Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: cpt :: TDS :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT Audit :: articles on VAT and GST in India :: due date for vat payment
 
 
« Indirect Tax »
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8

Income Tax finds Rs200 crore of unaccounted money in Hubli region
March, 13th 2014

The Income Tax (I-T) department traced Rs200 crore of unaccounted money suspected to belong to people involved in mining, transport and other such professions in Hubli region.Sources in the department told dna that a recent survey had also revealed that a group of civil contractors and hoteliers were found in possession of about Rs20 crore of unaccounted money.

"However, after issuing notice, the amount was surrendered for taxation," the sources said.

The Income Tax Department of Hubli region encapsulates mining hub Bellary, Dharwad, Gulbarga, Raichur, Bidar, Davangere, Haveri, Chitradurga, Shimoga, Gadag, Koppal and some parts of Uttara Kannada districts. However, district-wise break-up of the unaccounted money is unavailable. It is suspected that the mining industry is a major contributor to the unaccounted income.

When contacted, chief commissioner of Income Tax-Hubli, Pavan Kumar Sharma, confirmed finding Rs200 crore of unaccounted money and said the taxes calculated on the amount alone is about Rs40 crore.

"Further inquiries are in progress on these cases and the department will levy penalty and initiate prosecution if intentional concealment of money is detected. The prosecution proceedings have already started in six cases during this financial year," he explained.

As the sectors like mining, transport, agro industries, manufacturing, hospitals and domestic consumables are doing well this year, and the department is expecting good tax collection from them in the March installment of advance tax, "The taxes payments of all the top payers are being monitored by the department closely. We advise all assessees to estimate their income correctly and to pay the advance tax by March 15 as per rules to avoid any further legal proceedings for non-payment, less payment or improper staggering of advance tax installments," he stated.

He noted that some assessees defaulted their advance tax payments in the previous year and that the department is issuing notices to such defaulters and examining their case to impose penalty and initiate prosecution. "This year, the wealth tax liability of various assessees is being monitored. We have already identified few defaulters and issued notices to them, calling for their wealth tax returns. The exercise is being carried out for other assessees also," he informed.Hubli regional office has achieved 75% in tax collection by collecting Rs688.40 crore against target of Rs920.98 crore in the current financial year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multimedia Presentations Multimedia Solutions 3D Solutions Corporate Presentations Business Presentations Multimedia Presentation India M

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions