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India's growing Rs 100 crore club tells a bigger tax storyMore than five hundred taxpayers disclosed incomes exceeding one hundred crore rupees for the current fiscal year. This growth reflects ris...- The ultimate ITR checklist before you click ‘submit’Taxpayers must file income tax returns by the July 31 deadline to avoid penalties. Accuracy is paramount, and mismatches in the Annual Info...
- ITR filing last date: Will Income Tax Department extend July 31 deadline for FY 25-26? Here's what experts sayITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the ...
- File your ITR for just Rs 11: Paytm partners with ClearTax; here's how you can file income tax returnITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is available starting at an affordable price...
- Save income tax when filing ITR for AY 2026-2027 by claiming Section 54 or 54F benefits if you sold land, house property or equity shares; Know howIndian taxpayers can claim capital gains tax exemptions by reinvesting sale proceeds. Section 54 and 54F allow exemptions for residential p...
- GST notice uploaded only on portal isn't valid service, high courts rule: What it means for taxpayersHigh Courts are questioning GST notice validity when only uploaded online. Punjab and Haryana High Court ruled portal uploads are not valid...
- 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...
- Tax filers scramble to fix foreign asset disclosures: I-T portal data & SMS alerts prompt review of overseas holdings before July 31Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax department has uploaded foreign asset d...
- FM Sitharaman asks I-T Department to separate genuine errors from wilful tax evasionFinance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friendly attitude. She highlighted the i...
- Finance minister Nirmala Sitharaman asks I-T officials to ease burden on honest taxpayersFinance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and ec...
- ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadlineTaxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, w...
- Opting for presumptive taxation while filing ITR? You may have to face tax audit; here’s what you must knowPresumptive taxation simplifies income computation for eligible taxpayers. However, a tax audit may be required if actual income falls belo...
- Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebateEver since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed eq...
- Brisk processing for AY27: Nudge helps, 33.5m ITRs filed so farIndia's income-tax department has received over thirty-three million income-tax returns for assessment year 2026-27. Nearly twenty million ...
- ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do itTaxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties...
- Rs 5.26 lakh capital loss carry forward was claimed in original ITR but a lesser claim was denied in revised ITR; Taxpayer fights back and wins in ITAT BangaloreFiled revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's de...
- ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax noticesMany taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. T...
- ESOPs, Crypto and two other disclosures you must make in Schedule FA of the ITR for AY 2026-2027Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas ...
- ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it meansAfter filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's prelimin...
- Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure SchemeThe CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrativ...
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