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ITR2. ITR FORM
Selling inherited property? Know who is liable to pay income tax on capital gains and how heirs can claim tax reliefSelling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax on it and how to claim tax relief.- Rs 5.31 lakh income tax refund denied as taxpayer did not claim it in the original ITR; he approaches ITAT Delhi and wins the case to get tax refund with interestRs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders t...
- ITR filing deadline: Income Tax Department asks business, professional taxpayers to file returns by August 31The Income Tax Department has reminded taxpayers with business or professional income who are not subject to audit to file their ITRs for A...
- Karol Bagh man had foreign bank accounts, FD in Singapore, no ITR disclosure; income tax dept sent black money notice, but ITAT Delhi cancelled the notice for this reasonBlack money notice sent to man with Singapore FD and current bank a/c in his name and no ITR declaration; Know how he won case in ITAT Delh...
- Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come cleanThere is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable...
- Employee got Rs 30 lakh salary after job switch, did not file ITR, Income Tax dept imposed Rs 3.74 lakh penalty; he fought and won the case in ITAT DelhiEmployee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept sent notice and imposed Rs 3.74 lak...
- Freelancers filing ITR? Don't get these 5 things wrong: Form, expenses, 44ADA, foreign income, and moreFreelancers preparing for AY 2026-27 have a new ITR submission deadline, offering relief to many. Understanding tax audit requirements is e...
- 8 income tax notices that salaried employees can get after filing ITR; know what they mean and how to respondEmployees who are on a salary may find themselves receiving tax notices following their income tax return filings. These notices typically ...
- SBI's error in depositing TDS cost landlord Rs 2.7 lakh in TDS credit; Landlord fights in ITAT Agra and wins the caseSBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying ...
- ITR filing 2026: How freelancers and F&O traders should declare their incomeEarning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliation and disclosures mean taxpayers...
- UK based employee sold ESOP worth Rs 26 lakh, declared Rs 1 lakh short-term capital loss, Income Tax dept treated it as unexplained gains; He fights and wins case in ITAT MumbaiUK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOPs, declared Rs 1 lakh short-term c...
- Inherited mother's land, converted it into business stock, and invested over Rs 5 crore in a new home; ITAT Surat grants Section 54F tax exemption relying on a 1983 CBDT circular; Know whySon inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore cl...
- Income tax for senior citizens: No salary after retirement? These 7 incomes can still attract tax; know what is exemptRetirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It...
- Tax liability of ITR-7 filers triples in 5 years to Rs 1,043 croreIn a significant financial shift, the tax burden for ITR-7 filers has climbed to Rs 1,043 crore in the Assessment Year 2025-26, a figure th...
- How should my NRI children disclose gifts received from relatives in ITR-2?ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax...
- 6 reasons you may get income tax notice even after meeting July 31 ITR filing deadlineFiling your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between report...
- Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejectedDue to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine ded...
- ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refundTaxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds ...
- Over 5.5 crore ITRs filed for AY27 so farOver 5.5 crore income tax returns have been filed for AY 2026-27. More than 42 lakh returns were filed on July 30 alone. The deadline for f...
- Confused about ITR forms? Here's how to pick the correct ITR for AY 2026-27Choosing the right Income Tax Return form for AY 2026-27 depends on income sources. ITR-1 now allows reporting income from two house proper...
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