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ITR PROSECUTION
Missed ITR deadline and TDS refund is due? Know how to claim your refund before it’s too lateMissed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, int...- Have undisclosed foreign assets or income? Know the extra tax cost if you miss FAST Scheme 2026's December 31 deadlineIndia's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This voluntary disclosure window closes on ...
- Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come cleanThere is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable...
- Foreign Asset Disclosure Scheme 2026: From budget proposal to rollout - what residents and NRIs need to knowThe Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implementation. This article explains its t...
- 7 big income tax changes for 2026-27 that may reduce penalties for small mistakesNew income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from Octo...
- ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report themIndia's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percen...
- ITR 2026: Common income tax return filing mistakes that cost employees lakhsA careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensur...
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate ...
- ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this caseResident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax retur...
- Relaxation in jail term on ITR filing offence in Budget 2026: Pay fine or 2 years jail instead of 7 years if ITR not filed and tax is above Rs 50 lakhBudget 2026 significantly softens penalties for income tax defaults. The jail term for failing to file ITR with tax exceeding Rs 50 lakh is...
- ITR can still be filed after September 16, 2025 with payment of late fee and losing some benefitsIndividuals had until September 16 2025, to file their income tax returns. Filing after this date incurs penalties and limitations, includi...
- If you don’t make these 8 disclosures, your ITR may be treated as defectiveFiling income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures inc...
- What if you fail to file ITR by due date September 15, 2025? You should be ready to pay late fee, delayed refund, and scrutinyThe Income Tax Return (ITR) filing deadline is September 15, 2025. Missing it results in a late fee. Belated ITR filing is allowed until De...
- Don’t submit an ITR right away after filling the form to get one last chance to fix the errorsTaxpayers filing their income tax returns (ITR) are advised to save a draft before submitting to allow for corrections. Once submitted, cha...
- Planning to give ITR filing a miss? You must know the consequencesConsequences of not filing ITR: Income tax laws make ITR filing mandatory as specified under the Income Tax Act. However, not many taxpayer...
- Bizarre I-T law to penalise taxpayer to change soon: Income Tax Bill 2025 may give relief to specified small taxpayers filing ITR only to claim tax refundsThe Income Tax Bill 2025 may soon offer relief to small taxpayers seeking refunds. A Lok Sabha select committee suggests removing penalties...
- End of arbitrary arrest by income tax officers? New Income Tax Bill 2025 proposes to decriminalise Section 276CCCIncome Tax Bill, 2025: The new tax Bill has proposed to decriminalise Section 276CCC of the Income Tax Act, 1961. This Section (276CCC) is ...
- Paying income tax is not enough, you must file the ITR to avoid jail in certain casesITR filing: You must remember to file the ITR by July 31, 2024 and also pay any pending income tax amount (if any). "There are legal provis...
- Income Tax department warns salaried class again filing wrong ITRsThe tax filing season for salaried class taxpayers has just begun with the Central Board of Direct Taxes (CBDT), that frames policy for the...
- Demonetisation row: Penalties, prosecution that tax department can slap on black money holdersHere is a list of various penalties that can be imposed on you for different defaults and the provisions which can help you get immunity fr...
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