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    • Rs 100 cr black money: I-T raids at 50 locations across India

      The Income Tax department today conducted searches at over 50 locations as part of its crackdown against tax evasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently.

    • As PM scheme's deadline nears, Tamil Nadu man deposits Rs 246 crore in old notes

      The man, whose identity is not yet revealed, deposited the cash in an Indian Overseas Bank branch under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

    • Note ban black money disclosure scheme may achieve less than half the target: I-T sources

      According to officials, the declarants want more time to submit the money they declared under the scheme.

    • IDS disclosures valid if taxes realised by December 5: CBDT

      The government had come out with a 4-month long Income Disclosure Scheme, which closed on September 30, 2016, to give an option to domestic black money holders to declare their unaccounted wealth and come clean by paying 45 percent tax and penalty.

    • No change in tax collection estimates post FM comment:Economists

      Following Finance Minister Arun Jaitley's comments on direct and indirect taxes, economists have not changed their estimates for the tax collection. According to them, better performance on indirect taxes was expected due to the higher fuel excise hike.

    • Five tax tweaks of the year you should not miss

      2016 witnessed a series of modifications in the taxation framework that can impact your finances in the years to come. Here‘s a look back at the key tax-related changes during the year.

    • Govt revises down IDS collection; fake declarations found: Srcs

      According to sources, the total tax collection from IDS-1 is expected to be around Rs 25,000 crore. Under the first instalment, the government will get Rs 6,700 crore.

    • Banks keeping tabs on 'unusual activity' in certain accounts

      The Financial Intelligence Unit which monitors money laundering is preparing a list of doubtful bank transactions made since the announcement of Income Declaration Scheme in April and the demonetisation drive in November.

    • IDS gets Rs 67,382 cr, over Rs 2K cr higher than estimate

      The Finance Ministry today revised upwards black money disclosed under Income Declaration Scheme (IDS) to Rs 67,382 crore, which will fetch the government a little over Rs 30,000 crore in direct tax revenue even as it did not take into account two high value disclosures.

    • New income disclosure scheme: Do or die for black money holders

      Pradhan Mantri Garib Kalyan Yojana, 2016 gives an opportunity to all the black money hoarders to come out clean by declaring their undisclosed income and paying heavy taxes and penalty.

    • Demonetisation: RBI printing notes worth close to Rs 30k cr daily, says Gangwar

      The Reserve Bank of India is taking measures to ease cash crunch and is printing currency notes worth close to Rs 30,000 crore daily, MoS Finance Santosh Gangwar told CNBC-TV18. The central bank is now focusing more to print the Rs 500 notes to ease cash crunch in the economy, he added.

    • Accept IDS fine in old Rs 500, don't seek source: IBA to banks

      With the last date for paying the first installment of due taxes and penalty under the one-time black money window IDS nearing, banks have been asked to accept the old Rs 500 notes from the declarants under the scheme and not seek the source of funds from them.

    • Cabinet approves I-T amendments to tax deposits post Nov 8: Srcs

      The Cabinet is likely to have approved amendments to the income tax laws to tax deposits made after November 8 and CNBC-TV18 learns from sources that a tax rate higher than 45 percent on 'suspicious' or unaccounted deposits is a possibility.

    • IDS 'major success' vis-a-vis VDIS: Jaitley

      Describing domestic black money declaration scheme IDS as a "major success", Finance Minister Arun Jaitley today said it will yield Rs 29,362 crore in taxes, which is three times the amount garnered by the then government in 1997 amnesty scheme, VDIS.

    • No provision for 200% penalty on income disclosed under I-T Act

      The announcement of a 200-percent penalty on high-value deposits has run into trouble, CNBC-TV18 learns from government sources.

    • Scrapping Rs 500, Rs 1,000 notes a bold decision: Blackmoney SIT

      The Special Investigation Team (SIT) on black money today called Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight a "bold" step, saying this would help in curbing the menace of stash funds.

    • Taxmen mop up Rs 70,000-72,000 cr in black money haul: Srcs

      Sources say that Telangana continues to top the list with Rs 20,000 crore collection followed by Mumbai at with around Rs 9,000 crore.

    • IDS: Final black money tally may go up by Rs 10,000 crore

      Officials working to tabulate the final figures of the Income Declaration Scheme (IDS) said all the regions of the department across the country are continuously working to finalise and put up the final figures soon.

    • Telangana, AP likely made highest IDS disclosure of Rs 15-20k cr

      The states of Andhra Pradesh and Telangana are likely to have made the highest disclosures of roughly Rs 15,000-20,000 crore under the government‘s income declaration scheme (IDS), reports CNBC-TV18.

    • Black money scheme has seen declarations 'beyond expectation'

      The response to the government's Income Declaration Scheme (IDS) for black money has been "beyond expectations", DS Saksena, Principal Chief Commissioner of Income-Tax Department, said even as he did not outline any numbers.

    • Black money declaration may cross Rs 25,000 cr: Taxsutra

      Speaking to CNBC-TV18 on the sidelines of International Tax Convention in Madrid Taxsutra's Arun Anandgiri, and noted tax expert TP Ostwal said the Income Declaration Scheme (IDS) has seen a sharp uptick in the last week.

    • CBDT to acknowledge black money declarants by August-end

      Black money holders who have disclosed their ill-gotten assets during July under the ongoing compliance window will receive acknowledgement from the tax department by August 30.

    • Govt may extend deadline for paying taxes on black money

      The payment deadline under IDS is November 30, which is close to the third quarter deadline of advance tax payment.

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