Tag: I-T department

Latest StoriesRegulatory

I-T Flags Unreported Cash Deals in Bihar, Uttar Pradesh

NEW DELHI: The income tax department is scrutinizing cash transactions exceeding Rs 2 lakh in property deals, especially in Bihar and Uttar Pradesh, particularly in areas adjacent to Nepal. Numerous violations have been identified, and sub-registrars have failed to provide the necessary data. This nationwide initiative, following a Supreme Court directive from April, led tax officials to discover instances where entire transactions were conducted in cash. Tax authorities are baffled by the inaccurate reporting from sub-registrars in Bihar and UP. The department has escalated this issue to senior officials in both states, urging them to instruct sub-registrars to share information…

Latest StoriesRegulatory

Income Tax Survey of Raymond’s Realty Division

The Income Tax (I-T) department is currently conducting a survey action on entities associated with the textile and apparel giant Raymond Group. The survey, which started on Thursday and continued into Friday, focuses on the group’s real estate operations, according to sources familiar with the situation. Unlike searches, a survey action is restricted to official premises and is carried out solely during business hours. In a regulatory announcement on Friday, Raymond indicated that it is fully cooperating with the authorities. “We would like to inform you that yesterday, certain officials from the Income Tax Department visited some of the company’s…