Real estate deals, credit card transactions: 6 times one can get Income Tax notice

The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a deposit over Rs 10 lakh in cash during a fiscal year, this might call for a notice from the department asking for an explanation about the source of these funds.

AMUL under the category of ‘Research Association’ is approved for Sec 35(1)(ii) of Income Tax Act

CBDT issued Notification No. 38/2024 dated 09.04.2024 whereby the Central Government approves ‘Amul Research and Development Association, Anand, Gujarat having PAN: AAATA2673H under the category of ‘Research Association’ for research in ‘Scientific Research’ for the purposes of Section 35(1)(ii) of the Income-tax Act, 1961 read with Rule 5C and 5D of the Income-tax Rules, 1962.

Penny stocks linked tax evasion: Tax dept may take you to court and tribunal for bogus transactions

It has been directed by CBDT via a circular dated March 15, 2024, that the tax department can now file appeals with income tax tribunals and courts without considering the tax effect amount for certain specified cases based on the merit of the case. Among the specified cases, one is about penny stocks which falls under the category of cases involving organised tax evasion

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