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UNDISCLOSED BANK ACCOUNTS
Investing abroad? These 7 costly mistakes could trigger an income tax noticeWealthy Indians are investing more abroad. However, they must understand the rules to avoid trouble. Mistakes like misusing investment rout...- Residents tempted to gatecrash FCNR party for NRIsWealthy Indians are finding ways to benefit from a new foreign currency deposit scheme. They are sending money to NRI relatives as gifts to...
- PIL in Supreme Court alleges Rs 1,500 cr banking fraud, seeks court-monitored probeA PIL has been filed in the Supreme Court. It seeks a court-monitored investigation into alleged banking frauds. The case involves asset re...
- NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of moneyThe National Company Law Appellate Tribunal has cancelled insolvency proceedings against Ligare Aviation. The tribunal found the National C...
- Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...
- Got ESOPs, a foreign bank account, or savings abroad? Here's what the tax department expects from you
- SC sends Rs 30,000 crore Sunjay Kapur estate dispute involving Karisma Kapoor’s children to mediationThe Supreme Court has sent the Sunjay Kapur family estate dispute to mediation. Former Chief Justice DY Chandrachud will oversee talks betw...
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reasonA US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account d...
- Delhi HC says Priya Kapur must clear ‘legitimate suspicions’ raised by Karisma Kapoor’s kids in Sunjay Kapur family estate disputeDelhi High Court mandates that doubts surrounding Sunjay Kapur's Will must be cleared. Priya Kapur, the Will's proponent, faces the task of...
- Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it worksA one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting fo...
- Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concernsIndia’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and ...
- 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,...
- CPI(M) has links to 80 'undisclosed' bank accounts, 100 offices in Thrissur: ED informs ECThe federal probe agency said it came across these assets while investigating affairs of the Thrissur-based Karuvannur Service cooperative ...
- Taxman may use black money act to trace closed foreign accountsThe holder of an old, undisclosed offshore bank account that continues to exist after 2015 would understandably find himself on the wrong s...
- Fresh chargesheets against VVIP chopper scam accused Gautam KhaitanA total of 13 chargesheets have now been filed by the tax department against Khaitan.
- India slips in OECD ratings on exchange of tax infoEoI requests made by India’s tax authorities to its counterparts worldwide have resulted in India detecting over Rs 1,900 crore in undisclo...
- Undisclosed foreign bank accounts: CBDT issues guidelines for compounding of offencesThe CBDT clarified that the matter was examined in consultation with the Special Investigation Team (SIT) on black money.
- HSBC accounts: Taxmen already in touch with whistleblower, government saysThe government said that information about foreign HSBC accounts was received from French authorities in respect of 628 Indian personsentit...
- Have no undisclosed bank account abroad, says Radha Timblo"My conscience is very clear. We have paid all the taxes. We have no undisclosed bank accounts in India or abroad," Timblo said.
- Rs 565 crore undisclosed income detected in Swiss bank accounts of IndiansUndisclosed income to the tune of Rs 565 crore has been detected in Swiss bank accounts of Indians, the government said today.
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