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INCOME TAX DEPARTMENT NEWS
Transferring immovable property? How TDS compliance is now simpler with new Form 141With the introduction of Form 141, taxpayers can easily report TDS by combining several earlier forms into one streamlined approach. This u...- Rs 3.41 crore in FCNR deposits tagged as unexplained money despite being held by Dubai-based individual; ITAT Jaipur grants full reliefMrs. Khanwani, a Dubai resident, faced tax notices for unexplained money linked to her FCNR deposits. The ITAT Jaipur ruled in her favor, h...
- How much gold and silver jewellery can you have in your home without getting into trouble with the Income Tax authorities?How much pure silver and gold jewellery can you have in your home without getting into trouble with the Income Tax authorities? To know the...
- New York energy rebate checks are rolling out through December. Yours could be worth $100, $150 or $200New York is mailing millions of energy rebate checks through December 2026, with eligible residents receiving $100, $150 or $200 under the ...
- Retired employee received income tax notice for Rs 9.04 lakh leave encashment; she wins case in ITAT Jaipur, know how leave encashment is taxedRetired employee sent income tax notice for Rs 9.04 lakh leave encashment, she wins case in ITAT Jaipur; Know how leave encashment is taxed...
- Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know whyA man from Sikar faced a penalty of Rs 3.99 lakh for under-reporting his income. The Income Tax Department initiated penalty proceedings af...
- India's net direct tax collections rise 13.21% to Rs 13.38 lakh crore till October 14 of FY27India’s net direct tax collections rose 13.21% year-on-year to Rs 13.38 lakh crore as of October 14 in FY27, while gross collections increa...
- ₹1.70 crore undisclosed cash alleged in property sale, Income Tax Dept relies on WhatsApp chats and Excel sheets; here's why taxpayer wins at ITAT DelhiThe Delhi Income Tax Appellate Tribunal quashed the assessment against Mr. Sehgal regarding alleged undisclosed cash. The Income Tax Depart...
- Canada-based senior citizen faced income tax liability of ₹83.2 lakh as STCG; here's why he wins at ITAT Bengaluru on technical groundA recent ITAT ruling highlights the critical importance of following proper legal procedures in income tax reassessment cases. When a taxpa...
- IRS $4,427 tax credit in 2026: Who qualifies, income limits and how to claim itEligible US taxpayers could qualify for an IRS Earned Income Tax Credit of up to $4,427 in 2026. Find out who qualifies, the income limits ...
- IRS is not sending $4,427 payments right now: When eligible taxpayers can claim the 2026 EITCThe IRS has set the maximum Earned Income Tax Credit at $4,427 for 2026 for eligible workers with one qualifying child. The IRS set these a...
- Senior citizen gets income tax notice over Rs 65.27 lakh cash deposit in bank account; his son proves source of funds and wins case in ITAT JaipurSenior citizen sent income tax notice for Rs 65.27 lakh unexplained cash deposit, which was later proved to be pension and FD money; ITAT J...
- Salary from South Korean employer credited to NRE account triggers income tax notice; ITAT Bangalore gives employee reliefEmployee gets income tax notice over salary received in NRE account from South Korean employer; ITAT Bangalore gives him relief. Know what ...
- Restaurants face income tax scrutiny as suspected tax evasion tops Rs 25,000 croreThe income tax department in India has identified significant tax evasion by thousands of restaurants. Approximately 8,000 restaurants show...
- When do you need a tax residency certificate to claim lower tax rate under DTAA for Tax Year 2026For Indians earning income from overseas, securing a tax residency certificate is essential to avail benefits under the Double Taxation Avo...
- Landowner gets Rs 6 crore by selling TDRs received for giving up land for road widening, pays no tax; ITAT Bangalore rules TDR sale taxable as capital gainsFor giving up 2,839 sq. metres of land, BBMP gives landowner TDRs which landowner sells to builder for Rs 6 crore; Income Tax Dept sends no...
- Income tax department survey reveals large-scale property scam in Gurgaon; 25,000 properties linked to fictitious PANAn Income Tax department survey in Gurgaon's Badshahpur tehsil unraveled that a single fictitious Permanent Account Number (PAN), 'ABCDEF12...
- Karnataka CM Shivakumar hints at "good news" on pending central grants after GST Council meetKarnataka Chief Minister DK Shivakumar addressed media after the GST Council meeting concerning pending central grants. He mentioned that U...
- I-T dept moves appellate tribunal against Rs 32.66-cr tax relief to Dr Lal PathLabsDr Lal PathLabs, in a regulatory filing, said that it received an intimation on Wednesday regarding an appeal filed by the I-T Department b...
- US tax savings 2026: What are the best ways taxpayers can use to potentially lower their tax bill? Know the rulesWhen it comes to taxes, what you end up paying really depends on things like your income, financial goals, and how you file. Luckily, there...
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