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FALSE DEDUCTIONS
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- SBI paid extra pension by mistake, then recovered it; court orders Rs 3.6 lakh refund with interestA Delhi widow, solely reliant on her family pension, has been granted relief by the High Court after the State Bank of India made erroneous...
- Quote of the Day by Socrates: ‘I am the wisest man alive, for I know one thing, and that is…’ - Father of Western philosophy explains why you should stop pretending you know everythingQuote of the Day by Socrates explains wisdom lies in recognizing his own ignorance. In an age of instant answers, his philosophy emphasizes...
- Rs 1 lakh salary, Rs 20k left in 10 days? CA warns of the silent salary trapMany urban professionals earn high salaries but struggle with savings. A chartered accountant highlights a silent salary trap. Fixed expens...
- Google to pay $135 million in android data use settlement, millions may get small payoutsGoogle agreed to a $135 million settlement over claims Android phones used mobile data in the background. Millions of U.S. users may qualif...
- Season’s Greeting? Taxman turns New Year party pooperTaxpayers are receiving unexpected emails from the Income Tax Department. These messages halt tax refunds due to discrepancies in claimed d...
- Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the detailsMr. Shinde faced a penalty for claiming false tax deductions. He blamed his consultant, Mr. Patil, for the error. Shinde promptly paid the ...
- Manipulated again: I-T busts fresh fraud in political donation tax deduction claimsThe Income Tax Department is cracking down on fraudulent tax deductions, revealing manipulation even after taxpayers were given a chance to...
- Income Tax Dept cracks down on bogus claims of tax deductions like 80GGC; What can taxpayers do?The Income Tax Department is cracking down on fraudulent tax deduction claims, including those under sections like 80GGC, 80E, 80D, 80EE, 8...
- Bogus deduction claims: I-T searches 150 sitesThe Income Tax Department executed a nationwide search across 150 locations, targeting entities suspected of claiming fraudulent tax deduct...
- I-T dept raids 200+ premises for fake deductions under political donations, tuition, medical claimsThe Income Tax Department has launched extensive raids across India, targeting individuals and entities involved in facilitating fake tax d...
- Are you paying toll for roads you didn't use? NHAI cracks down on false FASTag deductionsMany vehicle owners have reported false toll deductions despite not using the roads, prompting the NHAI to penalize toll operators. Over 25...
- ITR refund or TDS credit claimed through common email or mobile comes under scrutiny; High risk tax refund cases to be investigatedIncome Tax Refund: The tax department is planning on investigating high risk tax refund cases relating to AY 2024-25 (FY 2023-24). "In the ...
- Made false deduction claim in ITR? Income tax dept wants employees to rectify this and pay the due tax or be ready for penal actionIncome tax deduction: Incase you have mistakenly claimed a incorrect or wrong tax deduction or exemption and thus as a result your tax liab...
- I-T dept after raids Mumbai-based gutka group, detects Rs 1,500-cr undisclosed transactionsThe Income Tax Department has detected unaccounted transactions of about Rs 1,500 crore and assets in a tax-haven country after raiding a M...
- Income tax department warns salaried taxpayers against tax evasion by under-reporting incomeThe income tax department has warned salaried taxpayers against under-reporting income or inflating deductions/exemptions while filing inco...
- Taxpayers can’t be fined for incorrect claim if all relevant information is providedThe I-T dept cannot levy penalty on a taxpayer, if he makes an incorrect claim but furnishes all relevant particulars of income , according...
- Expert advice is not an excuse to avoid penalty for claiming false deductions: I-T tribunalAn income-tax tribunal has held that a company cannot avoid paying penalty for claiming false deduction on grounds that its claim was suppo...
- Madoff victims can claim theft lossInvestors allegedly defrauded by Bernard Madoff and R Allen Stanford will be allowed to claim theft losses as deductions on their tax retur...
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