« Direct Tax » Open DEMAT Account in 24 hrs  Net direct tax collection grow 7% as refunds fall sharply  GSTR-3B deadline expired: File now to avoid input tax credit loss, GST registration cancellation  ITR Filing: Income tax department shortens time limit for condonation of delay What it means for taxpayers  CBDT launches campaign to intimate taxpayers on undeclared foreign assets in ITR  ITR AY2024-25: CBDT launches campaign for taxpayers to report income from foreign sources   CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024  CBDT weighs overhaul of designations for income tax officials to secure better clarity  Direct tax-GDP ratio at millennial high in FY24  CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024  Tax filing: How to choose the right ITR form  Income Tax Return: How to maximise your tax refunds while filing ITR? «  Income Tax department working on strategy to prevent... Tax Department detects concealed income of Rs 19,938 crore... » Tax Dept detects concealed income of Rs 19,938 cr in last 2 yrs May, 22nd 2012 The government said the income tax department has detected concealed income of Rs 19,938 crore in the last two fiscals.   In 2010-11, the investigation wing of the Central Board of Direct Taxes (CBDT) has detected concealed income of Rs 10,649.16 crore. This figure came down to Rs 9,289.43 crore in 2011-12.   "Focused searches have been conducted in a number of cases in the current year on the basis of information received from foreign jurisdictions under the provisions of DTAA," the White Paper on the Black Money tabled in the Parliament said. Since April 2009, the Income Tax Department has detected under-reporting of income to the tune of Rs 11,800 crore in surveys, and collected due taxes thereon.   In 2011-12, the department found under-reporting of income to the extent of Rs 6,572.75 crore while it was Rs 5,894.44 crore in 2010-11.   On international taxation front, the Directorate of Transfer Pricing has detected mispricing of Rs 67,768 crore in the last two financial years with Rs 44,531 crore alone in 2011-12.   This has effectively stopped transfer of equivalent amount of profits out of the country, it said.   The directorate has collected taxes of Rs 48,951 crore from cross-border transactions in the last few financial years, it added.