« Direct Tax » Open DEMAT Account in 24 hrs  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?  Last date for filing income tax return (ITR) «  Direct tax code to come into force from April 2012: Pranab... Finance Ministry panel gets over 3,000 responses... » On specific cases relating to tax evasion and black December, 08th 2011 money, Gujral said: "In the LGT (bank) case, prosecution has been launched, all cases are in court...the question is only how quickly we can initiate action, how quickly we can recover taxes." The government had imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with Liechtenstein's LGT Bank on the basis of information provided by the German authorities. Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank. Meanwhile, Central Board of Direct taxes (CBDT) Chairman M C Joshi said the black money committee, which has now been given time until January 31, 2012 to submit its report, has "not received a great response" from the public on suggestions (on issues like generation of blackmoney and bringing back illegal wealth stashed abroad). The Government had in May constituted an eight-member committee under the chairmanship of the chief of Central Board of Direct Taxes (CBDT) to examine ways of strengthening laws to curb generation of black money and prevent its transfer abroad, besides recovering such illegal assets. PTI RSN BKS KKS SKB CS TVS