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TAX DEDUCTIONS MISUSE
IRS no tax on tips 2026: Can you really deduct up to $25,000, who qualifies, and how much tax can you save?IRS no tax on tips 2026 is trending fast. Up to $25,000 deduction is now possible. That is real money saved. This rule applies to tax years...- Fidelity, AARP warn Americans on 401(k)s: Are hidden risks, early withdrawal penalties, and retirement savings gaps hurting your future wealth?Fidelity, AARP warn Americans on 401(k)s as new data highlights serious retirement savings risks. The average Social Security benefit is on...
- Did you donate to a political party or plan to do so in the future and claim an income tax deduction? New ITR forms require extra disclosure, check what to reportNew income tax return forms for Assessment Year 2026-27 demand greater detail on political party donations. Taxpayers seeking deductions un...
- 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...
- 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...
- Manipulated again: I-T busts fresh fraud in political donation tax deduction claimsThe Income Tax Department is cracking down on fraudulent tax deductions, revealing manipulation even after taxpayers were given a chance to...
- Bogus deduction claims: I-T searches 150 sitesThe Income Tax Department executed a nationwide search across 150 locations, targeting entities suspected of claiming fraudulent tax deduct...
- 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...
- 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 ...
- Rent, home loan claims to come under I-T lens“The income heads where high numbers of discrepancies are found are house rent allowance (HRA) and home loan repayments. The misuse of thes...
- 3 Income Tax employees siphoned off crores through fictitious TDS refunds; CBI probesCBI has named three I-T officials- Abhay Kant, Saurabh Singh and Rohit Kumar- in connection with the case along with nine beneficiaries of ...
- Retro amendment to prevent misuse of cess, surcharge deduction claims under I-T provisions: FMAs per the amendment passed by the Lok Sabha on Friday, any such deduction claimed would be treated as "under reported income" and will be ...
- Budget 2022 expectation: Standard deduction hike, income tax relief for saving for kids' educationMuch desired by taxpayers from the upcoming Budget 2022, an increase in standard deduction and extra deduction for education expenses would...
- Central Board of Direct Taxes open to giving foreign companies a breather“I would like to be informed in which areas the TDS is high, so that we can think of reducing that also,” CBDT chairman said at an internat...
- Income Tax department open to reducing withholding tax for companiesSushil Chandra said the policies of income tax department have been very transparent and are being decided after considering the concerns o...
- I-T dept cautions taxpayers against sharing user ID, passwordI-T department said taxpayers will also be liable to face consequences for misuse of their confidential information.
- Income Tax department threatens penal action against Reckitt Benckiser's India armReckitt Benckiser joins a growing list of MNC's like Vodafone, Shell, IBM and Nokia that have been pulled up by the Indian revenue authorit...
- Charity begins at I-T dept: Cos to furnish list of doneesIndian companies donating to charity and claiming tax breaks may soon have to furnish the list of their donees to the income-tax department.
- India Inc turns generous to survive tax axeFor Rs 22,000 crore of donations in 2005-06, India Inc has claimed tax breaks of Rs 3,519 crore.
- Need tax exemption on bad debts. Easy!Cos claiming tax exemption on irrecoverable sales proceeds can do so without furnishing any proof, says ITAT.
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