Income Tax Department Bans Transactions

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  Income Tax Department Explains Why PAN Cards Of Some NRIs Were Made Inoperative

  The department then asked the NRIs and OCIs to update their residential status on the income tax website.

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  Tax Department Seeks Explanation From Another 5.56 Lakh For Demonetisation Deposits

  In the second phase of 'Operation Clean Money' launched in April with an aim to detect black money generation post demonetisation, the I-T department has used information received under the Statement of Financial Transactions (SFT) from banks to identify additional cases.

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  1.6 Lakh Taxpayers Under Scrutiny For Partial Account Declarations

  The taxman has sent SMS and e-mails to 17.92 lakh people who have made suspicious deposits of Rs 5 lakh and above between November 10 and December 30.

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  Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices

  The government's move to ban cash transactions above a threshold was aimed at curbing black money by discouraging cash transaction and promoting digital economy.

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  Cobbler Gets Income Tax Notice For 'Rs 10 Lakh Bank Deposit' During Notes ban

  Mansukh Makwana (55), who mends shoes for a living on M G Road in Junagadh received the notice on Saturday, asking to divulge the source of a Rs 10 lakh deposit in his account during the notes ban.

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  Income Tax Department Begins Action Under Benami Act; Issues 87 Notices

  Initiating a stringent action against black money holders post notes ban, the Income Tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years.

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  Income Tax Department Issues 87 Notices Under Benami Act

  The I-T department had earlier warned people against depositing their unaccounted old currency in someone else's bank account saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988.

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  Income Tax Investigates Rajkot Bank That Got 871 Crore Deposits In Old Notes

  The Income Tax department has detected huge alleged discrepancies in the transactions of a Rajkot-based cooperative bank where Rs 871 crore deposits were made, over 4,500 new accounts opened and more than five dozen accounts having same mobile number initiated.

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  Notes Ban: Income Tax Department To Scrutinise All Cash Deposits Between April 1 And November 9

  The Income Tax Department has asked banks to submit details of cash deposits in savings accounts between April 1 and November 9, 2016. The I-T department is planning to scrutinize banking transactions in the months leading up to the government's demonetisation move.

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  Tax Department Begins Process Of Analysing Deposits Post Notes Ban

  Tax department has begun the process to examine bank deposits and transactions to check possible black money instances and said once the last opportunity to declare funds in old notes under the PMGKY scheme ends it will be very tough for hoarders.

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  Depositing Someone Else's Money In Your Bank Account? Beware Of New Law

  This warning comes in the wake of reports that some people are "renting" someone else's bank accounts to deposit their banned notes for dodging tax authorities.

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  Cash Deals Above Rs 3 Lakh May Be Banned In Clampdown On Black Money

  Government is examining SIT's recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said on Tuesday.