CBDT Chairman Sushil Chandra in a letter to his officials has urged them to stick to these principles and ensure that any "aberrations" are dealt with quickly as per rules.
"As a result of systematic investigations, undisclosed income of about Rs 8,200 crore (including protective assessment of income of Rs 1,497 crore) has been brought to tax in the last about two years on account of deposits made in unreported foreign bank accounts in HSBC," Mr Jaitley told the Rajya Sabha in a written reply.
"RBI is deciding on thisit is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Minister Arun Jaitley said.
Uttar Pradesh Special task Force had arrested the owner of the company Anubhav Mittal, its CEO Sridhar and the technical head Mahesh, after it busted the Rs 3,700 crore fraud.
If the income exceeds Rs 5 lakh, a fee of Rs 5,000 shall be payable if the return is filed after July but on or before December 31 of the Assessment Year (AY). A fee of Rs 10,000 shall be payable if ITR is filed after December.
In its budget published on Wednesday, the Indian government said it would sell unspecified stakes in New India Assurance Co Ltd, United India Insurance Co Ltd, Oriental Insurance Co Ltd, National Insurance Co Ltd, and reinsurer General Insurance Corp of India in the financial year starting in April.
Mr Jaitley said a mission will be set up with a target of over 2,500 crore digital transactions for 2017-18 through the United Payments Interface, Aadhaar Pay, Immediate Payment Service and debit cards.
The monthly upper withdrawal limit for Jan Dhan account has been fixed at Rs 10,000 per month from November 30 to check misuse of these accounts.
The Managed Service Provider (MSP), which the I-T department plans to hire, will design and operationalize analytical solution that will help collating data, matching it and identifying relationships as well as clustering of PAN and non-PAN data, an official said.
Small finance banks offer basic banking services, accepting deposits and lending to unserved and under-served sections.
Senior citizens can opt for pension on a monthly/quarterly/half-yearly or annual basis under the Varishtha Pension Bima Yojana 2017.
The RBI had recently raised the ATM withdrawal limit to Rs 10,000 a day but maintained the weekly cap at Rs 24,000 for saving account and Rs 1 lakh for current account holders.
The updated version 1.2 comes with seven new languages - Odia, Bengali, Tamil, Telugu, Malayalam, Kannada and Gujarati.The existing version had only English and Hindi languageoptions.
The last time government increased the limits of taxable income was in 2014-15 budget when finance minister Arun Jaitley had increased the limit from Rs 2 lakhs to Rs 2.5 lakhs.
The issue will open on January 30 and close on February 23. The highest coupon rate is 9.30 per cent for investors of all categories for a tenure of 5 years.
Certified financial planner, Surya Bhatia answers a few queries on personal finance.
All India Gems and Jewellery Trade Federation (GJF), the apex body for domestic gems and jewellery industry, has recomended the Finance Minister to increase the mandatory PAN card limit to Rs 5 lakh and above.
The CPSE ETF, which tracks Nifty CPSE index, has delivered an absolute return of 33 per cent since its launch on April 4, 2014.
FDs are one of the most popular investment options for conservative investors due to fixed returns and the liquidity factor. However, banks have recently cut their interest rates and may lower them further as their coffers swell in wake of demonetisation.
Do you need to break your bank fixed deposit when you need funds in an emergency or for the short term? For such situations, many banks offer an overdraft facility against assets like property, fixed deposits, mutual fund and insurance holdings.