After banning the higher denomination currency, the government has issued a warning that records will be maintained by banks for those who deposit cash worth more than Rs 2.5 lakh between November 10 and December 30. The tax department will match the amount deposited with the income shown in the return filed over the previous … Continue reading Too late to declare unaccounted money. You may be left with just Rs 7 for every Rs 100 declared
The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30. The income-tax department will soon write to such individuals that they have been identified on the basis of information … Continue reading Government To Use Info Collected Under Various Pacts To Identify Suspected Tax Dodgers.