Penalty News

Paying taxes is a burden for many, individuals often come up with ways to escape or reduce the burden. But do you know that failing to pay taxes accurately can lead to criminal charges? Tax evasion occurs when a person or corporation unlawfully ...

On Thursday, RBI (Reserve Bank of India) imposed monetary penalties on three banks for various rule violations. The central bank imposed fines of Rs 1.2 crore on Karnataka Bank, Rs 5 crore on Bank of India (BoI) and Rs 30 lakh ...

On Wednesday, in the Lok Sabha there was tabled the Direct Tax Vivad Se Vishwas Bill, 2020 based on which the Centre aims to cut down as many as 4.8 lakh tax litigations amounting to Rs. 9.32 lakh crore as on ...

There are a host of ways to file the ITR and mostly salaried class these days prefer to file their taxes by themselves and hence because of incomplete know-how, tend to miss out on reporting few of the income sources, which ...

The new tightened guidelines issued by the Income Tax Department, effective from 17 June 2019, have made serious offences under the Black Money and Benami Law, generally non-compoundable. It means that from now on, a person or entity cannot settle such ...

If you are also in the habit of procrastinating important tasks at hand, do no more in the case of your income tax return filing. This is because not just penalty implications arise, you are also disallowed some of the benefits ...

You must be aware that the tax department recently warned salaried class individuals on wrong ITR disclosures either by inflating the deduction amount or through other measures such as producing fake rent slips so as to avail various allowed exemptions. Not ...