Tax evasion or underreporting: CBDT sees whopping Rs 20,000 crore income tax recovery; almost double of last year
The CBDT collected ₹20,000 crore in pending dues in the first quarter, doubling last year’s figures, driven by income-tax demand notices. With a recovery target ...
Buying farm land to legitimise undisclosed funds? New Tax tribunal ruling a big blow; here’s how these deals work
Tax authorities are scrutinizing agricultural land transactions used to conceal unaccounted money. A recent ITAT verdict, addressing a tax evasion case, could disrupt this practice. ...
Reporting of foreign assets, income up in FY24: Finance minister
The finance ministry reported a significant 45% increase in foreign asset and income disclosures, with 2.3 lakh taxpayers reporting in 2023-24. Amidst reports of increased ...
SNB report: Indian funds in Swiss banks triple to Rs 37,600 crore in 2024; individual deposits up only 11%
Indian money in Swiss banks more than tripled in 2024, reaching a three-year high of nearly Rs 37,600 crore, driven by increased funds through local ...
Crypto investments under scanner: CBDT launches probe into unaccounted income; high-risk investors in VDA may face scrutiny
The CBDT has initiated a probe into potential tax evasion and money laundering through virtual digital asset investments. Discrepancies between ITR filings and TDS data ...
