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INCOME TAX RETURN AMENDMENTS
Medicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reasonMr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained ca...- Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reasonWhen Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an Income Tax Return (ITR) declaring Rs...
- Rs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explainedMr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free b...
- Man paid lower income tax by setting off business loss against long term capital gains but received income tax notice; wins case in ITAT DelhiMan pays lower income tax by setting off business loss with long term capital gains but gets income tax notice; Wins case in ITAT Delhi. IT...
- NRE vs NRO FD TDS rules: Tax rate for NRIs, PAN rules, DTAA benefit and repatriation limitWhen it comes to Non-Resident External (NRE) and Non-Resident Ordinary (NRO) fixed deposits, understanding their distinct tax implications ...
- Groom gets Rs 10 lakh cash and gold jewellery from wedding guests. Now he has to keep record of these gifts. But why?A wedding gift of ₹10 lakh in cash sounds like a reason to celebrate, but one woman's post about her cousin's gift has sparked a very diffe...
- Delhi man filing ITR found ₹79 crore unidentified income linked to PAN: Tax details show a Mumbai firm was using his credentials. Know what you should do in this situationA Delhi resident found that his PAN and identity information were used to register a fraudulent business. The GST registration, linked to a...
- My NRI status changed. Will interest earned on my NRE FDs be taxable in India?ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–...
- Deadlines for income tax audit and ITR filing extended for AY 2026-2027 to these datesThe Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit ...
- Moving from UAE to India? 6-step financial homecoming guidebook to manage tax residency, bank accounts, Dubai property, and gratuityTax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home.
- Hybrid funds are booming: Why some advisers prefer them while others remain cautiousTax efficiency and stability win some advisers over, but others fear giving up returns and control.
- Buying property from an NRI? Know the new TDS, PAN, and Form 141 rules effective October 1Beginning 1 October 2026, resident Indian buyers will enjoy simplified compliance when purchasing property from non-resident sellers. They ...
- Can you save tax by gifting money to your HUF? How Section 99 changes the tax equationMoney or property gifted by a member to an HUF may not be taxable in the HUF’s hands because of the “relative” exemption. But the tax conse...
- Purchased property below market value, filed no ITR, got income tax notice, paid the tax but asked to pay Rs 70,000 penalty; ITAT Delhi gives full reliefRs 70,000 penalty imposed on man for buying property below market value even though he paid the due tax after getting a notice; ITAT Delhi ...
- Good news: Property purchase from NRIs gets easier as govt amends Form 141; check how it helpsFrom October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. Instead a new system has been lau...
- TDS norms eased for buying NRI propertyThe CBDT has amended Income-tax Rules, 2026, allowing buyers to deposit and report TDS under Section 393(2) of the Income-tax Act, 2025 thr...
- CBDT eases TDS compliance for property buyers dealing with non-residentsThe Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying property from non-residents. From Oct...
- Missed ITR deadline and TDS refund is due? Know how to claim your refund before it’s too lateMissed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, int...
- Income Tax Rules 2026 amended: CBDT revises Form 169, Form 171; extends these deadlinesThe Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electron...
- Supreme Court stays Punjab and Haryana HC judgment in JAO tax notice caseMany individuals and companies had moved various high courts challenging proceedings initiated directly by JAOs. In April, the SC, while he...
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