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Plan to save tax by investing in spouse's name? That could spell trouble

You can use your income to buy an asset for your spouse. But any income from that asset will be clubbed with your income and taxed accordingly. This can’t be taxed as part of your spouse’s income. Doing so can get you an income tax notice. ....

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Delhi HC Again Quashes Re-assessment Notices Issued Under Section 148 after 1st April

In a significant relief to thousands of taxpayers, a division bench of the Delhi High Court has asked the Income Tax (I-T) department to quash all notices issued under section 148 of the I-T Act after 1 April 2021. ....

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'Prosecution can't be launched until evaded tax is known based on I-T search disclosures'

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There is no presumption under law that every unaccounted transaction would lead to imposition of tax, and therefore, no prosecution can be launched on the ground of “attempt to evade such tax, penalty and interest”, until and unless it is determined that the unaccounted transactions unearthed during search were liable for payment of tax, penalty or interest, the High Court of Karnataka has said.
Justice John Michael Cunha made these observations in his April 5 order dismissing revision petition filed by the Income Tax Department challenging the February 28, 2019, order of a Special Court in discharging former Minister D.K. Shivakumar from income tax evasion case. ....

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Tax Saving Investments for FY17-18: Here's all you need to know

Tax Saving Investments for FY17-18: Here's all you need to know
indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.

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Industry body for easing resident norms in pre-Budget memorandum

Industry body for easing resident norms in pre-Budget memorandum
financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.

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