Skip to main content

Income Tax department attaches benami properties worth Rs 39 billion

 Income Tax department attaches benami properties worth Rs 39 billion
Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases
Income tax department has provisionally attached benami properties of over Rs 39 billion in more than 1,200 cases, the Finance Ministry informed the Rajya Sabha today.
In a written reply, Minister of State for Finance Shiv Pratap Shukla also said the tax department has identified more than 1,600 benami transactions till end-February."Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases.
The value of properties under attachment is over Rs 39 billion," he said.In another reply, Shukla said till date, in three phases of 'operation clean money', the income tax department has identified around 22.69 lakh persons whose tax profile was found to be inconsistent with the case deposits made by them during the demonetisation period
"Total case to the tune of Rs 5.27 lakh crore has been found to be deposited in bank accounts in case of these 22.69 lakh taxpayers during demonetisation period," Shukla said.However, the unaccounted income in such transactions, if any, can be quantified only after completion of the verification/assessment process.
The Business Standard, New Delhi, 14th March 2018


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Deposit gush:-CA Institute Bats for Special Audit

Obligation for the Month of April

Event DateActApplicable FormObligation07/04/2017Income TaxForm No.27C (TCS)Submission of Forms received in Mar  to IT Commissioner10/04/2017ExciseER-1Excise Return ER-1 for Non SSI assessees for Mar10/04/2017ExciseER-2Excise Return ER-2 for EOUs for Mar10/04/2017ExciseER-3Submission of Excise Return ER-3 by SSI units for Mar quarter10/04/2017ExciseER-6Excise Return ER-6 by units paying duty >  1 crore (CENVAT + PLA) for Mar12/04/2017D-VATBE - 2Advance information for 2nd fortnight of APR of functions with booking cost > Rs 1 lakh in Banquet Halls,hotels etc. in Delhi15/04/2017Income TaxForm 15CCStatement by Banks etc. in respect of foreign remittances during the quarter15/04/2017D-VATDVAT-20Payment of DVAT TDS for Mar15/04/2017Providend FundElectronic Challan cum Return (ECR)E-Payment of PF for Mar21/04/2017ESIESI ChallanPayment of ESI of Mar (Applicable for Salary upto Rs. 21,000 instead of 15,000 earlier)21/04/2017M-VATMVAT ChallanPayment of MVAT & WCT TDS for Mar21/04/201…