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

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).

According to section 115BBH of the Income Tax Act (provided by the Finance Act of 2022), a flat tax rate of 30 per cent (plus applicable surcharge and cess) is levied on income from crypto transfers.

The Department under the Central Board of Direct Taxes (CBDT) has identified such crypto transactions for verifications and ...

CBDT emails thousands urging review of crypto-related income in ITRs, flags discrepancies via NUDGE campaign targeting virtual digital asset transactions ...

Of the ₹7,124 crore claimed nationwide under section 80GGC, ₹1,641 crore originated from the Telangana-Karnataka zone. In Telangana alone, nearly 15,223 employees are now under scrutiny for ...

Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace ...