Overseas holdings under scrutiny: IT dept flags non-disclosure; taxpayers get last chance to revise ITRs- get details
The Income Tax department is alerting taxpayers with undisclosed foreign assets about potential penal action. Individuals identified with unreported overseas assets for AY 2025-26 will ...
Tax notice alert! Buying land above Rs 30 lakh? Here’s why you may come under Income Tax Department scrutiny and how to avoid it
Property buyers are increasingly receiving income tax notices questioning the source of funds for their purchases. Tax authorities are using advanced data analytics to cross-verify ...
Rs 8 lakh cash deposited in bank – man gets tax notice! How he won case in ITAT
A taxpayer successfully challenged the tax department’s decision to treat a large cash deposit as presumptive business income. The Income Tax Appellate Tribunal ruled that ...
Income Tax department doubts Rs 10 lakh gift – brother gets tax notice for cash received from sisters; how he appealed & won the case
A businessman successfully proved cash gifts from his sisters were legitimate, avoiding tax evasion charges. The Income Tax Appellate Tribunal ruled in his favor, accepting ...
Direct tax collection: Net mop-up rises 6.3% to Rs 11.89 lakh crore; refunds dip
Net direct tax revenue has grown 6.33% to over Rs 11.89 lakh crore by October 12, driven by robust corporate tax collections and reduced refund ...
GST 2.0 complaint portal: National Consumer Helpline gets almost 3,000 complaints; ministry ‘keeping watch on this’
Consumer Affairs Secretary Nidhi Khare announced nearly 3,000 complaints have reached the National Consumer Helpline since GST 2.0, alleging retailers fail to pass on tax ...
UBS settles French tax case: Bank to pay 835 million euros; 14-year legal saga ends with lower penalty
UBS has reached a settlement with French authorities, agreeing to pay 835 million euros to resolve a 14-year-old legal battle over assisting wealthy clients in ...
‘No plan to revive anti-profiteering rules under GST’
The End of Anti-Profiteering: What It Means for Your Wallet The GST era has been a wild ride, hasn’t it? From initial confusion to (relative) ...
GST revamp: Goods and services tax not applicable on these post-sale discounts; here is what experts say
The Central Board of Indirect Taxes and Customs provides clarity on Goods and Services Tax. GST will not apply to post-sale discounts offered by manufacturers ...
GST reforms 2025: Now, companies don’t need to match credit notes to invoices
The GST Council has eased compliance for businesses, particularly FMCG companies, by removing the requirement to link credit notes to specific invoices. This change addresses ...
