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TAX PENALTIES FOR UNDISCLOSED ASSETS
Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can doUAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to asse...- GST officers must prove intent to evade tax before invoking fraud provision: CBICGST officers cannot invoke fraud, wilful misstatement or suppression provisions merely because tax has not been paid or a discrepancy is fo...
- ET Wealth Expo 2026: From building wealth to financial freedom, two days of insights for today’s investorsMark your calendars for the ET Wealth Expo 2026, happening on October 30 and 31 at Mumbai's NESCO Convention Centre. This event promises to...
- The questions ET Wealth Expo 2026 will actually answer, and why they matter right nowShould you continue investing in equities in the age of AI? Is your retirement plan on track? And have you considered how your wealth will ...
- Income-Tax Department nudges taxpayers with UAE and other overseas properties to disclose foreign assets under FAST-DSThe Income-Tax Department is encouraging selected taxpayers to disclose overseas assets under a new scheme. This initiative targets individ...
- CBDT receives around 1,100 applications under foreign assets disclosure schemeSince the launch of the Foreign Assets of Small Taxpayers Disclosure Scheme, approximately 1,100 taxpayers have submitted applications. The...
- Income Tax Department nudges taxpayers holding undisclosed foreign propertiesThe Income Tax Department is encouraging taxpayers to declare undisclosed foreign assets through the FAST-DS initiative. A new e-filing por...
- India must avoid copying China's aggressive tax policies on private wealth and offshore assetsDeveloping economies often look to the US and China for cues on taxation, infra spending and policy. India, for one, must steer clear of em...
- I-T likely to send notices over undisclosed foreign propertyThe Income-Tax Department will send notices to resident Indians regarding undisclosed foreign properties. Information was obtained through ...
- Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT JaipurRs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 pena...
- EPFO Vishwas 2026 scheme: How penalty on employer for late PF contributions can be cut from 37% a year to 1% a monthUnder the EPFO's VISHWAS, 2026 scheme, employers can settle delayed PF contribution penalties at reduced rates. This scheme allows penaltie...
- Meta hit with a staggering $25 billion penalty in New Mexico privacy case linked to Cambridge Analytica scandal-here's what happenedMeta has been sentenced to pay a staggering $25 billion for consumer protection infractions in New Mexico. These violations arose from misl...
- Meta ordered to pay New Mexico $25 billion after jury finds it deceived Facebook users about privacyJurors in September found Meta liable for over 43 million violations of New Mexico consumer protection laws when a political consulting fir...
- United Airlines CEO Scott Kirby calls for inheritance taxes near 100% and a national wealth tax. What he wants the US to change and why it mattersScott Kirby, the CEO of United Airlines, has called for a nationwide wealth tax and higher inheritance taxes. He argues that wealth inequal...
- Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know whyA man from Sikar faced a penalty of Rs 3.99 lakh for under-reporting his income. The Income Tax Department initiated penalty proceedings af...
- Tax extension deadline today: What missing Oct. 15 could cost you and how to avoid extra penaltiesOct. 15 tax extension deadline: Today, Thursday, October 15, is the deadline to file your 2025 federal return if you requested the automati...
- ₹1.70 crore undisclosed cash alleged in property sale, Income Tax Dept relies on WhatsApp chats and Excel sheets; here's why taxpayer wins at ITAT DelhiThe Delhi Income Tax Appellate Tribunal quashed the assessment against Mr. Sehgal regarding alleged undisclosed cash. The Income Tax Depart...
- Property tax waiver extended for residents of this part of Delhi: Check the new deadline to pay taxDelhi property tax: The Municipal Corporation of Delhi has introduced SUNIYO 2.0, an amnesty scheme for homeowners with unpaid property tax...
- In 2000, Allen Paulson left behind $193 million fortune, unpaid taxes, family inheritance fight led US authorities to pursue his heirsPaulson died on July 19, 2000, leaving behind an estate valued at $193.4 million for federal estate-tax purposes. Most of his assets were h...
- FAST-DS 2026: Have undisclosed overseas crypto assets? Know the ₹1 crore and ₹5 crore threshold rules before you discloseIf you're managing cryptocurrency on international exchanges without disclosing them in India, the Foreign Assets of Small Taxpayers – Disc...
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