Under the Income Tax Act, 1961 penalty is to be levied on the amount of "tax sought to be evaded" in respect of the concealment of particulars of income or furnishing inaccurate particulars of the income. Nevertheless, in case of SEARCH penalty is also levied in respect of "Undisclosed Income" too.
SEVERAL MEMBERS OF FAMILY PROVIDING CONSIDERATION TO CONVERT LEASE PROPERTY INTO FREE-OLD BUT REGISTRATION OF PROPERTY HELD ON THE NAME OF ONE PERSON'S NAME-WHETHER CONSIDERED AS BENAMI PROPERTY?
IT Department issued FAQs on Statutory Forms & related Services
A new Section 80EEA has been inserted by government to allow for an interest deduction from AY 2020-21 (FY 2019-20).
Income Tax Department issued process flow for filing Audit Forms in new E-filing 2.0 portal
The assessee was a company incorporated in Switzerland. A notice of reassessment was issued to it. The reasons stated were that the assessee had been identified as a foreign company in the non-filers monitoring system category and that during the financial year 2010-11 relevant to the assessment year 2011-12 it had entered into a share transaction.
Some facts on investment in property outside India and computation of tax under "Black money (undisclosed foreign income and assets) and imposition of tax act, 2015"
Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?
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The assessee purchased land from the sale proceeds of property held by him and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961.
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