karnataka income tax raids

Government's net direct tax collections for FY26 reached over Rs 23.4 lakh crore, a 5.1% increase, though it fell short of the revised target. Corporate tax saw a healthy 11.4% rise, while non-corporate tax remained flat. Refunds saw a slight dip. These collections follow recent income tax cuts.

The Income-tax Appellate Tribunal (ITAT) quashed proceedings against the late Ajit Pawar, deleting a Rs 32.14 crore addition as unexplained income. The tribunal found insufficient evidence, including reliance on Truecaller data and initials "DD", to link Pawar to alleged cash transactions seized during a search on the Triton Group.

The first bench of Chief Justice Sushrut Arvind Dharmadhikari and Justice G Arul Murugan, through an order dated April 8, has directed the registry to list the case for deciding its maintainability.

FIFA is poised to secure federal tax exemptions for teams at the 2026 World Cup in the United States, easing a major financial concern for participating nations. However, uneven state and city taxes still leave disparities, particularly affecting smaller associations, meaning the tournament’s financial landscape remains complex despite progress in negotiations with US authorities.

Delhi Police's Economic Offences Wing is investigating fraudulent GST transactions totaling approximately Rs 141 crore. Three cases involve identity theft, where PAN card details and former firm credentials were misused to obtain fraudulent GST registrations and facilitate high-value tax irregularities. Investigations are ongoing into these alleged financial crimes.

The 2026 FIFA World Cup faces an unexpected financial divide as US tax laws and uneven international treaties mean teams will be taxed differently on tournament earnings. While FIFA holds tax-exempt status, many federations do not, leaving non-European nations particularly exposed. With varying state taxes and limited exemptions, the expanded 48-team format risks creating major economic disparities between participants.

The dispute arose from matrimonial proceedings between two highly qualified medical professionals. The wife, a practicing gynaecologist with an M.D. degree, challenged a trial court order which had partly rejected her application for maintenance under Sections 24 and 26 of the Hindu Marriage Act, 1955.

Salaried taxpayers claiming House Rent Allowance (HRA) will face stricter disclosure norms from April 1, 2026, with the introduction of Form 124. Under this new format, employees are required to declare their relationship with the landlord to curb bogus claims within families. Genuine rental arrangements with relatives remain valid if supported by proper documentation and income declaration.

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in ITR-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.