Tag Archives: Income tax act

News: The Special Investigation Team (SIT) probing black money has approved compounding of offences under the Income-Tax Act for Indians holding accounts in foreign banks, many of whom are facing prosecution for tax evasion and concealment of income. This facility would be extended to foreign account holders who have fully ...

News: In 2014-15, the government seized Rs 761.70 crore in 545 searches, Rs 807.84 crore in 569 cases in 2013-14 and Rs 575.08 crore in 422 searches in 2012-13, Minister of State for Finance Jayant Sinha said. There were 34 convictions in 2014-15, 41 in 2013-14 and 10 in 2012-13, ...