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MISREPORTING INCOME
Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix thisThe Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax li...- Explained: Inside Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh ExportsRajesh Exports has come under intense scrutiny after Sebi accused the company and its promoter of inflating revenues, misclassifying person...
- Govt flags ‘high-risk’ crypto system in note to Parliamentary panelIndia's virtual digital asset sector is now high risk. Intelligence reports reveal extensive illegal activities including drug trafficking ...
- How new online gaming rules will change your income tax and legal exposure depending on the kind of game you playAn online game is any game played on a phone, laptop, or digital device, operated through software using the internet or any form of electr...
- ITR changes from April 2026: 5 key updates for Tax Year 2026–27 explainedStarting April 1, 2026, new Income Tax Act and Rules bring significant changes for Tax Year 2026-27. Key updates include extended ITR due d...
- Rs 27K income tax liability became Rs 9.44 lakh: Pune taxpayer claims fake deductions of Rs 10.65 lakh; taxman imposes 200% penalty; ITAT upholds fineA Pune taxpayer faces a hefty Rs 9.44 lakh penalty for misreporting Rs 10.65 lakh in deductions, including fake claims for political donati...
- Got income tax notice or facing income tax scrutiny? Budget 2026 offers relief through revised, updated ITR, and immunity from prosecutionWith data analytics tightening the tax net, salaried taxpayers are increasingly facing income tax notices over small mismatches flagged thr...
- Pay reduced tax at 39% rate on unexplained income compared to 78% earlier, with close eye on penalty, Budget 2026 announcement?Budget 2026 brings a major tax relief for unexplained income. The tax rate has been slashed to 39 percent from the earlier 78 percent. This...
- Good news: Immunity from penalty or prosecution in income tax under-reporting cases has been expanded in these cases: Budget 2026 announcementSection 440 of the new Income Tax Act, 2025, is being amended to extend immunity from penalties and prosecution to cases involving income m...
- Homebuyer asked to pay penalty for not correctly calculating his tax exemption claim under Section 54F; ITAT Ahmedabad gives relief to himThe ITAT Ahmedabad has cleared Mr. Sanghvi from tax penalty by declaring it null and void. The penalty was based on allegations of misrepor...
- Retired govt employee claims Rs 20 lakh gratuity tax exemption; I-T Dept imposes Rs 2.2 lakh penalty; ITAT Cochin rules in her favourA retired state employee successfully challenged a Rs 2.2 lakh penalty imposed for claiming a higher gratuity tax exemption. The Income Tax...
- I-T Department digs deep, explores unusual sources for info gatheringIt is happening across businesses and states, with the taxman snooping around for transaction details with organisations in financial servi...
- Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penaltiesIt is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed wh...
- Submitting fake bills to lower your tax liability? Tax department has ways to catch youWhile submitting proof for reimbursements make sure it is real and not fake as that would get you in serious trouble with the tax departmen...
- 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...
- Misreporting rampant in insurance forms: LexisNexis studyThe tendency to misreport is higher among those in the age group of 25-34 years and among those who consider their health to be poor.
- False income tax refund claims could attract these penaltiesThe income tax department has recently claimed to have busted a racket of fraudulent claim of tax refunds by employees of well known compan...
- I-T Act amendment: Jaitley hits out at Kejriwal for making "incorrect" statementsArun Jaitley today hit out at Delhi CM Arvind Kejriwal for making "factually incorrect" statements on the proposed changes in the Income Ta...
- Be ready to pay 50-70% tax on black money deposited in banksThis rate would only be applicable for large cash deposits in bank accounts or huge expenses incurred in cash since November 8, when old cu...
- I-T raids Lodha Group for misreporting incomeThe income-tax department on Monday raided four premises of realty developer Lodha Group on alleged misreporting of income.
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