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TAX PENALTY AND PROSECUTION
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...- ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report themIndia's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percen...
- Inside the legal campaign that freed Gautam Adani from US prosecutionUS prosecutors dropped bribery and fraud charges against billionaire Gautam Adani. A 10-week defense campaign presented nearly 600 pages of...
- ITR 2026: Common income tax return filing mistakes that cost employees lakhsA careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensur...
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate ...
- ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this caseResident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax retur...
- CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for youExisting tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be...
- ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respondAs Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why ta...
- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakesReturning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from t...
- Donald Trump immunity from IRS audit shocks experts, who warn it could undermine trust in tax systemDonald Trump's tax probes have ended. The Internal Revenue Service agreed to drop all pending investigations into the former president's ta...
- Relaxation in jail term on ITR filing offence in Budget 2026: Pay fine or 2 years jail instead of 7 years if ITR not filed and tax is above Rs 50 lakhBudget 2026 significantly softens penalties for income tax defaults. The jail term for failing to file ITR with tax exceeding Rs 50 lakh is...
- Income Tax Department finds Rs 5 crore cash in his house; Know how a 2008 circular saved him from prosecutionThe Supreme Court overturned Krishnaswami's tax evasion prosecution, citing the Income Tax Department's violation of its own circulars. The...
- Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situationsThe Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lak...
- Relief for Kotak Mahindra Bank; SC upholds immunity from penalty, prosecution for non-disclosure of lease rental incomeSetting aside the Karnataka High Court order that remanded the matter back to the commission to decide on the immunity from penalty and pro...
- Posted overseas? Not disclosing foreign bank accounts can lead to prosecution under Black Money ActThe Calcutta High Court in a recent ruling has upheld the initiation of prosecution proceedings under the Black Money Act against a taxpaye...
- Scared of tax penalties and imprisonment on black money? This may help you get immunityHowever, the final decision on whether to grant immunity or not rests with the concerned tax authority where you have appealed for the same.
- Demonetisation row: Penalties, prosecution that tax department can slap on black money holdersHere is a list of various penalties that can be imposed on you for different defaults and the provisions which can help you get immunity fr...
- 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...
- Black money list: Penalty won't insulate against prosecutionIn LGT bank case, IT department had assessed total income of the 18 accused at Rs 40 crore and tax and penalty levied on them was around Rs...
- Poor staffing affected prosecution in tax evasion cases: CAGThe government auditor CAG has pulled up Income Tax department for not posting appropriate officers to handle prosecution in cases of tax e...
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