Arun Jaitley said that cooperative banks function like any other commercial bank and the principle of mutuality, which was central to granting exemption, did not apply "because their area of operations extends even to non-members".
In the previous AY 2014-15, 1.91 crore, out of 3.65 crore who filed returns, had paid income tax. But the total income tax paid by individuals declined to Rs 1.88 lakh crore in AY 2015-16 from Rs 1.91 lakh crore in AY 2014-15.
The I-T department released statistics for assessment year 2015-16 showing that 59,830 individuals with gross total income of over Rs 1 crore had a cumulative income of Rs 1.54 lakh crore.
The CBDT has been running a pilot project in a few major cities and has been testing the feasibility of implementing this new regime of tax assessment for the last few years.
Suspected black money being converted into white, post demonetisation, through bitcoins was also under the I-T’s scanner, officials said.
Various teams of I-T sleuths today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.
People with unexplained credits and investments reflecting on their I-T returns could earlier get away by offering higher tax on the amount.
It is being reported that the AAP had not informed the tax authorities about Rs 13.16 crore it received from various sources as party funds.
Eight years after he first helped draft a new direct tax code for India, top taxman Arbind Modi has been asked to do the task again to meet the contemporary economic needs of the country.
The CBDT said the Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin.
Jayakumar said Dinakaran is blaming Chief Minister K Palaniswami and Deputy Chief Minister O Panneerselvam for political gains.
According to reports, they had also searched an office of Jaya TV office adjacent to Jayalalithaa's residence, apart from the channel's main office at Ekkaduthangal.
Chidamraram, his wife Nalini, son Karti and daughter-in-law Srinidhi had filed four pleas for quashing of the notice from the I-T department
The IT department will look at the routing of funds within India whereas other agencies will look into the routing of money outside India, the official said.
The searches are being conducted in connection with unexplained routing of cash post-demonetisation through shell companies allegedly connected to Sasikala and her nephew TTV Dinakaran.
The raid may enter third day as the searches are continuing in several premises. For the second consecutive day on Friday, Income Tax (I-T) officials continued their massive raids at around 140 premises.
Ten groups of IT officials were involved in the "search exercise taking place across Tamil Nadu, Bengaluru, Hyderabad, Delhi and other places" which began at 6 am.
The Narendra Modi-led government wants an overhaul of archaic tax rules to ensure that tax compliance is easy and dispute redressal, quicker.
Sources said the probe agency has red-flagged a slew of violations of companies law by Mallya, Kingfisher Airlines and officials, including serious corporate governance lapses
Income Tax raided over 50 premises belonging to Jai Bharat Maruti Group in NCR and recovered cash worth Rs 7 crore.
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