« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80 «  I-T circular puts Rajkot co-op banks on backfoot... IIM-B comes under tax scanner... » Taxman triples Mumbai searches in 05-06, seizes Rs 4,215 crore July, 29th 2006 Income tax searches in commercial capital Mumbai has more than tripled within one year, from 11 to 39. While the city has naturally faced the maximum number of searches over the years, the sharp rise shows the income tax department has become quite vigorous off late. The department seized Rs 4,215.31 crore in these searches, which is much higher than the Rs 604.17 crore seized in 04-05. Ahmedabad is second in the tally, where the income tax department conducted 25 searches in 05-06, but the seizure amount was only Rs 18 crore in 05-06. The number of searches in the city has more or less been at about the same level in the previous two years also at 22, and 18. The figures for Ahmedabad are higher than for Delhi and Kolkata, which witnessed 18 and 16 searches respectively in 05-06. While the searches in Delhi resulted in seizure of Rs 2,907 crores, those in Kolkata resulted in Rs 546.9 crore. In the case of national capital, 10 searches were made in 04-05 resulting in seizure of Rs 1218.2 crore, while Kolkata saw 13 searches yielding a seizure amount of Rs 219.6 crore. The figures were furnished to Lok Sabha by the finance ministry in a written reply on Friday. The finance ministry uses its power of search and survey to basically flush out those cases, where other means to recover unaccounted income fails to yield results. The investigation wing under the ministry conducted 3 searches and seized Rs 140.2 crore in the period under review in Chennai.