Non-compliance can lead to penalties of up to ₹10 lakh if foreign assets exceed ₹20 lakh (excluding immovable property).

ITAT Bangalore held that delay of 85 days in filing of appeal before CIT (A) condoned on medical grounds. Accordingly, matter remitted back to CIT (A) for fresh consideration on merits.

The High Court here today discharged and acquitted Datin Seri Rosmah Mansor of 12 charges of money laundering involving RM7 ...

Taxpayers who fail to file their ITR within the prescribed due date can utilize the provisions of Section 139(4) of the ...

Failure to disclose foreign income and assets leads to violation of Black Money and Imposition of Tax Act, 2015. The last ...

As an accountant, keeping up with changes to tax regulations is a key part of the job. The government has been rolling out its Making Tax Digital (MTD) ...

Taxpayers must disclose foreign income and assets by December 31, 2024, to avoid hefty penalties under the Income Tax and ...

New Delhi- Only 6.68 per cent of India's population filed income tax returns in 2023-24 fiscal, Parliament was informed on ...

People get opportunity to address discrepancies by filing revised or belated Income Tax returns for FY24 before December 31 ...

Austin man Frank Richard Ahlgren III has received a 2-year sentence over filing false tax returns that underreported the sale ...

The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to help taxpayers reconcile discrepancies ...

Those who do not fall in the income tax slab, do not have tax liability. In such a situation, they don't need to file an ITR.