ITRToday

15/03/2025

The ITAT Amritsar ruled that a one-time cash payment exceeding ₹20,000 made before a sub-registrar during property registration does not violate Section 269SS of the Income Tax Act.
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ITAT Amritsar rules: No violation for cash payment before sub-registrar! Learn how this impacts property registration

11/03/2025

https://www.linkedin.com/pulse/proposed-tax-changes-impacting-nris-ocis-what-you-need-know-5mhsc

09/03/2025

While the Union Budget 2025 initially sparked celebrations for raising the tax-free income threshold to ₹12.75 lakh and simplifying slabs under the new regime, emerging details about enforcement mechanisms in the proposed Income Tax Bill 2025 suggest the jubilation may have been premature.

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Tax officials are gaining unprecedented powers to raid digital assets and attach properties, and the potential risks of misuse and corruption.

04/03/2025

The Income Tax Department's reward schemes encourage public participation in combating tax evasion by offering substantial rewards and ensuring confidentiality.

These rewards schemes also have limitations, such as excluding government employees and requiring specific documentation. Despite these limitations, the schemes play a crucial role in enhancing transparency and accountability in the Indian tax system.

Learn about the Income Tax Department's reward schemes for reporting tax evasion in India and abroad. Understand how to report tax evaders, claim rewards, and the confidentiality measures in place.

24/02/2025

Recent judgment of Supreme Court has opened ways for employers to forfeit Gratuity in respect of employees found guilty of moral turpitude.

While the judgment primarily affects employees terminated for moral turpitude, it could indirectly influence how employers approach terminations for other reasons to terminate an employee.

Check out here for What would be consequences of this judgment, Options before employees to contest the forfeiture of Gratuity and How he can represent himself for release of the forfeited gratuity.

The recent Supreme Court judgment primarily impacts employees terminated for misconduct involving moral turpitude, as it allows employers to forfeit gratuity without requiring a criminal

23/02/2025

This ruling empowers employers to take decisive action against employees whose misconduct involves moral turpitude, without the necessity of a protracted criminal trial. It underscores the importance of integrity in the workplace and provides clarity on the legal framework governing gratuity forfeiture

This ruling empowers employers to take decisive action against employees whose misconduct involves moral turpitude, without the necessity of a protracted criminal trial.

17/02/2025

The ITB 2025 is set to redefine the agricultural tax landscape in India, requiring farmers and agribusinesses to adapt to the new regulations. While the changes may present challenges, they also offer opportunities for improved efficiency,.... Going forward, Tax Planning will be aggressively required for such income

The most significant change for dairy farmers is the reclassification of dairy income from tax-exempt agricultural income to taxable income.

09/02/2025

The Bombay High Court recently upheld a penalty under Section 271(1)(c) of the Income Tax Act, 1961, for deliberate non-disclosure of income in a taxpayer's returns. This ruling highlights the importance of accurate income disclosure and the consequences of deliberately concealing income to evade taxes.

Section 271(1)(c) allows the Income Tax Department to impose penalties for income concealment or inaccurate information. It applies when taxpayers either suppress income or provide misleading details about deductions, leading to tax underreporting. Penalties range from 100% to 300% of the evaded tax.

In this case, the taxpayer deliberately omitted substantial income, and despite claiming the non-disclosure was accidental, the court found evidence of intentional concealment. The court emphasized that even ignorance of tax laws or inadvertent mistakes don't excuse deliberate actions to evade taxes. The penalty was upheld, reinforcing the need for taxpayers to be diligent in filing honest returns.

This decision strengthens India's tax compliance framework and serves as a reminder of the severe consequences of tax evasion. Taxpayers must ensure transparency and accuracy to avoid penalties under Section 271(1)(c).

Bombay High Court Upholds Section 271(1)(c) Penalty for Deliberate Non-Disclosure- Non Disclosure needs to be unintentional to escape penalty

06/01/2025

Reporting of Foreign Assets by Indian Taxpayers under Section 139(1) of the Income Tax Act

The Income Tax Act of India, under Section 139(1), requires taxpayers to report foreign assets and income while filing their returns, if their total income exceeds the basic exemption limit. Foreign assets include bank accounts, shares, bonds, real estate, and other assets held abroad. Failure to report these assets can result in severe penalties (up to Rs 10 lakh), prosecution, reassessments, and loss of benefits under double taxation agreements.

Taxpayers must complete the "Schedule FA" in the ITR form, disclosing the foreign assets, their value, and income. A Foreign Tax Credit (FTC) can be claimed to avoid double taxation if taxes are paid on foreign income. This requires proof of taxes paid abroad.

Key requirements include reporting all foreign assets, regardless of their value, and maintaining proper records, such as bank statements or property agreements. These disclosures must be made by the ITR filing due date.
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https://www.itrtoday.com/reporting-of-foreign-assets-by-indian-taxpayers-under-section-1391-of-the-income-tax-act/

03/09/2023

https://www.itrtoday.com/claimimg-tds-credit-in-previous-year-while-deductor-deposited-in-subsequent-year-use-of-form-71-its-benefits-and-limitations/

Understanding benefit of form 71, how to use it, Penalties for wrong usage of form 71 and limitations of form 71

14/01/2018

Safety Audit of All electrical equipment will lead to safe working environment as well as boost the earnings of an anterprise

Electrical equipment that utilizes high voltage has to be handled cautiously by those with experience. The dangers of electrocution are