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PENALTY ON UNEXPLAINED INCOME
Brother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-lawA brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, t...- The cookie jar: Rs. 403 crore of expected losses simply disappeared, and turned into profit. Nobody had earned a rupeeA provision is simply management's estimate of a future cost the company can already see coming: Repairs under warranty, a lawsuit it might...
- Income Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT MumbaiHow wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver it...
- Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this groundWaseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of ab...
- Filing ITR-3 for AY 2026-2027? Here’s 7 aspects to look out for before filing itThe deadline to submit ITR-3 forms for non tax audit business income is set for August 31, 2026. For those requiring a tax audit, the submi...
- Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT DelhiIndian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money...
- Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...
- 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...
- Self-reporting of unexplained income in ITR to save 50%: A permanent Voluntary Disclosure of Income Scheme (VDIS) in Budget 2026?Budget 2026 reshapes taxation of unexplained income. Self-reporting undisclosed income now attracts a 30% tax rate. This is a significant r...
- 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...
- Coming clean may be less taxing: Taxpayers could get away with paying significantly less on unexplained local incomeA close reading of the budget documents shows that a person can slip away by proactively paying a significantly lower amount on unexplained...
- 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...
- Got an income tax notice? Here are common types of tax notices and what to do to avoid penaltiesIncome tax notices can be daunting, but understanding them is crucial. The Income Tax Department issues various notices for reasons like mi...
- After Rs 350 crore IT recovery, Congress MP Dhiraj Sahu revises IT returns, pays tax on Rs 150 croreCongress Rajya Sabha member Dhiraj Sahu has revised his income tax returns and paid taxes for Rs 150 crore, following a Rs 350 crore cash r...
- Tax tribunal rules in favour of actor who got Rs 30 lakh gift from fatherKushal Tandon, a popular Bollywood actor, filed an appeal with the Income Tax Appellate Tribunal. The appeal was over several disputed tax ...
- Didn't file ITR for last two financial years? Here's why you should before March 31As per the income tax laws, it is mandatory for individuals having income more than basic exemption limit (depending on the age) to file IT...
- Taxpayers with unexplained cash deposits can still 'come clean' by March 31, 2018, says I-T deptIn its advertisement, I-T department has pointed out that taxpayers have time till 31.3.2018 to file belated or revised returns for the FY ...
- Amended I-T law harsh, prone to misuse by taxmen: ExpertsI-T dept may question your income and expenditure details and tax you at a higher rate if you fail to offer a “satisfactory explanation” to...
- No change in gold seizure norms in proposed I-T Law amendmentsThe proposed amendments also do not seek to tax inherited gold and jewellery, as also those items that are purchased through disclosed or a...
- Proposed black money tax changes decoded: What you need to knowThe government has offered the carrot – the least tax option of the Garib Kalyan Yojana – and shown the stick: the hiked tax and penalties.
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