The I-T dept has unearthed a giant fraud in multiple cities, where government employees allegedly claimed huge tax refunds forging documents, inflating expenses and not revealing complete information.
Income Tax Department
The income- tax department on Sunday clarified that price indexation (adjustment to inflation) will not be available for this tax.
PAN will now also be mandatory in respect of cash deposits aggregating to Rupees two lakh fifty thousand or more.
CBDT encourages the tax payers to display these certificates in their homes and offices.