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INCOME TAX ACT
Former Mumbai office boy wins tax battle over Rs 1.46 crore transactions linked to alleged KYC misuseIn a significant legal battle, former office boy Waghela challenged a disputed tax order linked to dubious financial practices. The Income ...- Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT JaipurRs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 pena...
- Maharajah INR Bonds: Government announces TDS relief on interest
- Income tax audit report deadline today: How to check whether your CA has uploaded report on e-filing portalDon’t miss the deadline on October 21, 2026, for filing tax audit reports for Assessment Year 2026-27! Taxpayers can verify their report up...
- Income Tax Rules 2026: CBDT notifies Form 173A to claim exemption on interest, capital gains from government securitiesIn a significant update, the Central Board of Direct Taxes has rolled out Form 173A, effective from October 19, 2026, under the Income-tax ...
- CBDT mandates new disclosures for tax-free gains on govt securitiesThe Central Board of Direct Taxes has introduced new disclosure requirements for taxpayers claiming exemptions. Taxpayers will need to prov...
- CBDT makes Form 173A mandatory to claim tax exemption on interest and gains from government securitiesThe Central Board of Direct Taxes has introduced Form 173A for income-tax exemption claims. This new form includes detailed information to ...
- 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...
- 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...
- ₹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...
- Revised Form 161: How taxpayers can seek penalty waiver and avoid litigation
- Best tax saving mutual funds or ELSS to invest in October 2026Tax saving mutual funds or ELSSs invest in stocks. Therefore, they have a very high risk. You should be aware of this aspect, especially if...
- FD rate up to 8.25% for senior citizens investing for five years; know the list of banksCurrently, multiple banks are offering attractive fixed deposit interest rates that go up to 8.25% specifically for senior citizens. Suryod...
- Good news: If penalty is imposed for misreporting of income or other cases you can apply for waiver of penalty using revised Form 161; Check the detailsOn October 8, 2026, the Central Board of Direct Taxes introduced a revised Form 161 for taxpayers. This new form allows eligible individual...
- 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...
- Electricity subsidy for existing businesses is taxable, Supreme Court rulesThe Supreme Court recently ruled that electricity subsidies granted under the Income Tax Act are subject to taxation as revenue receipts. T...
- Do you have to pay tax in India or abroad? Why your residential status is important factorIndividuals earning income abroad must understand their tax residency status according to the Income Tax Act. The Act outlines conditions b...
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