The Income Tax Department is fully prepared to take stringent action against high-net-worth individuals who engage in tax underpayment, according to Financial Express. This decision follows the department's discovery that the reduction in the highest tax rate on personal income from 42.74% to 39% in the FY24 Budget has not deterred tax evasion among HNIs. In this year's Budget, the …
India has witnessed a manifold increase in both the number and the wealth of individuals and business owners. HNIs need to transform the way they hold wealth and make investments and leverage on modern-day ecosystem enablers such as family office while setting up family charters or constitutions along with trusts—all of which is a formalized and often professional an aided …
