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Income Tax: 555 crore taka was laundered abroad through the creation of a fake company. The Income Tax raid on the office of a chartered accountant led to the revelation. The Income Tax Department has already filed a complaint of fraud against two Chartered Accountant (CA) brothers and sisters.
The Income Tax Appellate Tribunal (ITAT), Mumbai, has deleted an ₹8.87 lakh addition made under Section 69A of the Income-tax Act after accepting a taxpayer’s explanation that cash found during a search belonged to different members of his family.
The Income Tax Department has made Form 1 available on the e-Filing portal for taxpayers seeking to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026).
Chief Justice of India Surya Kant said for every Rs. 100 laundered, authorities and law enforcement agencies recovered only Re 1, mainly because of the ingenuity of economic offenders, and lack of global cooperation on extraditing fugitives.
The Central Bureau of Investigation (CBI) has registered a case against two income tax officials and a private company partner for demanding and accepting a Rs 9 lakh bribe to evaluate an industrial property in Ambattur.
More than 7 crore income tax returns have already been filed for Assessment Year 2026-27, reflecting strong participation from taxpayers ahead of the deadline.
The Income Tax Appellate Tribunal (ITAT) has deleted a ₹11,003-crore tax disallowance against Reliance Jio Infocomm for the assessment year 2019-20, ruling that how a company records an expense in its books does not, by itself, determine how it should be treated for tax purposes.
E-commerce firm Meesho has logged a more than threefold jump in its tax disputes to Rs 2,071.8 crore in the financial year 2025-26, the company said in its annual report.
Q1 FY 2026-27 TDS revised return is getting rejected immediately upon upload, despite successful submission/e-verification.
Improving taxpayer services, reducing litigation, strengthening infrastructure and preparing an actionable roadmap for the Income Tax Department’s future functioning were among key issues discussed at a two-day conclave of senior IT department officials that concluded here on Tuesday.