Tax Penalties
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ITR Filing FY 2024-25: Revised Deadlines, Penalties And Key Updates
The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return (ITR) filing due date for AY 2025-26 from July 31 to September 15.
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Bengaluru Man Bought A 7.5 Crore Ferrari And Tried To Dodge Tax Officials
In a high-octane crackdown on tax evasion, a Ferrari owner was forced to shell out Rs 1.42 crore after Regional Transport Office officials caught the luxury supercar being used on the streets of Bengaluru without road tax being paid in Karnataka.
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Filing Income Tax Return? One Wrong Move Could Cost You Rs 1.5 Lakh
Filing income tax returns requires attention to detail to avoid penalties and defects. Choosing the right tax regime, verifying forms like 26AS and 16, and e-verifying returns are crucial steps.
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Australian Taxation Office Issues 2025 Tax Return Guidelines
More than than 15 million Australians will file tax returns in 2025. The Australian Taxation Office urges citizens to lodge accurate tax returns and warns against false claims.
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Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
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Samsung India Executives Seek to Quash $81 Million Penalty Over Tax Evasion
Seven Samsung India executives have asked a court to revoke penalties of $81 million (roughly Rs. 692 crore) from a $601 million (roughly Rs. 5,135 crore) tax demand in India. Samsung's India unit faced a $520 million (Rs. 4,443 crore) tax demand, while employees were fined $81 million (Rs. 692 crore) for their alleged part in misclassifying impo...
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IndiGo Faces Rs 944 Crore Tax Penalty, Terms It "Erroneous"
With the Income Tax Department imposing a penalty of Rs 944.20 crore on IndiGo, India's largest airline has termed the order "erroneous" and vowed to challenge it legally.
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Samsung Ordered to Pay $601 Million in Back Taxes in India, Penalties Over Telecom Imports
India has ordered Samsung to pay $601 million (roughly Rs. 5,149 crore) in back taxes and penalties for dodging import tariffs. The Samsung investigation began in 2021 when tax inspectors searched its offices in the financial capital of Mumbai and Gurugram near New Delhi, seizing documents, emails and some electronic devices.
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Venice Hikes Tourist Tax In Bid To Curb Overcrowding
Venice will crack down on tourists by blocking additional days, raising prices, and enforcing harsh penalties for noncompliance.
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Income Tax Return: Check Final Day To File Late ITR, Penalty Details
If you missed the July 31, 2024, ITR filing deadline, you can still file a belated return, but with penalties.
-
Missed The ITR Deadline? File A Revised Return By December 31, 2024
The last date to file a revised or belated Income Tax Return (ITR) for FY 2023-24 is December 31, 2024. Taxpayers who miss this deadline face penalties, interest charges, and the loss of exemptions and deductions.
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ITR Advance Tax Deadline Today: Who Needs To Pay, How To Avoid Penalties
Advance tax is a system where taxpayers pay their income tax liability in installments throughout the financial year, instead of a lump sum at the end.
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Last Date To Link PAN With Aadhaar Card Approaching Soon: Here's How To Do It Online
The Income Tax department is urging taxpayers to link their Permanent Account Number (PAN) with the Aadhaar Card before December 31, 2024.
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Submit Income Tax Audit Report Today To Avoid Penalties
The Centre has extended the deadline to file income tax audit reports for FY 2023-24. Originally set for September 30, the new October 7 deadline offers businesses and professionals a reprieve. Experts warn that further extensions are unlikely.
-
Zomato Gets GST Tax Demand Notice Of Rs 4.59 Crore
Online food delivery platform Zomato has received GST tax demand orders of over Rs 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities.
-
ITR Filing FY 2024-25: Revised Deadlines, Penalties And Key Updates
The Central Board of Direct Taxes (CBDT) has extended the Income Tax Return (ITR) filing due date for AY 2025-26 from July 31 to September 15.
-
Bengaluru Man Bought A 7.5 Crore Ferrari And Tried To Dodge Tax Officials
In a high-octane crackdown on tax evasion, a Ferrari owner was forced to shell out Rs 1.42 crore after Regional Transport Office officials caught the luxury supercar being used on the streets of Bengaluru without road tax being paid in Karnataka.
-
Filing Income Tax Return? One Wrong Move Could Cost You Rs 1.5 Lakh
Filing income tax returns requires attention to detail to avoid penalties and defects. Choosing the right tax regime, verifying forms like 26AS and 16, and e-verifying returns are crucial steps.
-
Australian Taxation Office Issues 2025 Tax Return Guidelines
More than than 15 million Australians will file tax returns in 2025. The Australian Taxation Office urges citizens to lodge accurate tax returns and warns against false claims.
-
Faked Tax Deductions? You Could Face A 200% Penalty Under Income Tax Rules
New ITR-1 and ITR-4 forms now require detailed documentation for deductions and claims, promoting transparency and accuracy.
-
Samsung India Executives Seek to Quash $81 Million Penalty Over Tax Evasion
Seven Samsung India executives have asked a court to revoke penalties of $81 million (roughly Rs. 692 crore) from a $601 million (roughly Rs. 5,135 crore) tax demand in India. Samsung's India unit faced a $520 million (Rs. 4,443 crore) tax demand, while employees were fined $81 million (Rs. 692 crore) for their alleged part in misclassifying impo...
-
IndiGo Faces Rs 944 Crore Tax Penalty, Terms It "Erroneous"
With the Income Tax Department imposing a penalty of Rs 944.20 crore on IndiGo, India's largest airline has termed the order "erroneous" and vowed to challenge it legally.
-
Samsung Ordered to Pay $601 Million in Back Taxes in India, Penalties Over Telecom Imports
India has ordered Samsung to pay $601 million (roughly Rs. 5,149 crore) in back taxes and penalties for dodging import tariffs. The Samsung investigation began in 2021 when tax inspectors searched its offices in the financial capital of Mumbai and Gurugram near New Delhi, seizing documents, emails and some electronic devices.
-
Venice Hikes Tourist Tax In Bid To Curb Overcrowding
Venice will crack down on tourists by blocking additional days, raising prices, and enforcing harsh penalties for noncompliance.
-
Income Tax Return: Check Final Day To File Late ITR, Penalty Details
If you missed the July 31, 2024, ITR filing deadline, you can still file a belated return, but with penalties.
-
Missed The ITR Deadline? File A Revised Return By December 31, 2024
The last date to file a revised or belated Income Tax Return (ITR) for FY 2023-24 is December 31, 2024. Taxpayers who miss this deadline face penalties, interest charges, and the loss of exemptions and deductions.
-
ITR Advance Tax Deadline Today: Who Needs To Pay, How To Avoid Penalties
Advance tax is a system where taxpayers pay their income tax liability in installments throughout the financial year, instead of a lump sum at the end.
-
Last Date To Link PAN With Aadhaar Card Approaching Soon: Here's How To Do It Online
The Income Tax department is urging taxpayers to link their Permanent Account Number (PAN) with the Aadhaar Card before December 31, 2024.
-
Submit Income Tax Audit Report Today To Avoid Penalties
The Centre has extended the deadline to file income tax audit reports for FY 2023-24. Originally set for September 30, the new October 7 deadline offers businesses and professionals a reprieve. Experts warn that further extensions are unlikely.
-
Zomato Gets GST Tax Demand Notice Of Rs 4.59 Crore
Online food delivery platform Zomato has received GST tax demand orders of over Rs 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities.
