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‘Building momentum’

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Pressure on the brand

Trans-European Transport Network: Europe is gearing up for a transformative high-speed train network that could change the way people travel across the continent. According to the European Commission, the plan aims to connect multiple countries with trains capable of reaching speeds of 250 kilometres per hour. By 2040, passengers will be able to cover long distances in nearly half the time it takes today.

At present, a journey from Berlin to Copenhagen takes roughly seven hours. Under the new network, the same trip will take just four hours by 2030. Similarly, the Sofia to Athens route, which presently requires 14 hours, will be completed in six hours by 2035.

Direct high-speed links are also proposed between Paris and Lisbon via Madrid and Warsaw to Tallinn via Riga, making international travel faster and more convenient than ever before.

The plan marks a renaissance for European rail travel, creating a modern, efficient and eco-friendly transportation era. Travellers moving from Prague to Rome will be able to complete their trip in just 10 hours, while Stockholm to Copenhagen journeys will shrink to four hours.

This network is expected to strengthen tourism, commerce and cultural exchange across the continent.

The project forms a key part of the European Commission’s ambitious Trans-European Transport Network (TEN-T), which seeks to integrate railways, roads, ports and air transport into a unified infrastructure.

Environmental experts are confident that this shift from air and car travel to high-speed rail could drastically reduce carbon emissions. If passengers prefer trains for long-distance journeys, thousands of tons of greenhouse gases could be avoided annually.

Although cost details are still being finalised, officials promise that the network will provide a budget-friendly alternative to flights. Faster travel times combined with affordability mean that high-speed trains could become a preferred choice for business and leisure travellers.

Europe is set to witness a new era where cities feel closer, journeys become faster and rail travel reclaims its place as the lifeblood of continental mobility.

With trains that promise efficiency, sustainability and seamless connectivity, this high-speed revolution is poised to reshape the way Europe moves.

A new property purchase can feel like a proud milestone — until a letter from the Income Tax Department lands in your inbox asking where your money came from. Experts say that such notices are becoming increasingly common as tax authorities use advanced data analytics to verify whether property buyers’ declared income matches their level of investment.“Land purchases above Rs 30 lakh are mandatorily reported to the Income Tax Department by the Registrar’s office under Section 285BA (Statement of Financial Transactions). Once this data is captured in the taxpayer’s Annual Information Statement (AIS), the department cross-verifies whether the buyer’s declared income supports the investment,” said Abhishek Soni, CEO and Co-founder of Tax2win, in an interview with ET.Why land purchases attract I-T scrutinyWith tighter digital surveillance and automatic reporting of property deals, every high-value land transaction now feeds into the tax department’s monitoring system. Even those using legitimate savings may receive queries seeking an explanation of their funding source.According to Soni, the tax department’s primary concern is whether an individual is living beyond their declared means — a potential indicator of tax evasion. The most common notice seeks clarification on the “source of funds” used for the property purchase.Such scrutiny often arises when funds come from sources not automatically reflected in tax records — such as savings accumulated before tax filing began, gifts from relatives, inheritance, sale of gold or shares, or loans from friends or family.An income tax notice may also be triggered if there is a mismatch between the declared purchase value and the stamp duty value (SDV), or if the transaction appears undervalued. Under Section 133(6), tax authorities can seek information for up to three years from the relevant assessment year, and up to ten years if the unreported or “escaped” income exceeds Rs 50 lakh.Soni explained to ET that if the stamp duty value exceeds the actual purchase price by more than 10 per cent (and the difference is over Rs 50,000), the excess is treated as taxable income in the hands of the buyer under “income from other sources.”How to handle a tax noticeExperts advise that the first step after receiving an income tax notice is to respond promptly and accurately. “Organise your bank statements, loan documents, gift deeds, sale receipts and any other relevant records. The clearer your documentation, the quicker the resolution,” Soni said.Most notices provide a short response window. If more time is needed, taxpayers should at least file an acknowledgment and request an extension. Ignoring the notice or providing incomplete responses could lead to penalties under Section 272A(2) — Rs 100 per day until compliance — or even a full reassessment under Section 148, where the assessing officer can estimate income and proceed on their own judgment.Urban agricultural land purchases are also reportable, Soni said, as they are treated like capital assets. “While rural agricultural land purchases are less likely to be flagged, the department may still ask for proof of income if the transaction value looks disproportionate,” he added.How to avoid getting flaggedTax professionals recommend proactive financial transparency to avoid I-T scrutiny. “Maintain a clear money trail — record every transaction and avoid large cash payments,” Soni told ET.He added that formal documentation for all sources of funds — including family loans, inheritances, and sale proceeds — is crucial. “If such income isn’t reflected in your ITR, file an updated return before making the property purchase,” he advised.For those with multiple income streams, consulting a chartered accountant before large purchases is advisable to ensure income declarations and expenditures align.Soni concluded that with the government’s digital monitoring expanding, the tax department’s systems are becoming more data-driven. “Prevention is always better than scrambling for documents after a notice arrives. Paying taxes honestly and keeping proper documentation isn’t just about compliance — it’s about long-term financial peace,” he said.