I-T Department has sent e-mails to thousands of defaulting people nudging them to file an updated Income Tax Return (ITR) if ...

Penalties for underreporting income can reach up to 200% under Section 270A of the ... 80E, 80G, 80GGB, and 80GGC, effectively reducing their tax liability. Sources revealed that most of ...

The department is nudging you to file an updated ITR under Section 139(8A) of the I-T Act. ... and the other on the withdrawal of bogus claims under Section 80GGC. With the rise in digital investments ...

The scrutiny centers around Section 115BBH—introduced in the Finance Act, ... following earlier initiatives targeting undeclared foreign assets and bogus deductions under Section 80GGC.

Section 115BBH of the Income-tax Act, 1961—introduced through the Finance Act, 2022—imposes a flat 30% tax (plus applicable surcharge and cess) on income arising from the transfer of VDAs.

India had introduced a 30 per cent flat income tax on gains made from cryptocurrencies from April 2022 after inserting Section 115BBH in the Income Tax Act, ... were linked to declaration of foreign ...

As per the Section 115BBH of Income Tax Act, 1961 inserted by the Finance Act, 2022 a flat tax rate of 30 per cent ... campaigns were on declaration of foreign assets/income by taxpayers and ...

Earlier, NUDGE campaigns were on the declaration of foreign assets or income by taxpayers and the withdrawal of bogus claims of deduction under Section 80GGC of the Income Tax Act. Get Latest Business ...

The Income Tax Department is contacting people about crypto taxes. Many individuals did crypto transactions but did not report the income. The department suspects tax evasion and money laundering.

Previous Nudge campaigns focused on the declaration of foreign assets and income by taxpayers, and the withdrawal of bogus claims of deduction under section 80GGC relating to donations to ...

The Income Tax Department has sent notices to “thousands” of taxpayers who have not paid tax on the cryptocurrency transactions, according to sources in the Central Board of Direct Taxes (CBDT).