With push to track down black money and tax defaulters, the Income Tax department has sent out more than 7 lakh tax notices to those who did not provide their PAN numbers, and more may be sent out. With assistance from banks, the notices were sent out to those who from 2009 had either deposited more than 10 lakhs in their account or bought or sold property worth Rs 30 lakh or more.
- 23 Jul 2016
As PM said in the “Mann Ki Baat”, some rich people are evading taxes – they like in houses worth multi-crores, drive such cars, but don’t declare their income or pay taxes. Everyone knows about it – but now this is being talked about. Government of India has now set September 30, 2016 as the deadline to declare their true income and pay taxes. After that, individuals and families would be considered in default and could see a hefty fine.
- 27 Jun 2016