Tax evasion

I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

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I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

The Income Tax Department has reaffirmed that its access to digital and social media accounts is restricted to specific search and survey operations, safeguarding the online privacy of common taxpayers. This enforcement measure, affecting only a small portion of the approximately 8.79 crore income-tax returns filed annually, is targeted solely at cases with significant suspicions … Read more

Income Tax Bill: ‘No warrant, no notice, this is surveillance’, Cong slams govt on ‘unrestricted access’ to emails, social media posts

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Income Tax Bill: ‘No warrant, no notice, this is surveillance’, Cong slams govt on ‘unrestricted access’ to emails, social media posts

The recently introduced Income Tax Bill 2025 has sparked significant controversy due to its provisions granting tax officials access to citizens’ digital and financial spaces. Introduced in Parliament by Finance Minister Nirmala Sitharaman on February 13, the bill has been criticised for allowing tax authorities to access emails, social media accounts, bank details, and trading … Read more

ITR filing 2025: Taxpayers can file updated returns for FY22, FY23 before March 31

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ITR filing 2025: Taxpayers can file updated returns for FY22, FY23 before March 31

ITR filing: Taxpayers have until March 31 to update their income tax returns for the last two financial years, allowing them to correct any mistakes or omissions. This opportunity, introduced by the Finance Ministry in the Finance Act 2022, is available to those who wish to rectify their returns within two years from the end of … Read more

Income Tax Bill 2025: Taxation of cryptocurrencies, winnings of online games to be cleared

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Income Tax Bill 2025: Taxation of cryptocurrencies, winnings of online games to be cleared

The Centre is all set to introduce the new Income Tax Bill 2025 to replace the existing Income Tax Act of 1961. This significant tax reform is aimed at streamlining the complex tax filing process, albeit with stricter regulations, particularly concerning crypto assets and digital transactions. One of the key amendments in the bill is … Read more

Severe tax penalties on these cash transactions; check I-T dept’s latest note

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Severe tax penalties on these cash transactions; check I-T dept’s latest note

The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more

After hotel, hospital and shopping bills, Income Tax department targets Rs 15,000 crore evasion

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After hotel, hospital and shopping bills, Income Tax department targets Rs 15,000 crore evasion

The Income Tax Department has reportedly issued 10,000 reopening notices to companies and individuals in major cities, seeking explanations for discrepancies in their reported incomes.  This action comes alongside the Central Board of Direct Taxes’ (CBDT) recent directive to monitor rampant cash transactions in sectors like hotels, luxury brand sales, hospitals, and IVF clinics, urging … Read more

Outward remittances exceeding ₹6 lakh come under I-T scanner

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Outward remittances exceeding ₹6 lakh come under I-T scanner

New Delhi: The Central Board of Direct Taxes (CBDT) has launched a comprehensive scrutiny and verification of high-value outward foreign remittances of above ₹6 lakh to identify discrepancies in remittance data and likely tax evasion. The move follows detection of cases where foreign remittances and expenditures did not align with the income declared by individuals, … Read more

Income Tax: What is Section 148A notice and what are the new changes brought under Budget 2024?

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Income Tax: What is Section 148A notice and what are the new changes brought under Budget 2024?

Union Budget: The Finance Bill 2024 introduces amendments to Section 148A of the Income-Tax (I-T) Act, which pertain to the time limits for issuing notices regarding the reopening of assessments. Presently, the Income-Tax Department is empowered to reopen assessments under Section 148A for a period of up to 10 years (equivalent to 11 financial years) … Read more