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INCOME TAXES
Student gets Rs 18.34 lakh stipend from university and pays no income tax; gets notice from Income Tax Department; she wins the case in ITAT Delhi for this reasonStudent gets Rs 18.34 lakh stipend from university for PG studies and pays no tax; Tax dept sent notice; She wins case in ITAT Delhi; Know ...- NRI woman declared Rs 43,796 income in ITR but didn’t report Rs 14 lakh interest; faced 200% penalty – how she got it reduced to 50% in ITATThe NRI woman's advocate explained that she is a 57-year-old lady with limited technological knowledge and had entrusted an accountant with...
- Advance tax deadline today: What will be the consequences if you miss September 15, 2026, due date?The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs penal interest charges. Advance tax is...
- Indian moves to US for job, forgets to file ITR, Income Tax Dept imposes Rs 8.29 lakh penalty; ITAT Jaipur cancels penalty and gives full reliefIndian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and...
- Rs 6.42 lakh travel expense disallowed as business expenditure over use of wife’s credit card; businessman contests tax order, wins relief in ITAT MumbaiRs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai g...
- Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, rema...
- Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels itSatbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t ...
- Mumbai’s ‘Special 26’ twist: Sacked driver, 2 I-T officials stage fake raid for Rs 1 croreA sacked driver and two Income Tax officials attempted a fake raid. They demanded one crore rupees from a former employer's Mumbai office. ...
- Rs 1.09 crore remittance sent home by an Indian working in Kuwait, but he didn't file ITR, received income tax notice; gets relief in ITAT AhmedabadIndian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no...
- HC strikes down retrospective tax law amendment; over 2 lakh taxpayers get relief, all eyes on Supreme CourtThe high court's recent ruling has dealt a significant blow to a controversial retrospective tax law, impacting around two lakh taxpayers. ...
- Rs 2.42 lakh FD investment and Rs 1.06 lakh cash deposits, no ITR filed, got income tax notice; senior citizen wins case in ITAT Jaipur after 9-year fightNo ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior citizen; she wins case in ITAT Jaip...
- Rs 34 lakh F&O trading loss: Income Tax dept calls it speculative, ITAT Delhi treats Rs 25 lakh as business lossTaxpayer lost Rs 34 lakh in F&O trading but reports it as business loss; Income Tax dept treats it as speculative loss; ITAT Delhi treats R...
- Will you pay lower income tax on mutual fund capital gains after retirement? Know 7 ways to reduce your tax burdenRetirement doesn't mean tax-free mutual fund income. Understand how capital gains, IDCW payouts, and SWPs are taxed. Discover strategies li...
- Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants reliefLandlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalor...
- Tax reforms drive 1.32 crore updated returns, Rs 16,083 crore additional tax: CBDT memberUpdated income tax returns have increased significantly over four years. New tax regime adoption shows strong uptake among taxpayers filing...
- Income Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT MumbaiHow wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver it...
- ITR was processed under the old tax regime due to tax consultant's mistake, taxpayer faced Rs 1.23 lakh demand: ITAT Bangalore allowed new tax regimeRs 1.23 lakh tax demand notice sent as man filed ITR with new tax regime but it was processed with old tax regime due to tax consultant’s e...
- Bengali Hindu landlord’s Rs 1.89-crore rental income faced tax dispute over HUF status: Why ITAT Delhi gave reliefBengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that...
- Parliamentary panel flags compliance glitches on new income tax act, seeks more data from CBDTA parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking detailed data from the CBDT on its...
- Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT MumbaiDuring an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and cal...
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