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TAX EVASION CONSEQUENCES
Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadl...- India must leverage its digital verification architecture to evolve into a trust-based economyIndia faces a low-trust economy with high friction, exemplified by complex KYC norms. Finance Minister Nirmala Sitharaman highlighted this ...
- Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled itAn Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal,...
- Gujarat: Over 17,000 cases of GST evasion detected in last two yearsGujarat's legislative assembly revealed over 17,000 GST evasion cases amounting to Rs 2,043.59 crore in the last two years. State finance m...
- Decriminalisation of GST Act: Why it can be a big reprieve for small businesses in IndiaTo promote ease of doing business for small businesses and clearly distinguish between minor offenses and willful evasion of duty, the govt...
- FM Nirmala Sitharaman calls for sharing information on non-financial AssetsFinance minister Nirmala Sitharaman on Thursday called on G20 countries to ensure that the developing nations are guarded against any "unin...
- View: Issuance of digital currency by India has many consequences from the perspective of tax policyUsing digital currency instead of fiat money would also be critical to tackling money laundering and tax evasion effectively. Blockchain-ba...
- Economic Survey 2019: Invoke pious obligation doctrine to make people pay debtsSuch suggestions find a place the chapter titled 'Policy for Homo Sapiens, Not 02 Homo Economicus: Leveraging the Behavioural Economics of ...
- Niti Aayog for data protection norms on e-payments“Currently, India has no comprehensive privacy or data protection laws that cover digital payments specifically.“ Niti Aayog said in its th...
- PAN-Aadhaar linking is to check tax evasion and black money: Govt to SCAttorney General said people are procuring multiple PAN cards which were being used for illegal transactions and to "divert funds" to shell...
- High tax evasion, exemptions will lead to higher GST: Arun JaitleySpeaking at a function organised by Federation of FICCI and The ICAI Jaitley said warned that tax evation will lead to a higher Goods and S...
- Tax adventurism will prove extremely costly, says FM Arun JaitleyThe NDA government has already passed a strict law to discourage foreign black money, prescribing imprisonment of up to 10 years and effect...
- Delhi government announces reward scheme for informers on VATIn order to minimise the pilferage of tax revenue, Delhi government has decided to introduce a reward scheme for informers providing vital ...
- Not considering strict laws to check excise duty evasion: Jayant SinhaSinha further said existing provisions under the present laws are adequate to check evasion of these indirect tax/levies.
- Instill fear of jail and social censure in tax evaders: CBDTTaxman should instill the fear of "incarceration, loss of liberty and social opprobrium" in tax evaders and prosecute them in large numbers...
- I-T asks defaulters to clear dues by March 31, or face actionThe Revenue Department said 73,388 people have defaulted on payments of self-assessment tax aggregating to Rs 3,859 crore.
- Tax evasion detected in film production: GovtFilm production is not free from cases of tax evasion and the government is taking penal proceedings in such cases, Parliament has been inf...
- GTL Infra admits undisclosed income of Rs 500cr to I-T DeptTelecom infrastructure company GTL has admitted to undisclosed income of more than Rs 500 crore to the Income Tax department.
- Target for direct, indirect tax collections to be raised: FMUnion Finance Minister Pranab Mukherjee today said the targets for direct and indirect tax collections will be raised for this financial ye...
- Informers can take home up to 20 pc of tax evaded: FinMinIndividuals who tip-off the government on tax evaders can get to keep up to 20 per cent of the sum recovered, the government informed Parli...
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