The official told TNIE that during preliminary enquiry, none from the list gave satisfactory explanations for the high-value transactions.
I-T detects Rs 281 crore racket of slush funds from Kamal Nath aides; recovers Rs 14.6 crore in cash
A portion of the cash had been transferred to the headquarters of 'a major political party in Delhi', the Income Tax department said.
Till March 26, direct tax collection was Rs 10.29 lakh crore, which is 12.5 per cent up compared to the same period a year ago.
Chandra, an IIT graduate, is a 1980 batch officer of the Indian Revenue Service (Income Tax cadre).
There’s more relief on way for start-ups as the income-tax department will soon decide on the kind of start-ups that can be exempted from angel tax.
According to CBDT chairman Sushil Chandra, the Income Tax department has issued 42 crore permanent account numbers.
As part of the government's simplification procedures, in two years the taxpayer doesn't need to face the taxman with assessees will be provided pre-filled return forms.
Following a request by startup companies on the issue of angel tax, the CBDT may exempt a startup from the tax after the DIPP finds one eligible.
Hailing this as an effect of demonetisation, Central Board of Direct Taxes chairman Sushil Chandra said that the revenue department expects tx filing worth Rs 11.5 lakh crore.
Number of taxpayers earning more than Rs 1 crore annually has risen to over 1.40 lakh.
The circular stated that pending appeals or special leave petitions should be withdrawn on priority to enable the department to focus on high-value litigations.
The government is expected to notify extensions in deadlines for Aadhaar linking with bank accounts and other services soon.