Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft
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: list of goods taxed at 4% :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT
« Direct Tax »
 CBDT clarification on Ind-AS makes tax calculation harder for companies
 I-T department to share companies' tax info with corporate ministry
 CBDT comes out with clarification on MAT for Ind AS companies
 No penalty for late ITR this year but here are 4 important reasons to file it in time
 12% growth in income tax collection
 CBDT gameplan to enhance TDS collection
 Don't curry political favours for transfers, CBDT tells taxmen
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation

CBDT cracks down on use of unaccounted money in polls
April, 11th 2011

All airports, major hotels, railway stations, financial brokers and hawala operators in the five states where Assembly polls are being conducted, are under the vigil of the Income Tax Department.

The exercise is part of the Election Commissions drive to check black money from being used in the elections.

A senior I-T official told Business Standard the Central Board of Direct Taxes (CBDT) was assisting the election watchdog in unearthing and seizure of unaccounted money.

He said suspicious cash withdrawal from banks were also being monitored, adding the department was also verifying the assets declared in affidavits by candidates and a detailed report would be made available to the Election Commission.

The official said special teams for I-T investigations were handling the operations and monitoring at the state level, while CBDT was keeping a close look on the whole exercise from Delhi.

CBDT Chairman Sudhir Chandra had himself visited Assam and Tamil Nadu to get a first-hand account of the drive against use of black money in elections, said the official.

The Commission had held a high-level meeting, attended by the CBDT chairman, on February 9, to oversee the measures taken by CBDT to control the use of money power in Assembly elections in Assam, West Bengal, Tamil Nadu, Kerala and Puducherry.

The Election Commissions crackdown on unaccounted money used in the polls in these states has already yielded encouraging results, especially in Tamil Nadu. The I-T department has seized Rs 52 crore of unaccounted money in the five states, with Tamil Nadu alone contributing Rs 48 crore to this amount.

The I-T official said flying squads were acting on specific information provided by local-level district officials and this had resulted in seizure of substantial cash and detection of unaccounted money.

He added the places from where substantial cash had been seized in Tamil Nadu included Goodalur, Salem, Dharampuri, Madurai, Chennai.

After I-T searches in a case in Chennai, two persons involved in the real estate business disclosed around Rs 6.5 crore. Enquiry was conducted after the flying squad received information about the car in which these two were to be found in possession of Rs 15.60 lakh. It was found that the two were generating a lot of unaccounted cash in their business, said the official.

Similarly, with the help of information provided by a district official in Salem, the department unearthed over Rs 1 crore from a rice mill owner.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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