December 26, 2024
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Tag: 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

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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

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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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PAN 2.0 FAQs answered! Will your PAN Card change, will it have a new number? Income Tax Department releases top 10 points – Times of India

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PAN 2.0: Existing PAN card holders can rest assured as no reapplication is necessary. PAN 2.0: The Income Tax Department‘s PAN 2.0 Project has received approval from the Cabinet Committee on Economic Affairs (CCEA). This initiative seeks to enhance and digitise PAN and TAN management systems, improving accessibility and efficiency. The modernised system aims to…

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Disclose foreign income accurately: I-T department kicks off campaign | India News – Times of India

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NEW DELHI: The income tax department has launched a compliance and awareness campaign to help taxpayers accurately report any income from foreign sources in their tax returns and also declare their overseas assets. This compliance is mandatory under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, which requires the…

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Truecaller India offices raid: Why IT department conducted searches and what the company has to say – Times of India

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The Income Tax Department on Thursday (November 7) carried out searches at multiple Truecaller offices across India. The tax authorities’ raids at the local offices of the Swedish company are a part of an investigation into alleged tax evasion, a report has said.As per news agency PTI, tax officials stated that the searches were conducted…

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Beware of ITR refund scam! You may lose lakhs with new income tax refund fraud – check I-T department advisory – Times of India

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Beware of Income Tax Refund scams! The Income Tax Department has issued a warning to taxpayers, urging them to exercise caution against fraudulent refund schemes. The department has advised individuals to remain alert and vigilant against deceptive calls and pop-up notifications claiming they are eligible for a tax refund.To avoid falling victim to such scams,…

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Sent above a certain amount in outward foreign remittances? Here’s why you may be under I-T department scanner – Times of India

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The Central Board of Direct Taxes (CBDT) has initiated a thorough examination and verification process for outward foreign remittances exceeding Rs 6 lakh to identify any discrepancies in the data and potential tax evasion. This action was taken after the discovery of cases where foreign remittances and expenditures were inconsistent with the income declared by…

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ITR filing FY 2023-24 deadline extension: Will Income Tax Department extend the July 31, 2024 deadline for filing tax returns? – Times of India

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ITR Filing FY 2023-24 deadline extension: The Income Tax Department has advised taxpayers to file their income tax returns for the financial year 2023-24 before the July 31, 2024 deadline.According to an ET report, the Income Tax Department has issued an alert to the public regarding erroneous information published in media about the extension of…

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