The CIB wing of the Income Tax department has responsibility to collect information from various sources -mainly from AIR information which are then disseminated to field officials for action. Recently ,CIB, Mumbai’s director A.C. Tejpal had alleged that 11.4 crore pieces of information collected in the last five years were not disseminated. He is now suspended !...
Director General of Income Tax (Inteligence) , a recently formed directorate in the Income Tax Department are handling the data provided by US, Finland, Japan, Korea, Denmark and New Zealand on entities in these countries having made payments to Indians. It is reported that the data was provided in May 2010.
Rs 10 crore from the Adiparasakthi temple in Melmaravathur was seized by The Income Tax department, in its first biggest seizure of unaccounted cash in Tamil Nadu, on Friday .The raid on the premises under Section 132 of the Income Tax Act was based on information regarding the stocking up of a large amount of black money in the temple run by self-proclaimed godman Bangaru Adigal. The cash was seized from his house on the temple premises, an official said.
A a Rs 118-crore demand for assessemnt year 2007-08 was raised on BCCI , out of which department has already recovered Rs 92 crore. The reason for such demands on BCCI , which until sometime ago was claiming all its income exempt u/s 11 of the I T Act , is that from 2007-08 , the status of the BCCI in eyes of department has changed on account of variataion in objectives set out by it.
The proposal of first draft DTC that wealth tax limit was set at 50 Crore has been selved in revised draft Direct Tax Code.It is proposed that Wealth Tax will be levied broadly on the same lines as provided in the Wealth Tax Act, 1957.
Leading banks lent 18 per cent more to car buyers in 2009-10 at Rs 33,000 crore, compared with Rs 28,000 crore in the previous year.
Hero Honda Motors, the countrys largest two-wheeler manufacturer, today posted a net profit of Rs 598.8 crore in the fourth quarter of 2009-10, its highest to date, as compared to Rs 402.2 crore during the corresponding quarter of 2008-09,