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- Got Income Tax notice asking you to pay Rs 6,000 in tax? Check this warning from government’s fact check team
Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected onl ...More
Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected online. The Fact Check team from the Press Information Bureau has categorically identified it as a phishing scam. Citizens are strongly advised not to respond to such deceptive messages from unfamiliar sources. Remember, the Income Tax Department will never ask for sensitive financial details via email. ...Less
- Lower or nil TDS certificates to go fully online soon, rules being framed
New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon a ...More
New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon apply online for reduced or nil tax deductions. This initiative aims to ease compliance burdens for small taxpayers. The Income Tax department disposed of many appeals in the last fiscal year. Faceless assessments were also completed, though fewer than previously. ...Less
- 6 reasons you may get income tax notice even after meeting July 31 ITR filing deadline
Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, ...More
Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny. ...Less
- 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 Ahmedabad
Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent not ...More
Family 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 Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article. ...Less
- Can you get income tax notice for making digital payments through UPI, NEFT, RTGS, and IMPS? Know when it can be triggered
Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transacti ...More
Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income prevents unnecessary scrutiny. ...Less
- ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refund
Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income ...More
Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns. ...Less
- 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 ITAT
Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained ...More
Buyer 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 how the buyer won case in ITAT Mumbai. Read the article ...Less
- Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know why
Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax ...More
Property 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 ITAT Delhi; Know why ...Less
- 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 relief
Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn ...More
Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Schedule FA of ITR; ITAT Delhi upholds Rs 1.86 lakh penalty under Black Money Act, 2015. Know why did he lose the case. ...Less
- CAG flags Rs 25,085 crore tax effect from 1,902 assessment lapses
The CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involve ...More
The CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involved incorrect tax rates and faulty income computations. Many lapses occurred after demonetisation during the 2017-18 assessment year. Assessing officers failed to apply relevant sections in numerous unexplained transaction cases. This resulted in under-assessment of tax in the majority of identified instances. ...Less
- Over 5.5 crore ITRs filed for AY27 so far
Over 5.5 crore income tax returns have been filed for AY 2026-27. More than 42 lakh returns were filed on ...More
Over 5.5 crore income tax returns have been filed for AY 2026-27. More than 42 lakh returns were filed on July 30 alone. The deadline for filing ITR 1 and ITR 2 is July 31, 2026. ITR Form 1 is for individuals with income up to Rs 50 lakh. ITR-2 is for individuals and HUFs with capital gains income. ...Less
- How should my NRI children disclose gifts received from relatives in ITR-2?
ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts recei ...More
ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax department has also not responded to the grievance lodged on its portal regarding this issue. Kindly guide us on how such gifts should be reported in the ITR so that they can file their returns. ...Less
- Delhi HC pauses judges’ ITR processing amid tax exemption row
The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a di ...More
The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a dispute over certain allowance exemptions under new tax rules. The court directed private secretaries to submit necessary details to tax authorities. It also ordered that any demand raised shall remain in abeyance. The petition argues the tax department's stance interferes with judicial independence. ...Less
- 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 Mumbai
Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai prope ...More
Wife 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 rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai. ...Less
- Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why
Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he ...More
Retired 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 tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore. ...Less
- ITR filing deadline extension: Will Income Tax Department extend July 31 ITR filing due date? Here’s what chartered accountants believe
ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Expe ...More
ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the July 31 deadline to avoid penalties. The government has previously extended deadlines due to significant technical problems. ...Less
- PNB credits Rs 100 crore in a West Bengal woman's account instead of LPG subsidy leaving her in shock
A zari worker discovered nearly one hundred crore rupees credited to her bank account. Her account was su ...More
A zari worker discovered nearly one hundred crore rupees credited to her bank account. Her account was subsequently frozen, preventing daily expense withdrawals for her family. Bank officials could not explain the source of the substantial, unexplained deposit. This incident follows similar unexplained credits reported recently in West Bengal. The family has lodged a police complaint regarding the mysterious bank transaction. ...Less
- Over 5.9 crore income tax returns filed by July 31 for AY27 as deadline closes
More than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings ...More
More than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings for assessment year 2026-27 by individuals and HUFs. Last year's extended deadline saw over 7.3 crore returns filed by September 16. Taxpayers typically file a substantial share during the final week before the deadline. ...Less
- NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full relief
NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice f ...More
NRI 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 in ITAT Ahmedabad ...Less
- Don't let selling your house trigger a tax notice: Check these rules under Sections 54 and 54F
Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F ...More
Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different tax implications under the two provisions, and outlines the precautions taxpayers should take while filing their Income Tax Return (ITR) for Assessment Year (AY) 2026-27 ...Less
- ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claim
Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice ...More
Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case. ...Less
- What if you miss the July 31, 2026 ITR filing due date? Here are your options
Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with intere ...More
Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with interest and a penalty up to Rs 5,000. Crypto investors lose the ability to carry forward losses to future tax periods. Non-filing can trigger tax notices from the department. Options include condoning the delay or filing a belated return. ...Less
- Govt proposes easier compliance for foreign firms using Indian data centres
The Taxation and other laws (Amendment) Bill, 2026, introduced in the Lok Sabha on Tuesday, reduces repor ...More
The Taxation and other laws (Amendment) Bill, 2026, introduced in the Lok Sabha on Tuesday, reduces reporting requirements for foreign companies which wish to claim the tax holiday announced in the FY27 Budget. It also ensures that genuine data centre businesses get started and operate with far less friction. ...Less
- 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 reason
Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice ...More
Chennai 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 differential amount; ITAT Chennai gives him relief; Know why he won the case in ITAT Chennai. ...Less
- Brisk processing for AY27: Nudge helps, 33.5m ITRs filed so far
India's income-tax department has received over thirty-three million income-tax returns for assessment ye ...More
India's income-tax department has received over thirty-three million income-tax returns for assessment year 2026-27. Nearly twenty million of these returns have already been processed by the department. A significant number of new taxpayers are filing returns after a successful nudge campaign. The department anticipates a sharp rise in filings during the final week. Taxpayers can expect smooth portal operations and 24/7 assistance from the department. ...Less
- ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts say
ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. E ...More
ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if glitches persist. Taxpayers are advised to file their returns before the July 31 deadline. ...Less
- 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 regime
Effective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders ...More
Effective 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 regime. REIT, InvIT unitholders can gain from new tax regime. ...Less
- 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 fault
Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebu ...More
Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer can't be penalised for builder's fault and gives him 54F tax exemption. Know how homebuyer won Section 54F tax exemption case in Telangana High Court. ...Less
- ITR filing mistakes to avoid before July 31 deadline: Expert reveals 5 mistakes that can lead to delays, failure of ITR form submission
ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include ...More
ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission. ...Less
- Missed filing your ITR by July 31, 2026? Know your options and here’s what you can do now
Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed u ...More
Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed until December 31, 2026, with a late fee. Alternatively, a condonation of delay application can be submitted for acceptance. Filing after the due date incurs interest on unpaid taxes and potential loss of benefits. This process may also lead to delayed refunds and increased compliance scrutiny. ...Less
- NCLAT rejects DoT's 469-crore claim appeal in Rolta insolvency; upholds resolution plan
The NCLAT has officially dismissed the Department of Telecommunications' (DoT) appeal against Rolta India ...More
The NCLAT has officially dismissed the Department of Telecommunications' (DoT) appeal against Rolta India's resolution plan, stating it has already been executed and the company petition is now closed. The resolution professional deemed DoT's claims for overdue license fees as contingent. Furthermore, the tribunal noted that DoT had failed to contest this classification in the National Company Law Tribunal (NCLT), ruling out any interference with the plan at this stage. ...Less
- TDS deducted but you haven't filed your ITR yet? Here's what happens if you miss the July 31 deadline
Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will f ...More
Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption limit. The tax department may issue notices for non-compliance and missed filings. ...Less
- 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 why
Lady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how S ...More
Lady 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 in Gujarat HC after 9 years fight. Read the article to know the details. ...Less
- Finance minister Nirmala Sitharaman asks I-T officials to ease burden on honest taxpayers
Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm ...More
Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and economic certainty. Officials must adopt an empathetic approach while enforcing tax laws. Sitharaman outlined five priorities for the Income Tax Department. She advised officials to exercise their powers with humility and agility. ...Less
- Good news for investors: No income tax on dividends received from REITs and InvITs in this case, Lok Sabha passes the bill; Check the details
The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT i ...More
The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT investors by exempting dividend income. Special Purpose Vehicles can opt for a new tax regime with a higher surcharge. This decision requires careful evaluation of the entire structure's tax efficiency. The choice between tax regimes depends on individual financial profiles and commercial objectives. ...Less
- Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reason
To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his ...More
To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how she won the case in ITAT Mumbai. ...Less
- DA hike for June 2026: Central government employees likely to get 63% dearness allowance after hike
DA hike: Central government employees anticipate a 3% dearness allowance increase. This expectation arise ...More
DA hike: Central government employees anticipate a 3% dearness allowance increase. This expectation arises from the latest AICPI-IW reading for June 2026. The calculation suggests a potential 63% overall dearness allowance for employees. This hike will impact salaries across various pay levels under the 7th Pay Commission. The Finance Ministry will officially announce the final dearness allowance increase. ...Less
- FM Sitharaman asks I-T Department to separate genuine errors from wilful tax evasion
Finance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friend ...More
Finance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friendly attitude. She highlighted the importance of differentiating between honest errors and deliberate tax fraud. Sitharaman encouraged officials to exercise their enforcement powers with a sense of humility and restraint, reminding them that their role now focuses on equity, especially with the upcoming Income Tax Act, 2025 aimed at simplifying regulations. ...Less
- Rs 17.41 lakh penalty for ITR filing mistake: CA firm's owner's affidavit helps taxpayer get relief in ITAT Mumbai; know how
Rs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit ...More
Rs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit from the CA firm's owner helps taxpayer get relief from penalty in ITAT Mumbai. Know how taxpayer won case in ITAT Mumbai ...Less
- Tax filers scramble to fix foreign asset disclosures: I-T portal data & SMS alerts prompt review of overseas holdings before July 31
Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax depar ...More
Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax department has uploaded foreign asset data, prompting disclosures and professional help. Lapses stem from ignorance, negligence, or conscious concealment of overseas accounts and properties. Some taxpayers are seeking immunity under a fast-track disclosure scheme for eligible cases. Reconciling discrepancies with past filings and underlying records is now essential for compliance. ...Less
- 8th Pay Commission salary calculator: How gross salary of central government employees may double in just 7 years
Fitment factor in 8th Pay Commission: Employee groups recommend increasing annual increments and merging ...More
Fitment factor in 8th Pay Commission: Employee groups recommend increasing annual increments and merging dearness allowance with basic pay. This move aims to accelerate salary growth for government employees and pensioners. A higher increment rate and DA merger could potentially double gross salaries within seven years. Various organizations have submitted specific proposals regarding increment percentages and DA merger thresholds. These recommendations are part of submissions made to the 8th Pay Commission. ...Less
- Calcutta HC says voter ID, Aadhaar, PAN not proof of Indian citizenship
The Calcutta High Court ruled that identity cards do not prove Indian citizenship. A habeas corpus petiti ...More
The Calcutta High Court ruled that identity cards do not prove Indian citizenship. A habeas corpus petition was dismissed as proof of citizenship was lacking. Nasir was detained after his name was removed from electoral rolls. He failed to establish his Indian citizenship within the given timeframe. The court drew adverse inferences regarding his parents' citizenship. ...Less
- 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 ...More
Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals. Filing a revised return corrects errors but large deviations may attract scrutiny. Belated returns are an option if the original deadline is missed. Missing the belated deadline has consequences similar to not filing at all. ...Less
- File your ITR for just Rs 11: Paytm partners with ClearTax; here's how you can file income tax return
ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is availab ...More
ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is available starting at an affordable price of eleven rupees. The company partnered with ClearTax to offer a quicker online filing process. ...Less
- EPS pension: These pensioners will automatically get their pension benefits under EPS 2026, minister clarifies in Parliament
The government has notified the EPS pension 2026 scheme, superseding older plans. Existing pension fund b ...More
The government has notified the EPS pension 2026 scheme, superseding older plans. Existing pension fund benefits are protected under the new scheme. A special drive is underway to dispose of pending labor cases expeditiously. The new scheme maintains the pension calculation formula and contribution rates. Membership eligibility is defined for those joining after June 29, 2026. ...Less
- Crypto exchanges to collect tax residency, ID details of users under new CBDT framework
India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries m ...More
India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries must share transaction data annually with tax authorities. This aligns with the OECD's global Crypto Asset Reporting Framework. The Central Board of Direct Taxes issued a detailed compliance framework for reporting. Data sharing with participating jurisdictions begins next financial year. ...Less
- Employee wrongly declared Rs 14 lakh Australian salary in Indian ITR: ITAT grants tax relief but denies Rs 3.4 lakh foreign tax credit
Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign ...More
Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign tax credit in India for tax paid in Australia; ITAT gives him full tax exemption on salary but denies Rs 3.4 lakh foreign tax credit. Know how employee won the fight in ITAT Delhi. ...Less
- ITR filing deadline of July 31, 2026: With only 4 days left to due date; 5 checks you must complete before submitting form
ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadl ...More
ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings. ...Less
- ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do it
Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within ...More
Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties. Interest accrues on unpaid demands after the stipulated period expires. Ignoring these notices may result in being classified as an assessee in default. This classification empowers the tax department to initiate recovery proceedings. ...Less
- No time bound promotion under MACP for these central government employees; govt clarifies in Rajya Sabha
Central government employees retired between 2006 and 2008 will not receive MACP benefits. The Modified A ...More
Central government employees retired between 2006 and 2008 will not receive MACP benefits. The Modified Assured Career Progression scheme began on September 1, 2008. This means the scheme was not active during their service period. Employee bodies are now demanding more MACP promotions for Group C and B staff. They seek five financial upgradations instead of the current three. ...Less
- ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadline
Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for mo ...More
Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, while others have later deadlines. Missing the initial deadline allows filing a belated return until December 31, 2026. Late filing incurs a fee of Rs 5,000 or Rs 1,000 based on income. ...Less
- 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 ta ...More
The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain taxpayers with business income can file by August 31, 2026. This extension provides additional time for finalizing accounts and completing the filing process. Companies and those subject to tax audits must file by October 31, 2026. Transfer pricing cases have a filing deadline of November 30, 2026. ...Less
- Rs 9.48 lakh income tax demand on coaching centre quashed: ITAT explains why attendance alone doesn't make contractual teachers employees
Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand ...More
Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand raised; ITAT Cochin rules administrative supervision over timings, attendance and leave does not automatically create an employer-employee relationship. Know what ITAT Cochin said about TDS on salary paid to contractual employees. ...Less
- Rs 5.26 lakh capital loss carry forward was claimed in original ITR but a lesser claim was denied in revised ITR; Taxpayer fights back and wins in ITAT Bangalore
Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know ...More
Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore. ...Less
- ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it means
After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice conf ...More
After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding within thirty days is crucial to avoid penalties and interest. ...Less
- The ultimate ITR checklist before you click ‘submit’
Taxpayers must file income tax returns by the July 31 deadline to avoid penalties. Accuracy is paramount, ...More
Taxpayers must file income tax returns by the July 31 deadline to avoid penalties. Accuracy is paramount, and mismatches in the Annual Information Statement require careful reconciliation. Foreign asset disclosures and F&O reporting errors can lead to significant tax complications. Understanding deemed residency rules is crucial for Non-Resident Indians filing their returns. Late filing incurs fees and restricts tax regime options and loss carry-forwards. ...Less
- 8th Pay Commission: How 6% annual increment may add Rs 20 lakh to Level 8 employees' basic pay in 10 years
8th Pay Commission salary calculator: Employee groups are advocating for a higher annual salary increment ...More
8th Pay Commission salary calculator: Employee groups are advocating for a higher annual salary increment in the upcoming 8th Pay Commission. They suggest increasing the current three percent rate to at least five percent annually. This change aims to substantially boost the basic pay of central government employees. Calculations show a six percent increment could add millions over ten years. Such adjustments are expected to improve employee financial well-being significantly. ...Less
- Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebate
Ever since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term c ...More
Ever since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed equities in 2024, a flurry of taxpayers from across the country were left with either a tax demand or an uncertain thought. Read to know how a taxpayer fought and won 87A case in ITAT Mumbai. ...Less
- ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required
Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally ...More
Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment proofs. Ensuring an active PAN and validated bank account is crucial for filing. ...Less
- Sold multi-asset MFs? Before filing ITR, check the fund’s underlying asset mix as it determines tax treatment; know how to file return on such gains
Multi-asset mutual fund taxation depends on equity and debt exposure. Equity-oriented funds have specific ...More
Multi-asset mutual fund taxation depends on equity and debt exposure. Equity-oriented funds have specific tax rates and holding periods. Debt-oriented funds are taxed at investor slab rates after 24 months. Specified mutual funds treat all gains as short-term capital gains. Correct ITR schedules are crucial for reporting these gains accurately. ...Less
- How to file ITR-3 online on the Income Tax e-filing portal for AY 2026-2027
Individuals with business income must file ITR-3 for AY 2026-2027. This form captures various income sour ...More
Individuals with business income must file ITR-3 for AY 2026-2027. This form captures various income sources, including salary and capital gains. Taxpayers can file ITR-3 online through the e-filing portal. The process involves filling general information and specific schedules. E-verification must be completed within thirty days of submission. ...Less
- Delhi government plans global tender for 'Twin Towers' Secretariat building project
Delhi government plans a global tender for constructing new twin-towers Secretariat. This ambitious proje ...More
Delhi government plans a global tender for constructing new twin-towers Secretariat. This ambitious project aims to consolidate scattered departments into one location. The Income Tax department will share its land for the proposed twin-tower development. Major construction firms worldwide can participate in this significant undertaking. The new high-rise building will house the Chief Minister and top officials. ...Less
- AIS now includes foreign assets, income data
The Income Tax Department now shows foreign asset details in annual statements. This move aims to improve ...More
The Income Tax Department now shows foreign asset details in annual statements. This move aims to improve voluntary tax compliance for eligible taxpayers. Information from over 100 jurisdictions is available through international sharing agreements. Taxpayers must still report all foreign assets and income, even if not listed. Emails and messages are being sent to inform taxpayers about this new facility. ...Less
- ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax notices
Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) be ...More
Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their ITR for AY 2026-27 ...Less
- How a Meerut slum woman masterminded a Rs 357 crore income tax return fraud from a 25-sq-yard home
The Income Tax Department has uncovered a large tax refund fraud racket. A 30-year-old woman allegedly cr ...More
The Income Tax Department has uncovered a large tax refund fraud racket. A 30-year-old woman allegedly created fake deductions worth crores of rupees. She used these to secure fraudulent refunds for over three thousand clients nationwide. Coordinated raids led to the seizure of cash and fixed deposits. Prosecution proceedings have begun against the accused and her clients. ...Less
- Cost Inflation Index: How it can help you file your income tax return
The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, s ...More
The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations. ...Less
- ITR verification process: Different ways to e-verify your Income Tax Return using Aadhaar OTP, net banking, EVC
Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electr ...More
Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your tax return is officially processed. ...Less
- Government warns against fake emails asking users to download e-PAN cards
The Government's Press Information Bureau Fact Check unit issued a warning on Saturday. Fraudulent emails ...More
The Government's Press Information Bureau Fact Check unit issued a warning on Saturday. Fraudulent emails are circulating, asking recipients to download e-PAN cards. These messages are fake and people should not respond to them. Citizens are advised not to share financial or sensitive personal information. PIB Fact Check regularly issues alerts on misleading claims and online scams. ...Less
- Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said
Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ...More
Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know. ...Less
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here’s what you must know
Presumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be re ...More
Presumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be required if actual income falls below prescribed rates. This scheme benefits professionals and businesses with limited expenses and high margins. It reduces compliance burdens and the need for detailed record-keeping. Freelancers and gig workers should evaluate eligibility and profit margins carefully. ...Less
- Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief
Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; I ...More
Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune. ...Less
- NRI woman sold her property in Gujarat for Rs 21 lakh, tax dept sent notices, she missed them as she lived abroad; later she files case and wins in ITAT Ahmedabad
ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house ...More
ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house for Rs 21.4 lakh in AY 2018-19, which she had originally bought in 2005 for Rs 1.94 lakh, the tax dept issued her tax notices. However, as she was living abroad as an NRI at the time, she could not respond to them. ...Less
- Parliament Watch: E-filing portal scales up as ITR rush peaks, LTCG mop-up jumps 79% to ₹1.29 lakh cr in AY26 & more
The income tax e-filing portal has been upgraded to handle increased filings. Revenue from long-term capi ...More
The income tax e-filing portal has been upgraded to handle increased filings. Revenue from long-term capital gains rose significantly in assessment year 2025-26. The Centre's debt as a percentage of GDP has declined to 58.2%. MSME exports and industrial training institutes have both seen expansion. Capital expenditure has seen a substantial five-fold increase since 2014. ...Less
- ITR filing 2026: Step-by-step guide to filing ITR-1 for AY 2026-27 before the July 31 deadline
Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing t ...More
Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers must log in to the e-filing portal and follow the guided steps. ...Less
- ESOPs, Crypto and two other disclosures you must make in Schedule FA of the ITR for AY 2026-2027
Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosure ...More
Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act. ...Less
- Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure Scheme
The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements ...More
The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrative exercise. Read alongside the Finance Act, 2026, it appears to set the stage for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and signals a new era of tax transparency. ...Less
- What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date
The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can ...More
The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing before the deadline ensures tax compliance and avoids additional costs. ...Less
- Foreign tax data to be included in Form 26AS
Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow ...More
Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow taxpayers to view their foreign financial data with the Income Tax Department. It helps reconcile overseas income and assets with tax filings effectively. The CBDT has directed the Director General of Income-tax (Systems) to upload this information. Information relating to 2022, 2023, and 2024 will be uploaded within ninety days. ...Less
- 'Govt anti-people, only concerned with securing 2/3rd majority': Kapil Sibal urges Wangchuk to end fast
Kapil Sibal urged activist Sonam Wangchuk to end his hunger strike. He criticized the BJP-led Centre as a ...More
Kapil Sibal urged activist Sonam Wangchuk to end his hunger strike. He criticized the BJP-led Centre as anti-people and lacking dialogue. Wangchuk's health is critical after nineteen days without food. Doctors warned of organ damage while Wangchuk refused to end his fast. Support for the agitation continues to grow from various leaders. ...Less
- Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries
This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an ad ...More
This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know more. ...Less
- Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time
Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Su ...More
Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and prompt responses ensure smoother refund processing for taxpayers. ...Less
- Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad
Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT A ...More
Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading. ...Less
- Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow
Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Informati ...More
Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details carefully before filing. Ensure all personal information and pre-filled data are accurate and verified. ...Less
- Income tax department slaps notices on foreign investors with no earnings
Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or ...More
Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or dividend was earned. The tax department is initiating reassessment proceedings, questioning the absence of income tax returns for share purchases. Experts highlight that such notices, potentially triggered by remittance data, may be misapplied to transactions that didn't generate income, causing confusion and compliance burdens for overseas entities. ...Less
- Section 234B interest on updated ITRs: CPC's computation logic appears contrary to law
Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculate ...More
Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands. ...Less
- Over 1.7 cr ITRs filed for AY 2026-27: I-T deptt
More than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns ...More
More than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns were submitted on Friday alone by taxpayers. The deadline for filing ITRs 1 and 2 is July thirty-first. ITR Form 1 is for individuals with income up to fifty lakh rupees. ITR-2 is for individuals and HUFs with capital gains income. ...Less
- How to check Annual Information Statement (AIS) before filing ITR: Step-by-step guide
Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This stat ...More
Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities. ...Less
- Bengaluru landowner sells 17 apartments, earns Rs 11.8 crore LTCG, pays no tax; I-T dept sends notices; he contests and wins in ITAT Bangalore
Landowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; ...More
Landowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; tax dept sent notice; he wins case in ITAT Bangalore. Read the article to know the landowner won the tax case in ITAT Bangalore. ...Less
- Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these cases
Gifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain val ...More
Gifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific rules. Taxable gifts must be reported under income from other sources. Maintaining proper documentation is crucial for all gift transactions. Read the article to learn which gifts stay exempt from tax and which ones trigger a tax liability. ...Less
- ITR 2026: Common income tax return filing mistakes that cost employees lakhs
A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalt ...More
A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax audit. ...Less
- Forgot your Income Tax e-filing password? Here's how to reset it without access to your registered mobile number
Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Option ...More
Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Options include using a Digital Signature Certificate or net banking facilities. If these are unavailable, an email request with necessary documents can be sent. ...Less
- Ram temple donation 'theft': SIT may visit Ayodhya soon, question trust members
An SIT is investigating alleged embezzlement of donation money at the Ayodhya Ram temple. Officials will ...More
An SIT is investigating alleged embezzlement of donation money at the Ayodhya Ram temple. Officials will question those associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust. The trust is reviewing its banking arrangements for cash donations and security protocols. Police have widened their financial investigation and arrested eight individuals so far. Recovered cash and jewelry are being matched against accused persons' known income sources. ...Less
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?
Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchang ...More
Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate reporting of overseas income. Schedule FA in ITR requires detailed reporting of foreign assets held. Non-compliance can lead to significant penalties and scrutiny from tax authorities. Accurate reporting ensures transparency and reduces potential tax disputes. ...Less
- ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portal
Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary docum ...More
Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days after submitting the return. ...Less
- LTM shares jump 3% as Q1 results meet Street estimates. Here's what Nomura, Nuvama, and other brokerages say
LTM reported a 17% year-on-year net profit increase for the April-June quarter. Revenue from operations a ...More
LTM reported a 17% year-on-year net profit increase for the April-June quarter. Revenue from operations also saw an 18% year-on-year rise during the same period. Brokerages offered mixed opinions on the IT major's stock performance and future outlook. The company cited hardware procurement issues for project delays, expecting improvement soon. LTM shares gained over 3% on Monday following these financial results. ...Less
