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Onion prices: I-T raids traders in Maharashtra, Delhi amid hoarding fears I-T sleuths checked account books of some wholesale dealers against physical stocks of the commodity Current Affairs :The Income Tax Department on Monday overviewed Onion dealers in Maharashtra, Delhi and Madhya Pradesh following reports of supposed storing of the product in the midst of its soaring costs, authorities said. They said I-T sleuths checked record books of some discount sellers against physical loads of the product and its conveyance to purchasers as a feature of a tax avoidance test. The office is inspecting the onion stocks as its costs have shot up to about Rs 100 a kg in different markets and there are reports of storing, they said. Just business premises of stockists in Maharashtra, Delhi and Madhya Pradesh were reviewed, they said. Some computerized proof and implicating reports have been found and are being broke down, they included. Continue Reading

Tax evasion: I-T makes highest cash seizure of Rs 9.55 cr in Pune The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity. Current Affairs :The CBDT on Thursday said the Income Tax Department has made a record-breaking high money seizure of Rs 9.55 crore in the Pune district of Maharashtra after it struck a nearby specialist regarding a tax avoidance case. The approach making body of the division said the activity was attempted on November 4. It didn’t distinguish the element. “Knowledge data was gotten that the representative was in control of a lot of money at his home and that this money was probably going to be moved inside a limited capacity to focus time. “In a quick activity, some starter circumspect enquiries were made to learn the accessibility of money and a solitary warrant was executed to look through the habitation of the person alongside review at his business premises,” the Central Board of Di...

Linking PAN with bank mandatory for refunds from March: I-T to taxpayers Till now, the department used to issue refunds to taxpayers either in their bank accounts or through account payee cheques, in a case-to-case basis depending on the category of taxpayers The  Income Tax Department  will “just” issue discounts through the e-mode into financial balances of citizens starting one month from now and they should connect PAN with their records, the  taxman  said in its most recent open correspondence. The office said discounts will be sent to ledgers as it will issue “just e-discounts from March 1, 2019.” Connection your  PAN  (lasting record number) with your ledger toget your discount specifically, quickly and safely, the office said in an open warning issued Wednesday. It included the financial balance could be either reserve funds, current, money or overdraft. Till now, the office used to issue discounts to citizens either in their fin...