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PENALTY ON UNEXPLAINED INCOME
The accounting trick used by companies to make a weak balance sheet look strongIn one recent case, a large investment sat comfortably under equity until the auditor read the shareholders' agreement, found a buyback cla...- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rulesA woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her fa...
- Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT MumbaiAn NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this mon...
- Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rulesWhether 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...
- 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...
- 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...
- 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.
- Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi governmentIn cases where tax evasion is admitted, 60% levy will be charged (30% tax plus 30% penalty). In every other case, the levy will be 90% (30%...
- Will the law change to tax unexplained cash?All an assesse has to do to escape penalty is state that the amount has been received in the current financial year and tax has been paid o...
- Budget 2012: No backdoor Voluntary Disclosure of Income Scheme, says Pranab MukherjeeThere is no "backdroor" Voluntary Disclosure of Income Scheme (VDIS) in the budget, Finance Minister Pranab Mukherjee made it clear today.
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