Income tax

The Income Tax Department Has Seized Unexplained Cash Ahead of Upcoming Assembly Elections In Five States

Leading up to the Assembly elections in five States, the income tax department has seized more unexplained cash compared to previous elections in those States, according to CBDT on November 15.

The Income Tax Department Has Seized Unexplained Cash Ahead of Upcoming Assembly Elections In Five States

Leading up to the Assembly elections in five States, the income tax department has seized more unexplained cash compared to previous elections in those States, according to CBDT on November 15.

As per the sources, before the State Assembly and Lok Sabha elections, enforcement agencies, including the Income Tax department, increased surveillance and collected information about unexplained cash and jewelry through toll-free numbers.

In the current election-bound States, we have seized more cash than what was confiscated during the corresponding period in the State Assembly elections or Lok Sabha 2019.

Moreover, the pre-election monitoring of unexplained cash and surveillance is rigorous, and the entire operation is coordinated at the level of the Election Commission and State election authority.

In the run-up to the upcoming elections in Rajasthan and other states, there has been a significant surge in the total confiscation of illegal items such as cash, liquor, drugs, gold, and silver. Compared to Rs. 322 crore in 2021 and Rs. 347 crore in 2022, the seizures have spiked to Rs. 1,021 crore as of October 2023.

The states of Chhattisgarh, Telangana, Rajasthan, Madhya Pradesh, and Mizoram are heading to the polls in November. In July, the Central Board of Indirect Taxes and Customs (CBIC) issued a Standard Operating Procedure (SoP) for tax officers to follow the Election Commission's directives on curbing freebies, illicit cash, liquor, and drugs to influence voters. The SoP urged tax officers to monitor the distribution of coupon-based or free fuel or cash aimed at enticing potential voters.

Additionally, GST and Customs officials were instructed to establish "flying squads and static surveillance teams" to conduct effective road and transit checks of vehicles and verify warehouses, aiming to curb illegal and prohibited activities.

Also Read: Significant Amendments to the Senior Citizen’s Savings Scheme

FILING YOUR INCOME TAX RETURN F.Y 2023-24 (A.Y. 2024-2025) WITH MYITRONLINE

Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)

If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting

Upload Form-16

Upload Salary Individual Form-16

If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886,8130309886.

Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com

Income Tax Department Uncovers Online Retailers Tax Evasion 10000 Crore

Krishna Gopal Varshney

An editor at apnokaca

View Articles

Krishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.

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

Name *

Email *

Your Comment *

Save my name and email in this browser for the next time I comment.