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UNDERREPORTING OF INCOME
Want to exchange old gold for new jewellery? Beware of these taxesIndians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-valu...- ITR-2 online filing and excel utility for A.Y. 2026–27 are now enabled on the e-Filing ITR portalIndividuals and HUFs without business income but with complex income sources like salary, multiple house properties, or capital gains can f...
- The ticking price tag: What delaying parenthood really costs you financially and biologicallyA growing number of couples are choosing to delay parenthood in pursuit of career milestones, financial stability, and personal goals. But ...
- Coffee shop worker in Michigan says boss keeps credit card tips while staff go home with just $2A Michigan coffee shop employee alleged on Reddit that their employer is withholding credit card tips, claiming the business is using them ...
- Social Security warning: 3 simple checks that could boost your benefits and stop you losing money in 2026Social Security benefits check 2026: Many Americans may not be receiving their full Social Security payments. Small errors in earnings reco...
- Income Tax Department sends notices to many senior executives earning over Rs 50 lakh for alleged misuse of exemptionsTax authorities are scrutinizing top executives for income underreporting and false claims. Notices have been issued to CEOs and MDs of mul...
- Lavish holidays? Get details ready for new ITR formThe Central Board of Direct Taxes is updating income tax return forms. This aims to address income underreporting. The new forms will seek ...
- Too much focus on luxe buys isn't chicTo curb income tax evasion, India has expanded the list of high-value purchases subject to a 1% TCS, targeting underreported income among t...
- 'Do the wealthy underreport their income?' MPC member's research reveals staggering detailsA recent research paper reveals a significant inverse relationship between wealth and reported income in India, particularly among wealthie...
- #Concerts trending in I-T dept: Glare on event managers; 11 cos get notices for underreporting of incomeThe Income Tax Department is probing over a dozen event management companies for suspected tax evasion and underreporting of income from ov...
- If you missed filing updated ITR by March 31, can you go to jail?ITR-U: The deadline to file updated income tax return (ITR-U) for FY 2020-21 (AY 2021-22) was March 31, 2024. However there is no need to w...
- Six foreign tours companies under tax scannerThe department sent show cause notices to these companies between June and July. According to an official, hefty tour packages were booked ...
- Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penaltiesIt is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed wh...
- I-T searches Haier offices, promoters' premisesTill late evening, the search operation was still on and the IT department team may continue its searches for one more day, the official sa...
- COVID underreporting: SBI economists say death reporting shortfall not a new phenomenonThe SBI report comes amidst a debate over underreporting of COVID deaths in the country especially after happenings like bodies floating in...
- GST data may be used to track income-tax evadersIt is still unclear whether the government would use this data to dig out tax evasions of the earlier years or whether this will only be fo...
- Be ready to pay 50-70% tax on black money deposited in banksThis rate would only be applicable for large cash deposits in bank accounts or huge expenses incurred in cash since November 8, when old cu...
- Cash flows from treasure chest to treasuryThis tax bump up is expected to show up in the December quarter along with the advance tax payments for that quarter but people have floode...
- Monsoon Session: Congress to line up allegations of 'scams', GST under threatPolitical circles foresee a stormy monsoon session following Congress raising the carbine issue, even as it persisted with ‘telecom scam’.
- Budget 2016: Two-point tax scale may tilt against taxpayers, say expertsJaitley proposed a change in rule aimed at reducing litigation and increasing transparency. But this could end up having the opposite effec...
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