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PENALTY FOR NO ITR
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 ...
- Foreign bank balance may be small, but its value could be much higher: How FAST-DS 2026 values your foreign assetsA foreign bank account with a small closing balance may have a much higher value under FAST-DS 2026. This article explains how different ty...
- 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...
- Will you get EPF interest till 58 years of age if you leave job at 40? EPFO explainsEven if you've left your job, your EPF interest keeps accumulating until you turn 58. However, if you don’t contribute for three years, you...
- Foreign income disclosed in ITR-U: Why it could still trigger Black Money Act - FAST-DS 2026 ParadoxFAST-DS 2026 raises an important question for taxpayers who have voluntarily disclosed foreign income through a valid ITR-U. Can such incom...
- Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this groundWaseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of ab...
- 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 ...
- Filing ITR-3 for AY 2026-2027? Here’s 7 aspects to look out for before filing itThe deadline to submit ITR-3 forms for non tax audit business income is set for August 31, 2026. For those requiring a tax audit, the submi...
- Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT DelhiIndian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money...
- Rs 2.25-crore notice under Black Money Act to Delhi couple over Singapore, British Virgin Islands assets: ITAT Delhi gave full relief to taxpayer, know whyTax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands...
- Have undisclosed foreign assets or income? Know the extra tax cost if you miss FAST Scheme 2026's December 31 deadlineIndia's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This voluntary disclosure window closes on ...
- 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...
- Unsuspecting landowner got income tax notice as his land was sold for Rs 6.82 crore cash by someone via forged sale deed; he fights back and wins tax case in ITAT Ahmedabad on this groundFor Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature of landowner; however landowner go...
- Foreign Asset Disclosure Scheme 2026: From budget proposal to rollout - what residents and NRIs need to knowThe Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implementation. This article explains its t...
- 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 ...
- Man did not disclose UAE bank account and foreign shares in ITR, I-T dept imposed Rs 1.86 lakh penalty; He escalates the case but ITAT Delhi offers no reliefDubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Sche...
- 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...
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