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MISREPORTING INCOME
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...- Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know whyA man from Sikar faced a penalty of Rs 3.99 lakh for under-reporting his income. The Income Tax Department initiated penalty proceedings af...
- 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...
- 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 ...
- 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...
- 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 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 ...
- Finance Act 2026: Updated return rules change for taxpayers reporting reduced lossesThe Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a ...
- Rs 17.41 lakh penalty for ITR filing mistake: CA firm's owner's affidavit helps taxpayer get relief in ITAT Mumbai; know howRs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit from the CA firm's owner helps tax...
- 7 big income tax changes for 2026-27 that may reduce penalties for small mistakesNew income tax rules aim to reduce penalties for ordinary citizens. Minor foreign asset non-disclosures will not face prosecution from Octo...
- Pay reduced tax at 39% rate on unexplained income compared to 78% earlier, with close eye on penalty, Budget 2026 announcement?Budget 2026 brings a major tax relief for unexplained income. The tax rate has been slashed to 39 percent from the earlier 78 percent. This...
- Good news: Immunity from penalty or prosecution in income tax under-reporting cases has been expanded in these cases: Budget 2026 announcementSection 440 of the new Income Tax Act, 2025, is being amended to extend immunity from penalties and prosecution to cases involving income m...
- Retired govt employee claims Rs 20 lakh gratuity tax exemption; I-T Dept imposes Rs 2.2 lakh penalty; ITAT Cochin rules in her favourA retired state employee successfully challenged a Rs 2.2 lakh penalty imposed for claiming a higher gratuity tax exemption. The Income Tax...
- I-T Department digs deep, explores unusual sources for info gatheringIt is happening across businesses and states, with the taxman snooping around for transaction details with organisations in financial servi...
- Claiming fake deductions, rent receipts while filing your ITR can lead to heavy penaltiesIt is important for individuals to ensure that they have proofs and required documents for all the deductions and tax exemptions claimed wh...
- How income tax department can penalise you for under-reporting, misreporting incomeAs per the I-T laws, in case of misreporting of income the I-T officer can levy a penalty of 200% of the amount of tax payable on under-rep...
- Misreporting rampant in insurance forms: LexisNexis studyThe tendency to misreport is higher among those in the age group of 25-34 years and among those who consider their health to be poor.
- False income tax refund claims could attract these penaltiesThe income tax department has recently claimed to have busted a racket of fraudulent claim of tax refunds by employees of well known compan...
- I-T raids Lodha Group for misreporting incomeThe income-tax department on Monday raided four premises of realty developer Lodha Group on alleged misreporting of income.
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