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TAX COMPLIANCE FOR SMALL TAXPAYERS
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...- 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...
- IRS tax credit could mean up to $8,231 for eligible workers: Who qualifies for the Earned Income Tax Credit, how much you could receive and what you should check before filingThe IRS Earned Income Tax Credit (EITC) can provide significant tax relief to eligible low- and moderate-income workers. For tax year 2025,...
- 6 reasons you may get income tax notice even after meeting July 31 ITR filing deadlineFiling your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between report...
- Can you get income tax notice for making digital payments through UPI, NEFT, RTGS, and IMPS? Know when it can be triggeredDigital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared inc...
- 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 ...
- FISME seeks GST overhaul to ease MSME complianceFISME seeks Goods and Services Tax reforms to ease MSME compliance burdens. They propose a safe harbour for input tax credit and faster GST...
- 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 ...
- Man, who refused US job offer earlier, pays over Rs 1 crore income tax, says 'I'm earning for someone else'; sparks debateA man's Rs 1.14 crore income tax payment sparked debate on taxpayer value in India. He chose to stay in India despite overseas job offers t...
- Disputed tax demand down Rs 16,690 cr since hike in monetary limit for filing appeals, LS toldHigher monetary limits for tax appeals have reduced disputed tax demand by about ₹16,690 crore, with over 23,000 departmental cases withdra...
- Man was denied Section 54F income tax exemption as builder delayed villa construction by 4 years; Telangana HC grants relief, says taxpayer can't suffer for builder's faultBuilder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer c...
- Over 5.9 crore income tax returns filed by July 31 for AY27 as deadline closesMore than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings for assessment year 2026-27 by in...
- Missed filing your ITR by July 31, 2026? Know your options and here’s what you can do nowTaxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed until December 31, 2026, with a lat...
- ITR filing deadline extension: Will Income Tax Department extend July 31 ITR filing due date? Here’s what chartered accountants believeITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline e...
- Not prepared for ITR filing: Should you file your ITR now with available information or wait and file a belated ITR?Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals....
- July 31 isn't the ITR deadline for everyone: Who can file income tax returns by August 31, 2026?The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain taxpayers with business income can f...
- Rs 1,000 or Rs 5,000 late filing fee for missing ITR filing deadline of July 31? How much fine you may need to pay and whyITR filing deadline: The July 31, 2026, deadline is crucial for many taxpayers filing income tax returns. Missing this date incurs a late f...
- ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submissionITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched pe...
- FM Sitharaman asks I-T Department to separate genuine errors from wilful tax evasionFinance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friendly attitude. She highlighted the i...
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here’s what you must knowPresumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be required if actual income falls belo...
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