Taxontips
No Result
View All Result
Tuesday, June 6, 2023
Login/ Register
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Talk to an Expert
  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
No Result
View All Result
Taxontips
No Result
View All Result

Income Tax Department conducts searches in Maharashtra

Income tax Expert by Income tax Expert
November 10, 2021
in Income Tax News
0
Income Tax department conducting the biggest raid of 2020 in Raipur!
97
SHARES
1.2k
VIEWS
image_pdfPDFimage_printPrint

The Income Tax Department carried out search and seizure operations on 27.10.2021 at the Headquarter and one of the branches of an Urban Credit Cooperative Bank located in Maharashtra. The residence of the Chairman and one of its directors were also covered.

The analysis of bank data on Core Banking Solutions (CBS) and the statements of key persons recorded during the search action has revealed the glaring irregularities in opening the bank accounts. More than 1200 new bank accounts were opened in the said branch without PAN. The investigations have revealed that these bank accounts were opened without following KYC norms and all account opening forms are filled in by the bank staff and they have put their signature/thumb impressions.

In these accounts, multiple cash deposits each of exact denomination of Rs. 1.9 lakh, were made totalling to Rs. 53.72 crore.  Out of these, more than 700 bank accounts have been identified which were opened in series, where cash deposits of more than Rs. 34.10 crore were made immediately within 7 days of opening of bank accounts mainly during the period August, 2020 to May, 2021. These deposits have been structured to avoid mandatory PAN requirement for cash deposits over Rs. 2 lakh. The money has been subsequently converted into fixed deposits in the same branch.

Local enquiries in few cases of such account holders, has demonstrated that these persons are not aware of cash deposits in the bank and categorically denied any knowledge of such bank accounts or even the fixed deposits.

The Chairman, CMD and the manager of the branch, could not explain the source of cash deposits and accepted that these were done at the behest of one of the directors of the bank, who is a prominent local businessman engaged in trading of grains.

On the basis of the evidences gathered and statements recorded, the entire amount of Rs. 53.72 crore has been restrained.

Further investigations are in progress.

 

To read more CLICK HERE.

 

You can book phone consultation/ assistance online with expert as mentioned below:

To book ITR filing with experts CLICK ME.

To book phone consultation with experts for any Income tax related matters CLICK ME.

To book consultation for Faceless Assessment with experts CLICK ME.

To book phone consultation with experts for GST related matters CLICK ME.

To book general phone consultation with expert CLICK ME.

 

Connect with us on: LinkedIn, Telegram, Instagram, Facebook and Youtube for regular Updates.

image_pdfPDFimage_printPrint
Tags: Income tax raidIncome tax updatestaxontips
Previous Post

Extension of last date of MEF 2021-22 to 20.11.2021

Next Post

Relief in relation to disqualified directors announced by MCA

Related Posts

Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act
Income Tax News

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Due date for filing SFT extended from 31.05.2023 for FY 2022-23?

June 1, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]

May 31, 2023
Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-
Income Tax News

Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]

May 30, 2023
ICAI has announced a new MBA programme for Diploma in Management and Business Finance
Income Tax News

ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members

May 29, 2023
Amendment in provisions relating to taxability of income of trust by Finance Act, 2021
Income Tax News

Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act

May 26, 2023
Next Post
MCA extends due date for uploading Annual return and Financial statement

Relief in relation to disqualified directors announced by MCA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Google Custom search

Recent Posts

  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]
  • Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]

Recent Comments

  • Notification under PMLA by Ministry of Finance which could affect CA, CS and CMA - Taxontips on CA, CS and CMA now under PMLA. KYC of clients required
  • ITR 4 is now available on e-filing website for FY 2022-23 i.e. AY 2023-24 | File ITR with experts on Taxontips – Taxontips on Businessman with turnover below 1 crore and having profit below 8% need to compulsorily get books of accounts audited: Let’s find out
  • Can a person earning income from speculative business transaction file return u/s 44AD of Income tax act - Taxontips on How to calculate turnover in case of intra day and future and option trading for Income Tax purpose?
  • Extension of last date for updation of Member’s Profile with GSTIN at Self Service Portal – Till 23rd April, 2023 - Taxontips on Updation of Member’s Profile at Self Service Portal with GSTIN to get GST credit till 15.04.2023
  • Akshay Kadam on New error faced in the new Income tax e-filing portal related to log-in of an assessee | E-filing 2.0

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Browse Topics by Date

June 2023
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« May    
  • GSTR 9/ 9C extended : AGAIN

    GSTR 9/ 9C due date to be extended to 31.10.2020 | E-invoicing will be voluntary in the beginning

    6456 shares
    Share 2582 Tweet 1614
  • How to pay Membership and COP fees of ICAI for 2020-21 |

    6344 shares
    Share 2538 Tweet 1586
  • Code/ Nature of payment 6CR updated by NSDL in challan 281 for paying TCS on sale of goods

    5679 shares
    Share 2272 Tweet 1420
  • Are all the due dates of tax audit and Income tax return for FY 2019-20 extended to 31.03.2021 by the bill presented in Lok sabha Dt. 18.09.2020

    4771 shares
    Share 1908 Tweet 1193
  • SFT transaction mentioned in Form 26AS | What does it mean? | Who reports it? | SFT codes transaction type

    3991 shares
    Share 1596 Tweet 998

Recent Notification

Last opportunity to file Income tax return for F.Y. 2018-19 | Belated return u/s 139(4) of the Income tax Act

Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act

June 5, 2023
GST registration

₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth

June 2, 2023

RSS Taxontips

  • Condonation of delay in filing refund claim and claim of carry forward of losses under Section 119(2)(b) of the I.T. Act
  • ₹1,57,090 crore gross GST revenue collected for May 2023; clocks 12% Year-on-Year growth
  • Due date for filing SFT extended from 31.05.2023 for FY 2022-23?
  • E-appeal scheme, 2023 announced by CBDT, JCIT(A) will now hear appeal [Read notification]
  • Limit of exempt income for leave encashment for non-govt employees increased to Rs. 25 lakh [Read notification]
  • ANNUAL FEE CIRCULAR 2023-24 by ICAI for it’s members
  • Instructions for conducting scrutiny of returns for FY 2019-20 onwards under GST [Read instructions]
  • Extension in time limit for filing Form 10A, 10AB, 10BD, 10 etc. in relation to trust under Income tax act
  • GUIDELINES FOR SPECIAL ALL-INDIA DRIVE UNDER GST
  • Government issues guidelines to calculate net winning for section 194BA of the Act [Read circular]

Categories

  • Budget News
  • Business & Other News
  • Case Laws
  • GST news
  • Income Tax News
  • News

Site menu

  • Home
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST Registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • Q & A
  • About us
  • Contact us
Taxontips

TaxOnTips provides you all tax related solutions in easy way and update you with its regular updates & notifications Visit us for details.
We are based in Jaipur, India

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

No Result
View All Result
  • Login/Signup
  • Income Tax
    • Income Tax Return
    • Tax Notice/ Personal consultation
    • Compliance Notice
    • Faceless Assessment
  • GST
    • GST registration
    • GST Consultation
  • News
    • Income Tax News
    • GST news
    • Budget News
    • Business & Other News
  • About us
  • Contact us
  • Ask an expert/ Talk to an expert
  • Q & A
  • Privacy Policy
  • Terms of use

© 2019-2023 Taxontips.com - Tax assistance at your Fingertips

Book Phone consultation with expert

Sitting home or at your office and don't have time to visit CA's office or don't know where to consult CA. Book your consultation with an expert practicing Chartered Accountant and get your query solved.

Book a phone consultation for 30 minutes with our expert at a very basic cost.

Book consultation

No thanks, I'm not interested!