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ITR PROSECUTION
ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respondAs Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why ta...- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakesReturning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from t...
- ITR filing 2026: Don’t miss these key income tax deadlines for FY 2025–26 (AY 2026-27)Navigating income tax deadlines for FY 2025-26 (AY 2026-27) is crucial to avoid penalties. The Income Tax Department has set specific due d...
- 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...
- 10 ways individual taxpayers will be impacted most from Budget 2026: Tax slabs, ITR filing deadlines, Foreign Asset Disclosure Scheme and moreBudget 2026 introduces a New Income Tax Act effective April 1, 2026, with staggered ITR filing deadlines and reduced TCS on overseas tour p...
- 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...
- Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecutionIncome from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% ...
- 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 ...
- Have undisclosed foreign income or assets? Act before December 31 as govt gets more data from these new countriesIncome tax: The Income Tax Department has data from Germany and other countries about its residents having foreign properties and assets an...
- New deadline for submitting tax audit report is approaching; File it else be ready to pay Rs 1.5 lakh or 0.5% of sales as penaltyTax audit: The last date to submit income tax audit report is October 7, 2024 for FY 2023-24 (AY 2024-25). If you fail to submit your tax a...
- Income tax refund delayed? These taxpayers won’t get refund unless they confirm it on ITR portalIncome tax refund: No tax refund for identified taxpayers because their income tax return (ITR) has been identified by the 'Risk Management...
- 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...
- Not disclosing foreign shares, investments, assets in your ITR can lead to penalty of Rs 10 lakhFiling of schedule FA is mandatory if an individual is owner of any foreign asset like foreign stocks, foreign mutual funds, other foreign ...
- 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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