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MISREPORTING OF INCOME
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 ...
- Reporting perquisite as capital gain in ITR by mistake resulted in Rs 6.63 crore penalty for a salaried employee; ITAT Mumbai granted him relief for this reasonRs 6.63 crore penalty imposed on salaried employee for reporting perquisite as capital gains in ITR; ITAT Mumbai grants relief, says salari...
- 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...
- Income tax penalties explained: Under-reporting, not furnishing ITR, and more -Defaults and penalties under different sectionsIf you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 1...
- 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...
- 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 Act amendment: Jaitley hits out at Kejriwal for making "incorrect" statementsArun Jaitley today hit out at Delhi CM Arvind Kejriwal for making "factually incorrect" statements on the proposed changes in the Income Ta...
- Be ready to pay 50-70% tax on black money deposited in banksThis rate would only be applicable for large cash deposits in bank accounts or huge expenses incurred in cash since November 8, when old cu...
- 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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