The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances, covering 394 entities and 36 professionals. Of these, 117 entities are located in districts along India's land borders,…
The Income Tax Department launched a nationwide verification on August 18 of suspicious foreign remittances, covering 394 entities and 36 professionals. The move follows data analysis and ground intelligence that showed entities…
The Telangana Anti-Corruption Bureau (ACB) has asked the Income Tax department to investigate properties allegedly held in benami names. According to the ACB, the I-T department has initiated action in cases involving…
Indian freelancers earning from US IT companies must report income under 'Profits and Gains of Business or Profession'. Isha Sekhri of Isha Sekhri & Associates LLP explains that specified professionals can opt…
A fire broke out in the basement of the Income Tax building, Aayakar Bhavan, on Maharshi Karve Road in Mumbai on Monday afternoon. The Mumbai Fire Brigade received a call about the…
Police in Sagar, Madhya Pradesh, recovered over Rs 3 crore in cash from the home of an auto driver, Saurabh Ahirwar, while searching for a firearm. The team had gone to verify…
The government on 16 August opened the Foreign Assets of Small Taxpayers, Disclosure Scheme (FAST-DS) 2026, a one-time amnesty for undisclosed foreign assets and income. First announced in the Union Budget, the…
Taxpayers have a series of key deadlines from August to December 2026 for ITR filing, advance tax, and audits. The July 31 deadline for non-audit taxpayers has passed, with over 5.5 crore…
Taxpayers who filed their income tax returns for Assessment Year 2026-27 may receive a defective return notice under Section 139(9) from the Income Tax Department if their ITR contains missing, inconsistent, or…
The Finance Ministry plans to go live with Project Insight 2.0 from January 27, 2028, a mechanism that uses AI to separate genuine income tax filings from suspicious ones. The Ministry told…
