source of income Archives

The Taxman Knows: Why and How to Disclose Your Foreign Assets in India

By CA ALOK KUMAR December 12, 2024BLACK MONEY ACT, Disclosing Foreign Assets, Foreign Account tax compliance, Foreign Assets, Foreign Direct Investment, Foreign Remittance, Foreign Travel, How to check TCS on Forex Transactions and Foreign Travel, Income Tax, Income Tax Act 1961, Income Tax Department, RBI Foreign Remittance Policy, Sec.148 of Income Tax Act, source of incomeNo Comments

The Indian Income Tax Department has intensified its focus on foreign assets held by resident taxpayers. With advanced data-sharing mechanisms and stringent laws like the Black Money (Undisclosed Foreign Income and…

Admit Bogus Transactions, Face Reassessment – Gauhati HC Ruling

By CA ALOK KUMAR December 11, 2024Bogus Transactions, Finance Acts, Income Tax Act 1961, Income Tax Department, Income Tax Order, Income Tax Refund, reassessment notice, Sec.148 of Income Tax Act, source of income, The Finance Act 2023No Comments

Notice Under Section 148A(b): Gauhati High Court Upholds Validity in Case of Bogus Transactions The Gauhati High Court recently addressed the validity of notices issued under Section 148A(b) of the…

Indirect Fund Transfers Not ‘Unexplained Money,’ Rules High Court

By CA ALOK KUMAR December 11, 2024Allahabad High Court, First Rand Bank, Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, micro-borrowers, Sec.148 of Income Tax Act, source of income, TDS ON SALARY INCOME, Unexplained MoneyNo Comments

Funds Temporarily Held in One Account Before Transfer to Another Doesn’t Qualify as Unexplained Money: Allahabad High Court The Allahabad High Court has clarified that funds temporarily placed in one…