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FRAUDULENT EXEMPTION CLAIMS
Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT ChennaiA Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying ...- What running a business in India actually looks like: Nightmare of CEOs these days is conversion of commercial disputes into criminal casesA corporate crisis manager describes how business disputes in India are increasingly being turned into criminal cases, exposing executives ...
- Nudge campaign: 1.5 m+ revised ITRs filed this yearMore than 1.5 million taxpayers have revised their income tax returns for the current assessment year. This voluntary compliance initiative...
- CBDT flags bogus claims on political and charitable donationsThe Central Board of Direct Taxes has uncovered significant misuse of tax deductions for political and charitable donations. A campaign has...
- Income-Tax Department detects ₹700 crore in fraudulent exemption claimsThe Income-Tax Department has uncovered fraudulent exemption claims amounting to approximately ₹700 crore, prompting enhanced risk assessme...
- 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...
- Lavish holidays? Get details ready for new ITR formThe Central Board of Direct Taxes is updating income tax return forms. This aims to address income underreporting. The new forms will seek ...
- Revise your returns or face penalty: Taxman detects fake donations, issues warningThe income tax department has highlighted widespread bogus claims related to political and charitable donations, and investment and interes...
- HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofsHRA tax fraud: The investigation by the tax department began when authorities stumbled upon purported rent receipts totaling approximately ...
- Do you claim rent and home loan exemptions? You could be under IT scanner. Read howThe Income Tax Department has employed AI to investigate taxpayers' returns, with fraudulent claims related to house rent and housing loan ...
- EC delists 87 registered unrecognised parties, seeks action against 2,174 moreSection 29C of RPA requires an unregistered party to furnish a contribution report under Rule 85B of Conduct of Election Rules 1961. Such c...
- DRI detects double benefit by traders from IGST, compensation cess exemptionIn notices issued to several importers, the DRI field units have said that the importers were ineligible to claim refunds on exported goods...
- Banks, telcos, insurers may be exempted from GST e-invoicesBanks, airlines, insurance companies, armed forces and telecom service providers are likely to be exempted from mandatory issuing of e-invo...
- Lied in your tax return? You are liable, not your ITR preparer and here's how to save yourselfThousands of taxpayers file faulty tax returns. For that, the taxpayer is liable, not the ITR preparer.
- 'CAs' help you get fat income tax refunds, with a bit of fraudThousands of taxpayers may already have filed their returns through these entities and claimed refunds.
- How income tax department can penalise you for under-reporting, misreporting incomeAs per the I-T laws, in case of misreporting of income the I-T officer can levy a penalty of 200% of the amount of tax payable on under-rep...
- 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...
- 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...
- Over Rs 570 crore excise duty evasion demand against Cadbury IndiaDGCEI had in 2011 initiated a probe against the company for allegedly misusing 'area-based exemption' for its new unit in Baddi, HP even be...
- IRS to implement changes in ITIN procedure; to impact NRIs heading to USThese changes in ITIN procedure will impact individuals who have recently moved to the US or who plan to move in the near future.
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