- 1. Post demonetization, the Income Tax Department (ITD) conducted searches in 900 groups of persons during November 2016 to March, 2017 leading to seizure of Rs 900 crores and admission of undisclosed income of Rs 7961 crores.
- 2. During the same period, 8239 surveys were conducted leading to detection of undisclosed income of Rs 6745 crores.
- 3. Information of various kinds of wrong-doings by about 400 persons was also shared with other law enforcement agencies such as Enforcement Directorate and Central Bureau of Investigation for appropriate action.
4. Further, during the current Financial year (01.04.2017 to 30.06.2017) the ITD has conducted searches in 102 groups, seizing assets worth Rs. 103 crore.
5. The persons searched have admitted undisclosed income of Rs. 2670 crore. During the same period surveys conducted in 202 cases (01.04.2017 to 31.05.2017) led to detection of Rs. 150 crore as undisclosed income.
Deposit of 15% of disputed demand for Stay for contesting appeal before CIT A increased to 20% : 31-07-2017
Instruction No. 1914 dated 21-3-1996 contains guidelines issued by the Board regarding procedure to be followed for recovery of outstanding demand, including procedure for grant of stay of demand. Continue reading “Deposit of 15% of disputed demand for Stay for contesting appeal before CIT A increased to 20% : 31-07-2017”
Duplicate and Fake PANs deleted: Press Release dt 01-08-2017
As on 27-7-2017, 11,44,211 PANs have been identified and deleted or de-activated in cases where multiple PANs were found allotted to one person. Similarly, as on 27-7-2017, 1,566 PANs have been identified as ‘Fake’ which were allotted to either non-existent person or in the names of persons with false identities.
Bonds of Indian Railways Finance Corporation redeemable over 3 years notified for purpose of 54EC wef 8-08-2017
NOTIFICATION NO. SO 2529(E) [NO.79/2017 (F.NO.370142/18/2017-TPL)], DATED 8-8-2017
Direct tax collection up to July 2017 is higher by 19.1% but due to fall in refunds : Press Release dt 9-8-17
Information on Increase in Number of Assessees post demonitization: Press Release dt 18-08-2017
- During 9 November 2016 to 31-03-2017, 5.4 lakh new taxpayers have filed returns [Economic survey dt 12-08-2017]
- Additional tax returns filed during 2016-17 are 91 lacs as compared to 2015-16 [FM Speech dt. 17-05-2017]
- During 1st April, 2017 to 5th August, 2017, 2.79 crore e-returns of Individual taxpayers were received as against 2.23 crore e-returns received during 1st April, 2016 to 5th August, 2016. Thus, the additional ITRs received in 2017 works out to be 56 lakh. During the same period of 2015, 2.00 crore e-returns were received, meaning thereby, that in 2016, only 22 lakh (rounded off)) additional e-returns were received by the due date of filing. [PM Speech dt 15-08-2017]
- As per Press Release dt 5-8-2017, The number of Returns filed as on 05.08.2017 stands at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of F.Y. 2016-2017, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year. The growth in returns filed by Individuals is 25.3% with 2,79,39,083 returns having been received upto 5-8-2017 as against 2,22,92,864 returns in the corresponding period of F.Y. 2016-2017
Information on High Pitched Assessment called by Board from Reigonal Committees along with name of AO and Range Head vide letter dt 18/08/2017
LETTER [F.NO.225/287/2017/ITA.II], DATED 18-8-2017
Form of Audit Report 29B for book profits calculation changed by Not 18/08/2017
Audit Report for AMT u/s 115JC to be furnished electronically: proviso to Rule 12(2) Amended: Not. 18/08/2017
Tenure of Sh. G.D. Aggarwal increased as President of ITAT till regular appointment is made: Dt 18/08/2017
NOTIFICATION NO.A-12023(1)/15/2016-ADMN.III (LA), DATED 18-8-2017