Tag Archives: scrutiny Case under Income tax

Appeal before High Court Under Income Tax Provisions

Appeal before High Court Under Income Tax Provisions Part CC of Chapter XX of the Income Tax Act, 1961 (‘Act’ for short) provides the procedure for filing appeal before the High Court. Who can file appeal? Section 260A(1) of the Act provides that an appeal shall lie to the High Court from every order passed […]

New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits

New disclosure scheme could be 50% tax and 4-year limit on cash use for unaccounted deposits The government is likely to introduce an amendment in the income-tax law in next week under which people can voluntarily deposit cash that can’t be accounted for in banks will face a tax of 50% and have a fourth […]

Tax department can slap on black money holders by Penalties, prosecution

Tax department can slap on black money holders by Penalties, prosecution Prepare to face the following penalties and prosecution if the Income Tax department finds out that you have black money i.e. unaccounted money. If you deposit large sums of cash in your bank account the tax department is likely to send you a notice […]

Income Disclosure Scheme Response has improved

Income Disclosure Scheme Response has improved The government has noticed an improvement in response to the Income Disclosure Scheme (IDS) 2016 in the last few weeks even as top sources sought to play down concerns of the tax department launching an offensive against businesses and individuals who won’t declare unaccounted wealth by Friday.

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