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TAX DEPT
ITR utility updated: New 'other income' column added under exempt income schedule; here's what it meansIncome Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exemp...- Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT ChennaiA Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially den...
- Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix thisThe Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax li...
- Husband trades through wife’s demat account, incurs Rs 1.95 crore loss; tax dept sends notice over clubbing of income, ITAT Lucknow grants him reliefA husband's attempt to offset substantial stock market losses against his income was initially rejected by tax authorities. Despite trading...
- Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full reliefWhen Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment...
- Leave encashment tax rules for AY 2026-27: How much exemption salaried employees can claimITR Filing 2026-27: Salaried employees can claim tax exemption on leave encashment at retirement. While government employees enjoy full exe...
- GST dept issues tax demand of Rs 124 crore to Spicejet, slaps showcause notice for delay in return filingThe GST department has levied a significant tax demand of Rs 124.65 crore on SpiceJet. This action follows the airline's failure to file Go...
- Gave up tenancy, got new flat in redeveloped property, then faced income tax notice of STCG of Rs 1.1 crore: How tenant won at ITAT MumbaiA Mumbai tenant successfully challenged a Rs 1.1 crore tax notice. He surrendered tenancy for a new flat in a redeveloped building. The Inc...
- India assured DTAA tax benefits will continue after Supreme Court ruling, Mauritius Cabinet Note saysIndia has assured Mauritius that it will uphold benefits under the Double Taxation Avoidance Agreement. This comes after a Supreme Court ru...
- 'Clarified my statement in Chennai': Mallikarjun Kharge on 'terrorist' remark against PM ModiCongress President Mallikarjun Kharge on Wednesday addressed the ongoing controversy regarding his recent remarks against Prime Minister Na...
- CIC flags lack of tracking system for tax evasion complaints, urges GST authorities to improve transparencyThe Central Information Commission has urged GST authorities to implement a system for tracking tax evasion complaints. Currently, complain...
- Taxpayer deposits Rs 20 lakh in NRE bank account, skips ITR; income tax dept issues notice but he wins in Gujarat High Court for this reasonAn Indian expatriate successfully challenged an income tax notice for Rs 20 lakh deposited in his NRE account. The Gujarat High Court ruled...
- 53% interest to be paid by Income Tax dept to an individual’s tax refund of Rs 6.42 lakh; Delhi High Court orderThe Delhi High Court has ordered the Income Tax Department to pay Mr. Goel Rs 3.55 lakh in interest on a Rs 6.42 lakh tax refund. This sign...
- Over 2 crore ITRs filed on new portal, CBDT urges taxpayers to file FY21 returns quicklyOf the verified ITRs 1 and 4, over 1.06 crore ITRs have been processed and over 36.22 lakh refunds for the assessment year (AY) 2021-22 hav...
- Vodafone retro tax case: All you need to knowIn 2012, Indian govt amended the Income Tax Act retrospectively.
- Nokia tax case: HC defers hearing on plea of Income Tax deptThe Delhi High Court today deferred the hearing to January 20 on the pleas of Income Tax department seeking "directions/clarifications" on ...
- Vodafone tax case: Income-Tax dept files review petition in SCThe I-T dept has sought the review on the grounds the judgement on the Vodafone tax case suffered from errors and failed to consider its su...
- I-T may slap huge tax bills on Hero, HondaSince Hero is buying the stake at less than 50% of the market price, the tax dept may levy taxes on the discount value.
- Income tax dept to open 10 overseas I-T unitsThe Income Tax Department has begun opening overseas tax units in countries with low tax.
- Tax officials on month-long strike on outsourcing contract to InfosysAn outsourcing contract to Infosys, has resulted in an unexpected reprieve for those with income to hide.Irked by the contract, officials o...
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