December 23, 2024
Headlines

Income Tax Department

Avoid Rs 10 lakh income tax penalty! Why it’s important to report foreign income, assets in ITR by December 31, 2024 – check details – Times of India

Avoid Rs 10 lakh income tax penalty! Why it’s important to report foreign income, assets in ITR by December 31, 2024 – check details – Times of India

Bhavesh Mathur08 mins

Many taxpayers remain uncertain about the mandatory reporting requirements for foreign assets and income. (AI image) Income Tax Returns: The enactment of the Black Money law has introduced severe penalties for taxpayers who provide insufficient disclosures regarding their foreign incomes, assets and related information. The non-compliance now constitutes a violation of both income tax and…

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PAN 2.0: Beware of new scam! Fraudsters launch schemes to fool PAN Card holders – here’s what you should know – Times of India

PAN 2.0: Beware of new scam! Fraudsters launch schemes to fool PAN Card holders – here’s what you should know – Times of India

Bhavesh Mathur03 mins

Obtaining a new PAN card under PAN 2.0 isn’t compulsory. (AI image) PAN 2.0: The Modi government recently gave its not for the PAN 2.0 project, which offers PAN cards with enhanced features, including secure data storage in a dedicated vault, better QR code functionality for convenient access, and unified PAN/TAN services through a single…

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Taxpayers take note! Income Tax department recovers Rs 37,000 crore from individuals not filing returns despite taxable income – Times of India

Taxpayers take note! Income Tax department recovers Rs 37,000 crore from individuals not filing returns despite taxable income – Times of India

Bhavesh Mathur03 mins

An expanded and stricter tax collection and TDS system has helped identify significant transaction. (Image source: Freepik) Income Tax Department’s extensive crackdown! Over the past 20 months, the Income Tax Department has collected Rs 37,000 crore from individuals who had taxable income but failed to file returns, according to officials.Officials analysed data on substantial transactions…

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