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ITR PENALTY
What crypto investors need to know for tax season 2026India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including tran...- Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to doTenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is ...
- ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sourc...
- Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT MumbaiAn NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this mon...
- ITR filing 2026: 5 benefits of filing income tax return besides paying taxesFiling your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You ca...
- Invested in US stocks directly and made forex gains due to depreciating Rupee? Know how to compute tax on forex gains and report it in ITRIndian residents investing in US stocks face forex gains tax. These gains are taxable as capital gains when US dollars are converted back t...
- Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it worksA one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting fo...
- Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rulesWhether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift...
- ITR filing 2026: Don’t miss these key income tax deadlines for FY 2025–26 (AY 2026-27)Navigating income tax deadlines for FY 2025-26 (AY 2026-27) is crucial to avoid penalties. The Income Tax Department has set specific due d...
- Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled itAn Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal,...
- Filing ITR just got easier: This new AI chatbot helps with income tax queries, forms and rules; check detailsThe Income Tax Department has launched Kar Saathi, an AI chatbot on its revamped portal to simplify tax filing. This tool offers 24/7 assis...
- ITR changes from April 2026: 5 key updates for Tax Year 2026–27 explainedStarting April 1, 2026, new Income Tax Act and Rules bring significant changes for Tax Year 2026-27. Key updates include extended ITR due d...
- ITR filing 2026: Government releases ITR forms for AY 2026–27; check details of ITR-U and ITR-VNew Income Tax Return forms are now available for Assessment Year 2026-27. The updated ITR-U form allows taxpayers to correct past filings....
- March 31 is deadline for updated ITR: Have unreported income, applied wrong rate of tax? File ITR-U with payment of additional tax, else be ready to pay higher penaltiesIndividuals can now file an updated Income Tax Return (ITR-U) to correct past errors, including unreported income or incorrect tax rates. T...
- The government is estimated to have earned up to Rs 627 crore from late ITR filing fee till August 22, 2024Belated ITR fees: The government may have earned up to Rs 627 crore from collection of late ITR filing fees till August 22, 2024. As per ru...
- Penalty for missing ITR filing last date: Who has to pay and who doesn'tPenalty for late filing ITR: Under the Income-tax Act, 1961, a penalty or a late filing fee is levied when a taxpayer misses the last date ...
- How to pay the penalty before filing a belated income tax return (ITR)Missed the ITR deadline of July 31, 2023 and have a net taxable income above Rs 5 lakh for FY 2022-23 (AY 2023-24)? Pay Rs 5,000 as penalty...
- What is the penalty for missing ITR filing deadline?Till FY 2019-20 (AY 2020-21), an individual was allowed time till the end of the financial year, i.e., March 31 to file belated ITR by payi...
- ITR Filing: Know income tax return (ITR) form applicable to you, penalty for missing the deadlineThe government has notified the income tax return forms for FY 2022-23 in February 2023. The income tax department is gradually releasing t...
- Penalty for missing ITR filing deadlinePenalty for missing ITR filing deadline
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