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HRA CLAIMS INCOME TAX
Incorrect HRA or deduction claims? How Section 270AA may offer relief from 200% penaltyIncorrect tax claims may expose taxpayers to a 200% penalty for misreporting and prosecution in appropriate cases. Section 270AA offers con...- 8th Pay Commission: Rs 69,000 minimum pay, 40% HRA, 67% pension; 5 key NC-JCM demands and their impact on payoutsThe National Council of the Joint Consultative Machinery has submitted essential recommendations to the 8th Pay Commission that could impac...
- Tax reporting lapses could risk India's sovereign rating, trigger withholding tax penalties: Income Tax Principal DG Debjyoti DasSpeaking to the media on the sidelines of the 'Summit on Global Financial Compliance (FATCA & CRS)' in Mumbai, Debjyoti Das, Principal Dire...
- Rs 21.6 lakh speculative trading loss in stock market triggers Income Tax notice for no tax audit; Trader wins case at ITAT CuttackMr. Kumar, a diligent stock trader, faced considerable financial setbacks but overlooked the necessity of a tax audit. In response to his f...
- CBDT issues new clarification on BSNL-MTNL VRS-2019 compensation: Will it affect retirees' income tax benefits?The CBDT issued a notification clarifying that ex-gratia compensation for BSNL and MTNL VRS-2019 is not retrenchment compensation. This com...
- How to check if PAN is linked with Aadhaar? Step-by-step guide to check status online, link documents and know the consequences of not linkingTaxpayers in India must link their Permanent Account Number with Aadhaar to avoid penalties. Individuals can easily check their linking sta...
- Gold jewellery at home: How much can you keep without fear of Income Tax seizure?People can legally own gold without a prescribed maximum quantity if they explain its source. The Income Tax Department has guidelines rega...
- Firm It Up, Don't Junk It: India needs a more predictable capital gains tax regime to deepen equity marketsIndia's capital markets have seen significant changes, with millions of households participating in equity investing. The current tax frame...
- Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT JaipurPolicyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexp...
- Son gets income tax notice for Rs 33.23 lakh in property investment and cash; he gets relief in ITAT Jaipur for this reasonMother sold 642 grams gold jewellery, gifts the amount to son via notarised gift deed, son buys property and deposits cash in bank but gets...
- $700 million tax bill vs $4.15 million image: The court case that saved Michael Jackson’s heirsA US Tax Court judge has determined that Michael Jackson's name, image, and likeness are worth $4.15 million. This valuation is considerabl...
- Paris Jackson net worth: How rich is Michael Jackson’s daughter as she seeks $600 million from father's estate after 17 years?Paris Jackson has approached a Los Angeles court seeking a $600 million transfer from her late father Michael Jackson's estate to a family ...
- Indians turn to side hustles, freelancing as non-salary income rises: ClearTaxIndians are increasingly earning from non-salary sources like trading and freelancing as reported by ClearTax. The percentage of self-filer...
- Rs 3.2 crore found in blue drums buried in UP village; police probe brothers' Mumbai, Pune linksThe recovery of Rs 3.2 crore from three buried blue drums in Uttar Pradesh's Nawabganj has prompted investigators to examine two brothers' ...
- Rs 60 lakh cash deposit in widow's bank account triggers income tax notice for unexplained credit; she fights back and wins in ITAT PuneMs Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source...
- Delhi techie couple donates Rs 50 to political party, claims Rs 40 lakh ITR deduction, evades Rs 5.3 crore income tax, faces IT probeA Delhi-NCR techie couple allegedly claimed Rs 40 lakh in tax deductions after donating just Rs 50 to a political party. An Income Tax Depa...
- Sold property? You may pay zero tax if these Section 82 rules under Income Tax Act 2025 are metFor Tax Year 2026-2027, Income Tax Act, 2025 is applicable and this means you need to be versed with the renumbered Sections in order to co...
- Income Tax 2026: 3 key changes in deductions & exemptions every taxpayer must knowThe Finance Act, 2026 outlines significant changes in income tax deductions and exemptions for Tax Year 2026-27. Non-resident individuals w...
- ₹20.45 lakh cash deposits, ₹12.64 lakh capital gains from property sale questioned by Income Tax Department; here’s why woman wins relief at ITAT HyderabadA Telangana woman successfully challenged an income-tax dispute involving substantial cash deposits and a property sale. The ITAT Hyderabad...
- Rs 1.79 lakh US tax credit under India-US DTAA denied over late Form 67 filing; ITAT Bangalore rules in man’s favourAn Indian taxpayer from Bangalore faced a setback when his foreign tax credit was denied due to late submission of Form 67. However, the IT...
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