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Income Tax Dept made seizures of Rs 1,584 crore in FY2019

Tuesday, June 25, 2019, 9:59 AM

Income Tax Dept made seizures of Rs 1,584 crore in FY2019

The value of seizures by the income tax department (ITD) was Rs.1,584 crore in FY19, up from Rs.993 crore in the year before, the finance ministry said in a reply in Parliament. The I-T department had seized Rs.1,469 crore during FY17, the year of demonestisation. "The direct-tax GDP ratio for the FY 2017-18 was 5.86% and for 2018-19, it was 5.98% (provisional)," it said.

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Centre moves Supreme Court on retrospective effect of Black Money law

Monday, May 20, 2019, 2:33 PM

Centre moves Supreme Court on retrospective effect of Black Money law

The Centre on Monday moved the Supreme Court on the applicability of the Black Money law after the Delhi High Court had stayed proceedings against advocate Gautam Khaitan over questions on the retrospective effect of the 2016 legislation. Khaitan is an accused in the VVIP chopper deal scam. The court agreed to hear the matter on Tuesday.

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Congress Candidate Declares Rs. 7 Crore Deposits In Swiss Bank

Friday, May 17, 2019, 3:14 PM

Congress Candidate Declares Rs. 7 Crore Deposits In Swiss Bank

Congress's Lok Sabha candidate from here Sunil Kumar Jakhar has declared movable assets worth Rs. 1.53 crore, besides an over Rs. 7 crore deposit in a Swiss bank in his wife's name, according to an affidavit filed with poll authorities. The Zurcher Kantonal Bank is one of the biggest Swiss banks, as per its website.

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Govt refuses to share Switzerland info on black money

Friday, May 17, 2019, 3:06 PM

Govt refuses to share Switzerland info on black money

The government has declined to share information on black money cases received from Switzerland, citing confidentiality. Replying to an RTI query, the Finance Ministry said India and Switzerland share information on black money on a case to case basis as per the investigations being carried out. It is an ongoing process, it added.

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We opposed anonymous electoral bonds, you take call now: EC tells SC

Thursday, March 28, 2019, 9:23 AM

We opposed anonymous electoral bonds, you take call now: EC tells SC

The Election Commission has told the Supreme Court that it had in 2017 conveyed to the law ministry its opposition to anonymous electoral bonds, but left it to the court to take a final call on its legality. The commission stated this in an affidavit, after the Supreme Court asked it to unequivocally state its stand on the anonymous nature of the bonds.

News

 
NDA govt has failed: Ashok Gehlot

Friday, March 22, 2019, 7:15 AM

NDA govt has failed: Ashok Gehlot

Rajasthan Chief Minister Ashok Gehlot on Wednesday said the Narendra Modi-led NDA government has turned out to be a failure in its five-year term as "economic figures were against it". Stating that Prime Minister Narendra Modi came to power on a huge mandate, Gehlot said Modi should have embraced the opposition and consulted them on all important matters through all-party meets.

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India to post Customs intelligence officers in China to check financial frauds

Sunday, March 17, 2019, 2:32 PM

India to post Customs intelligence officers in China to check financial frauds

India has decided to post Customs intelligence officers in China in its effort to check black money, trade-based money laundering and other financial frauds, officials said Sunday. Two posts of the COIN have been created in Indian Embassy in Beijing and in the Consulate General of India at Guangzhou, they said. The Finance Ministry has begun the process to select officers for the postings.

News

 
More black money present within India than outside: Secret govt report

Friday, February 22, 2019, 6:57 AM

More black money present within India than outside: Secret govt report

A secret study commissioned by finance ministry concluded in 2014 that between 90 to 97% of unaccounted wealth, or black money, was lying within India and not outside. This report, according to sources, was among the inputs that likely prompted the Modi government to go ahead with its November 2016 decision of invalidating, or 'demonetising', around 85% the currency in circulation.

News

 
Amrapali sold flats at Re 1/sq ft on paper, rest in black, SC told

Thursday, January 17, 2019, 6:35 PM

Amrapali sold flats at Re 1/sq ft on paper, rest in black, SC told

Supreme Court-appointed forensic auditors have told the court that Amrapali sold posh flats for as low as Re 1 per sq ft but received the remaining amount as black money in cash. The auditors issued notices to 655 such homebuyers. They also found that 23 companies were floated in the names of office boys, peons and drivers to divert homebuyers' money.

News

 
Companies ask I-T Department to soften benami law: Report

Thursday, January 3, 2019, 3:07 PM

Companies ask I-T Department to soften benami law: Report

Companies have asked the Income Tax Department to soften the benami law that was activated in 2016 to curb the menace of black money and prohibit the holding of properties and assets in someone else's name to escape tax, according to a report. Tax authorities are said to have received pleas from various trade bodies requesting them to amend the law.

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