 11,400 crore. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

I-T dept attaches 4 assets of Nirav Modi; look out circular issued

After a major crackdown by Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax (IT) Department, one more law enforcement agency has swung into action in the Punjab National Bank (PNB) fraud case. The Central Vigilance Commission (CVC) summoned the PNB management and Finance Ministry officials to appear before it.

Top officials of PNB and the Finance Ministry have been asked to appear before the CVC on February 19.

CVC is an apex governmental body to address governmental corruption.

Sources have told that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11 a.m.&nbsp;He will be accompanied by Chief Vigilance Officer (CVO) of PNB.

On behalf of the Ministry of Finance, additional secretary, department of financial services is likely to be present.

Sources have also revealed that CVO PNB is most likely to give a presentation to CVC about the fraud which has shaken the banking system.

Further, before going to CVC, top management of PNB and senior officials of department of financial services had a meeting through video conferencing yesterday, according to sources.

On Monday, CVC will review the vigilance monitoring system of PNB and decide the necessary course of action to be taken.

CVC is the fourth government agency after ED, CBI and IT department which has swung into action.

According to sources, the Indian Banking Association will also hold a meeting with the chiefs of all Public Sector Undertaking (PSU) banks through video conferencing from its headquarters in Mumbai later today.

For the unversed, Punjab National Bank detected a 1.77 billion dollars scam in which jeweler Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

Meanwhile, the PNB filed a second complaint with the CBI on February 13.

The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31. (ANI) 
&nbsp;

Sources have told ANI that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11am

After a major crackdown by Enforcement Directorate (ED), Central Bureau of Investigation (CBI) and Income Tax (IT) Department, one more law enforcement agency has swung into action in the Punjab National Bank (PNB) fraud case. The Central Vigilance Commission (CVC) summoned the PNB management and Finance Ministry officials to appear before it. Top officials of PNB and the Finance Ministry have been asked to appear before the CVC on February 19. CVC is an apex governmental body to address governmental corruption. Sources have told that MD and CEO, Punjab National Bank, Sunil Mehta is likely to appear before CVC on Monday at 11 a.m. He will be accompanied by Chief Vigilance Officer (CVO) of PNB. On behalf of the Ministry of Finance, additional secretary, department of financial services is likely to be present. Sources have also revealed that CVO PNB is most likely to give a presentation to CVC about the fraud which has shaken the banking system. Further, before going to CVC, top management of PNB and senior officials of department of financial services had a meeting through video conferencing yesterday, according to sources. On Monday, CVC will review the vigilance monitoring system of PNB and decide the necessary course of action to be taken. CVC is the fourth government agency after ED, CBI and IT department which has swung into action. According to sources, the Indian Banking Association will also hold a meeting with the chiefs of all Public Sector Undertaking (PSU) banks through video conferencing from its headquarters in Mumbai later today. For the unversed, Punjab National Bank detected a 1.77 billion dollars scam in which jeweler Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies. Meanwhile, the PNB filed a second complaint with the CBI on February 13. The CBI had received the complaint from PNB on January 28 and a case was registered in the case on January 31. (ANI)

PNB scam: CVC summons PNB, finance ministry officials

The Income Tax Department on Thursday claimed to have busted a racket of extracting fraudulent tax refunds by employees of bellwether companies like IBM, Vodafone and Infosys in alleged connivance with a Chartered Accountant (CA) in Bengaluru, the IT capital of the country.

The investigation wing of the department conducted searches on the premises of an unidentified CA yesterday and claimed to have &quot;seized&quot; bogus claim documents of his various clients along with WhatsApp chat messages.

The CA, a department statement said, was &quot;found to be instrumental in filing false income tax returns and making fraudulent refund claims&quot; by citing inflated or false claims of loss from house property.

The department claimed that the CA filed &quot;nearly 1,000 returns with the loss from house property, aggregating to loss claim of Rs 18 crore&quot; till now.

Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner of the department who were the clients of this CA, whom the department did not identify citing ongoing investigation.

&quot;It is noted that employees from some of the reputed companies such as IBM, Vodafone, Saplabs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters India Limited among others have also resorted to such fraudulent claim of refunds by filing revised returns of their individual income,&quot; the department said.

It added that many of them have been questioned by the taxman in their respective offices since yesterday.

&quot;This is a case that is building up. Such a large-scale action in cases of employees seeking false refunds has been undertaken by the tax department for the first time,&quot; a senior official said.

The department said many of the employees it questioned, after the fraud was unearthed, said they do not have any &quot;real loss&quot; under the &#39;income from house property&#39; category and the employees shifted blame on the CA saying it was the professional who said &quot;he can get refunds for them by making some claims&quot;.

&quot;They also deposed that, out of the refund received, the auditor (CA) had charged 10 per cent as incidental charges.

Some WhatsApp messages with auditor were also shown by them, as supporting evidence,&quot; it said.

The CA, instead, told the taxman that he filed those bogus claim refunds at the &quot;insistence of his clients&quot;.

&quot;Further enquiries like examination of his (CA&#39;s) other clients and cross-examination of them with the CA are being conducted.

&quot;Necessary action as per law will be taken against the CA as well as the persons who have claimed wrong refunds under the provisions of Income Tax Act,&quot; it said.

The department cautioned taxpayers from indulging or getting influenced by such frauds as it said that making a claim of refunds by the taxpayer from the department is based on &quot;trust&quot; between the two sides and this should not be breached.

&quot;The Income Tax department now does automate and faceless return processing and the issue of refunds. This is based on the principle of trusting the taxpayer.

&quot;Making a bogus and fraudulent claim is not only a betrayal of this trust, it will expose the taxpayer to heavy interest, penalty and possible prosecution ending in a jail term,&quot; it said.

All taxpayers, the statement said, are requested to be highly alert to fraudulent schemes like the present one.

&quot;Such fraudulent schemes will invariably be caught out and will result in penal action on the taxpayer.

&quot;If any person has made a false claim in the I-T returns resulting in lower tax payment/unjustified refund, they are advised to take immediate steps to file revised returns disclosing the correct income and paying due tax,&quot; it said.

Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner

The Income Tax Department on Thursday claimed to have busted a racket of extracting fraudulent tax refunds by employees of bellwether companies like IBM, Vodafone and Infosys in alleged connivance with a Chartered Accountant (CA) in Bengaluru, the IT capital of the country. The investigation wing of the department conducted searches on the premises of an unidentified CA yesterday and claimed to have "seized" bogus claim documents of his various clients along with WhatsApp chat messages. The CA, a department statement said, was "found to be instrumental in filing false income tax returns and making fraudulent refund claims" by citing inflated or false claims of loss from house property. The department claimed that the CA filed "nearly 1,000 returns with the loss from house property, aggregating to loss claim of Rs 18 crore" till now. Employees of over 50 prominent and medium-sized companies in Bengaluru are under the scanner of the department who were the clients of this CA, whom the department did not identify citing ongoing investigation. "It is noted that employees from some of the reputed companies such as IBM, Vodafone, Saplabs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters India Limited among others have also resorted to such fraudulent claim of refunds by filing revised returns of their individual income," the department said. It added that many of them have been questioned by the taxman in their respective offices since yesterday. "This is a case that is building up. Such a large-scale action in cases of employees seeking false refunds has been undertaken by the tax department for the first time," a senior official said. The department said many of the employees it questioned, after the fraud was unearthed, said they do not have any "real loss" under the 'income from house property' category and the employees shifted blame on the CA saying it was the professional who said "he can get refunds for them by making some claims". "They also deposed that, out of the refund received, the auditor (CA) had charged 10 per cent as incidental charges. Some WhatsApp messages with auditor were also shown by them, as supporting evidence," it said. The CA, instead, told the taxman that he filed those bogus claim refunds at the "insistence of his clients". "Further enquiries like examination of his (CA's) other clients and cross-examination of them with the CA are being conducted. "Necessary action as per law will be taken against the CA as well as the persons who have claimed wrong refunds under the provisions of Income Tax Act," it said. The department cautioned taxpayers from indulging or getting influenced by such frauds as it said that making a claim of refunds by the taxpayer from the department is based on "trust" between the two sides and this should not be breached. "The Income Tax department now does automate and faceless return processing and the issue of refunds. This is based on the principle of trusting the taxpayer. "Making a bogus and fraudulent claim is not only a betrayal of this trust, it will expose the taxpayer to heavy interest, penalty and possible prosecution ending in a jail term," it said. All taxpayers, the statement said, are requested to be highly alert to fraudulent schemes like the present one. "Such fraudulent schemes will invariably be caught out and will result in penal action on the taxpayer. "If any person has made a false claim in the I-T returns resulting in lower tax payment/unjustified refund, they are advised to take immediate steps to file revised returns disclosing the correct income and paying due tax," it said.

I-T busts refund fraud, claims nexus between employees of top companies, CA

Widening its probe into bitcoin investments and trade, the Income Tax (IT) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency.

The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion.

The department, official sources said,&nbsp;that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were &quot;operational&quot; and indulging in transactions and investments.

Also read:&nbsp;<a href="http://www.wionews.com/business-economy/i-t-dept-conducts-surveys-at-bitcoin-exchanges-country-wide-26625">I-T dept conducts surveys at Bitcoin exchanges country-wide</a>

Sources said that the Bengaluru investigation wing of the tax department, which supervised last week&#39;s operations, has now dispatched the information of the individuals and entities found on these databases to eight other such wings across the country for a detailed probe.

&quot;Those individuals and entities whose records were recovered by the department are now being probed under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade,&quot; a senior official privy to the operation said.

About 4-5 lakh HNIs and their businesses are being issued notices which will first seek their relevant financial details and subsequently establish the tax demand, if any, he said.

As the bitcoins or the virtual currencies (VCs) are illegal and unregulated in the country as of now, the IT department has taken action as per the existing provisions, they said.

The survey operations conducted last week, under section 133 A of the Income Tax Act, were undertaken for &quot;gathering evidence for establishing the identity of investors and traders, the transaction undertaken by them, identity of counter-parties, related bank accounts used, among others,&quot; they said.

A survey action under the IT law pertains to the tax officials making a surprise visit to the business premises of the party under action but not their residential ones.

The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.

Suspected black money being converted into white, post demonetisation, through the use of bitcoins was also under the department&#39;s scanner, officials said.

Earlier this month, there was a spurt in the value of a bitcoin. It rose from under USD 10,000 at the start of the year to close to USD 20,000, before a sharp 20 per cent plunge within hours.

Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause for concern among central bankers the world over for quite a while now.

The Reserve Bank of India (RBI) has also cautioned users, holders and traders of virtual currencies. The government has also said that it does not recognise &#39;crypto-currency&#39; as legal tender in India.

In March, the Union finance ministry constituted an Inter-Disciplinary Committee to take stock of the present status of virtual currencies both in India and globally and suggest measures for dealing with them.

The committee has submitted its report which is being examined.

The notices will first seek the relevant financial details and then establish tax demand, if any

Widening its probe into bitcoin investments and trade, the Income Tax (IT) department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency. The taxman had conducted surveys at nine such exchanges last week to check instances of tax evasion. The department, official sources said, that out of the estimated 20 lakh entities registered on these exchanges, about 4 to 5 lakh were "operational" and indulging in transactions and investments. Also read: I-T dept conducts surveys at Bitcoin exchanges country-wide Sources said that the Bengaluru investigation wing of the tax department, which supervised last week's operations, has now dispatched the information of the individuals and entities found on these databases to eight other such wings across the country for a detailed probe. "Those individuals and entities whose records were recovered by the department are now being probed under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade," a senior official privy to the operation said. About 4-5 lakh HNIs and their businesses are being issued notices which will first seek their relevant financial details and subsequently establish the tax demand, if any, he said. As the bitcoins or the virtual currencies (VCs) are illegal and unregulated in the country as of now, the IT department has taken action as per the existing provisions, they said. The survey operations conducted last week, under section 133 A of the Income Tax Act, were undertaken for "gathering evidence for establishing the identity of investors and traders, the transaction undertaken by them, identity of counter-parties, related bank accounts used, among others," they said. A survey action under the IT law pertains to the tax officials making a surprise visit to the business premises of the party under action but not their residential ones. The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past. Suspected black money being converted into white, post demonetisation, through the use of bitcoins was also under the department's scanner, officials said. Earlier this month, there was a spurt in the value of a bitcoin. It rose from under USD 10,000 at the start of the year to close to USD 20,000, before a sharp 20 per cent plunge within hours. Bitcoin, a virtual currency, is not regulated in the country and its circulation has been a cause for concern among central bankers the world over for quite a while now. The Reserve Bank of India (RBI) has also cautioned users, holders and traders of virtual currencies. The government has also said that it does not recognise 'crypto-currency' as legal tender in India. In March, the Union finance ministry constituted an Inter-Disciplinary Committee to take stock of the present status of virtual currencies both in India and globally and suggest measures for dealing with them. The committee has submitted its report which is being examined.

Income Tax to send notices to 4-5 lakh people trading in bitcoin

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