Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift...

An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal,...

The Black Money Act, 2015, imposes penalties and prosecution for wilful non-disclosure of foreign income and assets. Amendments are propose...

A number of resident individuals working in Indian subsidiaries and arms of offshore parents have recently received notices from the Income...

A separate foreign black money disclosure window was provided earlier which closed on September 2015.

Anyone not availing of this scheme and gets subsequently caught with unreported income will face a higher penalty. This could be over 60%.

Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying 45 per c...

More than Rs 71,000 crore (worth undisclosed income) has been disclosed under the IDS as per latest available information, said ICAI Presid...

The scheme was a moderate success. Aggregate disclosures amount to Rs 65,250 crore, on which 45% is payable as tax, surcharge and penalty, ...

As with the earlier scheme for declaration of overseas assets, officials expect major declarations in the last few hours, making estimates ...

Under the IDS, people can disclose their undeclared income and escape prosecution. The scheme, closes on September 30.

IDS provides for immunity from prosecution under the Income-tax Act and Wealth Tax Act alongside immunity from the Benami Transactions Act,...

Sources said the govt is launching regional campaigns, initially in Tamil and Telugu, to advocate the merits of the scheme meant to suck ou...

The Tax Department is considering sending e-mails to the entities against whom it has information of not disclosing assets that are taxable...

Finding out details is not difficult once there is a real-time sharing of information, he said, adding, "those who have missed the bus cert...

Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.

The monsoon might have given most parts of the state a miss, but it's raining black money disclosures for income tax (I-T) department in Gu...