Income Tax

[Sushubh]

Tea-seller served ₹49cr I-T notice for fraudulent transactions | Ahmedabad News - Times of India

Tea-seller from Patan served ₹49 crore I-T notice for fraudulent transactions involving two brothers using his credentials for illegal transactions. FIR filed with details of the case.

timesofindia.indiatimes.com

 

[Jonas]

Source

I wish this was an article.

 

[Sushubh]

Identify high-value cash transactions at hotels, hospitals; pursue arrear demands: CBDT to I-T dept

www.deccanherald.com

 

[Sushubh]

Income Tax Refund Can't Be Denied To Taxpayer For Discrepancy In Form 26AS Filed: Delhi High Court

While observing that tax was duly deducted by the Land Acquisition Collector but was not disclosed for some reasons and hence the credit was not reflected in Form 26AS, the Delhi High Court held...

www.livelaw.in

 

[unAadhaarit]

The Division Bench of Delhi High Court comprising Justice Yashwant Varma and Justice Ravinder Dudeja observed that “where amount of tax paid or treated as paid for and on behalf of the assessee if found to be in excess of that which is chargeable, the assessee would become entitled to claim a refund”. (Para 17)

Link Aadhaar FAQ states the punishments for not volunteering to Aadhaar and subsequently not linking it to PAN along with a fine for delays.

Your PAN will become inoperative if you do not link it with Aadhaar till 30 June 2023 and shall face the following consequences as a result of PAN becoming inoperative:

1. refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made to him;
2. interest shall not be payable to him on such refund for the period, beginning with the date specified under sub-rule (4) of rule 114AAA and ending with the date on which it becomes operative;
3. where tax is deductible under Chapter XVJJ-B in case of such person, such tax shall be deducted at higher rate, in accordance with the provisions of section 206AA;
4. where tax is collectible at source under Chapter XVJJ-BB in case of such person, such tax shall be collected at higher rate, in accordance with the provisions of section 206CC.

And the court still maintains Can't Deny A Citizen's Statutory Rights For Not Having Aadhar Card: Telangana High Court Reiterates

 

[Sushubh]

Failure to disclose foreign assets, income to invite ₹10L penalty: I-T dept

CBDT launches compliance campaign for taxpayers to report foreign assets in ITR, warns of ₹10 lakh penalty for non-disclosure.

www.thehindu.com

 

[Sushubh]

ITR Filing: CBDT launches campaign to assist taxpayers in reporting of foreign assets - CNBC TV18

Taxpayers are advised to visit the official Income Tax Department website for a detailed, step-by-step guide on completing Schedule Foreign Assets.

www.cnbctv18.com

 

[Sushubh]

Individual taxpayers claimed higher tax benefits on political donations than corporate entities

The revenue impact of deductions claimed by individual taxpayers was higher compared to corporate taxpayers.

indianexpress.com

 

[Sushubh]

Groceries, haircuts, & restaurant bills: IT dept wants details on your spending spree

The income tax department is investigating low bank withdrawals by high-income individuals and seeking detailed monthly expense reports. Notices ask for spending on groceries, clothing, education, and more, along with family member details. Queries target those with luxurious lifestyles but...

m.economictimes.com

 

[Sushubh]

Your email and social media account can be accessed by income tax officers starting next financial year in these cases

Starting April 1, 2026, the income tax department will have the authority to access social media, emails, and other digital spaces to curb tax evasion. This has been granted to them under the new income tax bill. This will also include search and seizure powers over your assets and documents...

m.economictimes.com