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TAX ASSESSMENT
NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full reliefNRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case ...- CAG flags Rs 25,085 crore tax effect from 1,902 assessment lapsesThe CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involved incorrect tax rates and faulty i...
- Chennai property owners: Received a higher property tax notice? Here's what the revised GCC notice means and how to challenge itChennai property tax increased? Chennai property owners receiving higher tax demands need not panic. The Greater Chennai Corporation has cl...
- Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains whyRetired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as ta...
- Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know whyProperty buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in...
- Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...
- REIT, InvIT investors can benefit if trust switches income tax regime: Know how maximum effective tax rate of 34.94% under old tax regime comes down to 28.60% under new tax regimeEffective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders can benefit if trusts' switch tax ...
- Tax liability of ITR-7 filers triples in 5 years to Rs 1,043 croreIn a significant financial shift, the tax burden for ITR-7 filers has climbed to Rs 1,043 crore in the Assessment Year 2025-26, a figure th...
- Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITATBuyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know...
- AI in banking must move beyond retail to farms, MSMEs: SBI Chairman SettyIn a recent statement, CS Setty, Chairman of the State Bank of India, underscored AI's transformative potential for the Indian banking sect...
- Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT AhmedabadFamily member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedaba...
- Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reasonChennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differe...
- Lower or nil TDS certificates to go fully online soon, rules being framedNew rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon apply online for reduced or nil tax...
- Know Your Fund Manager: Rajasa K., Vice President & Portfolio Manager - India Equities, Templeton Global InvestmentsIn this edition of Know Your Fund Manager, Rajasa K., Vice President and Portfolio Manager at Templeton Global Investments, shares her care...
- Foreign flows into Indian bonds may remain muted despite tax relief: SBI FundsForeign investment in Indian government bonds is projected to stay subdued as global yields alongside domestic interest rates reduce invest...
- Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejectedDue to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine ded...
- HC seeks govt reply on auto TDS refund pleaThe Delhi High Court has asked the government for its response on a plea. This plea seeks automatic tax deducted at source refunds for indi...
- Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT MumbaiWife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai ...
- ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refundTaxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds ...
- Rs 22.94 lakh LTCG for land sale of Rs 92 lakh invited tax notice; Gujarat HC ruled in her favour after 9 years fight; Know whyLady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how Section 55A(a) helped her win case ...
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