Tag: Income Tax Act
'Benami' Actions Carry Jail Terms, Warns I-T Department
India's Income Tax Department on Friday cautioned those engaging in 'benami' (proxy) transactions that they stand to face Rigorous Imprisonment (RI) of up to 7 years and would also invite prosecution under the Income Tax Act.....
Money Deposited Will Not Change Colour Automatically: Jaitley
Describing the currency deposited with banks following demonetisation as money that has lost its earlier "anonymity", Union Finance Minister Arun Jaitley on Sunday said such deposits do not automatically become legitimate, and can now be identified with the owner for taxation purposes.....
I-T Searches Yielded Rs 49,247 Crore: Minister
Income Tax Department searches resulted in unearthing undisclosed income and assets worth Rs 49,247 crore in the last four years, Parliament was informed on Friday.....
Rajya Sabha Returns Finance Bill With Amendments
The Rajya Sabha on Wednesday returned to the Lok Sabha the Finance Bill, 2017, with five amendments, after discussing the Bill for over five hours spread across two days.....
