Wealthy residents of the state have put millions of dollars toward stopping a proposed 5 percent tax on their assets.

So you heard a piece of tax advice from a friend or on social media that sounds interesting. Should you try it? A certified public accountant explains how to vet the claim — and avoid getting scammed.

The issue was whether the entire bank deposits could be treated as unexplained income under Section 69. The tribunal held that deposits linked to business activity cannot be fully taxed and directed ...