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INCOME TAX DEPARTMENT NOTICE
India's net direct tax collections rise 11.8% to Rs 14.42 lakh crore from April 1 to Nov 10India's net direct tax collections recorded an increase of 11.76% to reach Rs 14.42 lakh crore. Gross direct tax collections rose by 14.02%...- Rs 12.6 lakh salary, Rs 9.2 crore transactions: Telecom company employee lands on Income Tax radar over businesses he claims he never ownedA telecom company employee earning Rs 12.6 lakh annually allegedly faces questions over undisclosed income of Rs 9.2 crore after fraudsters...
- Capital gains on debt funds and bonds updated: What are changes for Tax Year 2026?For many investors, debt products like debt mutual funds, debentures, listed and unlisted bonds, market linked debentures still hold utmost...
- Cement trader deposits Rs 14.74 lakh during demonetisation, gets tax notice over Rs 5.72 lakh unexplained cash; wins case in ITAT CuttackMr. Patra, a cement trader from Balasore, encountered problems with the Income Tax Department over cash deposits that were deemed unexplain...
- Your Social Security check faces a 22% cut risk: The funding shortfall that could cost retirees $2,700 a yearSocial Security’s 2032 warning: Millions of retirees could receive smaller monthly checks if the retirement trust fund runs out of reserves...
- Taxpayers fret over loose ends in amnesty scheme, seek CBDT clarity on foreign asset disclosure rules as deadline nearsMany taxpayers are unsure if they need to report various accounts due to ambiguous regulations. Clarification is being sought from the Cent...
- Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reasonMr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two pr...
- Rs 8.02 lakh leave encashment tax exemption denied: Retired employee wins case in ITAT SuratRetiree Mr. Patel from Bharuch, Gujarat, sought a complete tax exemption on Rs 8.02 lakh of leave encashment. Initially, his company certif...
- Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT SuratMr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The In...
- 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...
- 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...
- 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...
- 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...
- Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can doUAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to asse...
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