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- Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27
The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting r ...More
The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2). ...Less
- Paying tax won't legitimise cash stashes
The taxman is tightening its grip on undeclared cash, with a recent tribunal ruling allowing the benami w ...More
The taxman is tightening its grip on undeclared cash, with a recent tribunal ruling allowing the benami wing of the Income Tax department to confiscate it. Even if tax is paid, individuals can't escape benami law if they fail to reveal the source of the money, impacting those trying to regularize unaccounted wealth. ...Less
- Want to exchange old gold for new jewellery? Beware of these taxes
Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income ...More
Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported gold. ...Less
- Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027
Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. Th ...More
Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to discrepancies and potential tax notices. ...Less
- Paid tax on black money? 7 reasons you can still lose it all
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- Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai
An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to hi ...More
An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of the NRI, finding his explanation of the funds' origin satisfactory. ...Less
- Court allows ED access to SFIO documents in CMRL-Exalogic money laundering case
A court has granted the Enforcement Directorate access to documents from the Serious Fraud Investigation ...More
A court has granted the Enforcement Directorate access to documents from the Serious Fraud Investigation Office. These documents are crucial for a money laundering investigation involving CMRL and Veena T. The ED is examining transactions that could be proceeds of crime. ...Less
- TDS credit must be allowed even without income tax return, says Income Tax Appellate Tribunal
The Income Tax Appellate Tribunal has ruled that tax deducted at source credit cannot be denied once inco ...More
The Income Tax Appellate Tribunal has ruled that tax deducted at source credit cannot be denied once income is taxed. This decision came in a reassessment case involving a Navi Mumbai taxpayer. The tribunal stated that taxes deducted and deposited cannot be disregarded on technical grounds. This ruling reinforces the linkage between taxing income and granting TDS credit. ...Less
- Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced
Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based ...More
Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s favour, saying TDS cannot be denied even if ITR is not filed. ...Less
- Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration
Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long- ...More
Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also clarified ownership of a single residential unit and independent computation of capital gains. ...Less
- AIS data errors, wrong PAN entries causing ITR filing trouble
Errors in Permanent Account Number entries and duplicate transactions are creating problems for taxpayers ...More
Errors in Permanent Account Number entries and duplicate transactions are creating problems for taxpayers. The Income-tax Department is working with reporting entities to improve data accuracy. This initiative aims to prevent mismatches and simplify tax filing. The department is enhancing reporting quality to ensure a smoother process for everyone. ...Less
- I-T department to move Supreme Court against HC relief in public trust row
The rift stems from the Income-tax department's demand that deeds of these religious and charitable trust ...More
The rift stems from the Income-tax department's demand that deeds of these religious and charitable trusts must categorically state that the trusts are 'irrevocable'. ...Less
- Amit Shah pushes district-level plans and security grid along border
Union Home Minister Amit Shah has instructed border district administrations to create specific Standard ...More
Union Home Minister Amit Shah has instructed border district administrations to create specific Standard Operating Procedures. These will help identify infiltrators and address threats from drones and narcotics. A strict zero-tolerance policy is mandated for any unauthorized encroachments within 15 kilometers of the international border. Close monitoring of radicalization centers in border areas is also a key directive. ...Less
- Waiting for Form 16? Here’s when employers may issue it for AY 2026-27 ITR filing
Salaried employees await Form 16 for Assessment Year 2026-2027. Employers must issue this crucial tax doc ...More
Salaried employees await Form 16 for Assessment Year 2026-2027. Employers must issue this crucial tax document by June 15, 2026. This form simplifies Income Tax Return filing. Those without Form 16 can still file using salary slips, Form 26AS, and bank statements. The deadline for filing ITR for this period is July 31, 2026. ...Less
- Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts
Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now ...More
Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void if the individual becomes a Non-Resident. ...Less
- Rs 400 crore agricultural income but no land: CBDT digs up names of rich ‘farmers’ without farms
Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individua ...More
Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individuals claimed exemptions worth thousands of crores without owning any land. These claims were used to evade taxes and legitimize black money. The Income Tax Department used advanced data analytics and satellite imagery to identify these fraudulent activities. Genuine farmers are not affected. ...Less
- ITR-2 online filing and excel utility for A.Y. 2026–27 are now enabled on the e-Filing ITR portal
Individuals and HUFs without business income but with complex income sources like salary, multiple house ...More
Individuals and HUFs without business income but with complex income sources like salary, multiple house properties, or capital gains can file ITR-2 for AY 2026-27 by July 31, 2026. Key errors to avoid include misclassifying capital gains, neglecting foreign asset disclosures, and incorrect residential status determination. ...Less
- Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai
A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, includin ...More
A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made under Section 69A. ...Less
- D K Shivakumar: Congress troubleshooter to Karnataka CM
D K Shivakumar's four-decade political journey, from village lanes to Karnataka's highest office, is mark ...More
D K Shivakumar's four-decade political journey, from village lanes to Karnataka's highest office, is marked by resilience and loyalty to Congress. Known as 'Kanakapura Bande' and the party's 'troubleshooter,' he has overcome challenges, including imprisonment, to lead the Congress to a significant victory in the 2023 Assembly elections and is set to become the next Chief Minister. ...Less
- Digital arrest: How India’s fastest-growing scam uses fake investigations and video calls to siphon off crores
They pose as the police, put you under ‘digital arrest’, and tether you to a video call till your savings ...More
They pose as the police, put you under ‘digital arrest’, and tether you to a video call till your savings are gone. How India’s fastest growing fear scam, and other cyber frauds, work. ...Less
- Pension is salary, family pension is not: Key tax rules pensioners must know before filing ITR for AY 2026-27
Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to ...More
Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to confuse the two while filing returns. As AY 2026-27 return filing gathers pace, pensioners must understand the correct tax treatment, deductions, TDS provisions and compliance reliefs available to avoid errors and unnecessary notices. ...Less
- Gujarat govt's 'revolutionary' decision to provide Rs 1,500 cr financial relief to sugar cooperatives
Gujarat Chief Minister Bhupendra Patel approved sugarcane prices paid by cooperative societies to farmers ...More
Gujarat Chief Minister Bhupendra Patel approved sugarcane prices paid by cooperative societies to farmers. This decision benefits over two lakh farmers and cooperative societies by an estimated Rs. 1,500 crore. The move addresses past Income Tax demands. A Union Ministry of Cooperation amendment in 2023 enabled this State Government approval strengthening the cooperative sector and farmer interests. ...Less
- Understanding India's evolving crypto discourse
India is actively shaping its digital asset future. Authorities are implementing stricter rules for crypt ...More
India is actively shaping its digital asset future. Authorities are implementing stricter rules for crypto platforms and transactions. Tax collections are rising, and law enforcement is building capacity. Investor interest is shifting towards long-term allocation. New regulations are formalising real-world asset tokenisation. India is setting a global precedent in this evolving financial space. ...Less
- Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason
A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after t ...More
A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds into a Capital Gains Account Scheme was not necessary. ...Less
- Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal
Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ...More
Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns. ...Less
- Filing your ITR early for AY 2026–27? Why you should wait till June 15
With the utilities for ITR filing for AY 2026–27 being available now, many taxpayers are planning to file ...More
With the utilities for ITR filing for AY 2026–27 being available now, many taxpayers are planning to file their returns early. However, incomplete AIS data, pending TDS filings, and delayed financial reporting may lead to mismatches, notices, and revised returns. Taxpayers should prioritise accurate reconciliation and complete reporting over speed in tax compliance. ...Less
- New PAN norms 2026: Where quoting is relaxed and where it’s now mandatory
New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and ...More
New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and debit card applications. However, PAN is now mandatory for certain property transactions and annual cash withdrawals exceeding Rs 10 lakh. Form 97 replaces Form 60 for declarations without PAN. ...Less
- Parliamentary panel expresses concern over investments in cryptocurrencies
A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. Th ...More
A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. The committee is studying global approaches to regulation. They advocate for continuing taxes on all such digital transactions. This move aims to ensure revenue stays within India. The panel will make recommendations after further deliberations. ...Less
- New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official
Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, ...More
Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance. ...Less
- Gujarat Police recover nearly 3 crore unaccounted cash from car in Dahod district, probe underway
Gujarat Police seized over Rs 2.56 crore in unaccounted cash during a routine vehicle check in Dahod dist ...More
Gujarat Police seized over Rs 2.56 crore in unaccounted cash during a routine vehicle check in Dahod district, allegedly being transported from an Angadia firm to Vadodara. In a separate operation, 93 child labourers were rescued from saree packing units in Surat, with investigations ongoing to reunite them with their families. ...Less
- India recasts rules for foreign tax info exchange: New framework from July 1 aims to curb cross-border tax evasion & speed up case closure
India has updated its rules for sharing tax information with other countries. New rules make foreign tax ...More
India has updated its rules for sharing tax information with other countries. New rules make foreign tax requests high priority, requiring information within 15 days. This aims to speed up cases and stop tax evasion. India will also track its own requests to foreign nations. These changes prepare India for sharing crypto asset data starting April 2027. ...Less
- Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27
Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes ...More
Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxes' Central Action Plan for 2026-2027 outlines a roadmap for a more taxpayer-centric and technology-driven tax administration. This plan aims to streamline processes, enhance efficiency, and improve overall taxpayer services, leading to a more predictable and responsive tax governance framework. ...Less
- SC refuses to reopen 2021 ruling exempting foreign software payments from royalty tax
The Supreme Court has once again dismissed the income tax department's review petitions concerning the ta ...More
The Supreme Court has once again dismissed the income tax department's review petitions concerning the taxation of software payments to non-residents. The court reiterated its March 2021 ruling that such payments are not royalty, as end-user licenses do not transfer copyright. This decision provides significant tax relief for Indian companies acquiring software. ...Less
- Who can file ITR-1 this year? Common mistakes to avoid while filing ITR-1 for AY 2026-27 on or before July 31, 2026
Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for residen ...More
Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for resident individuals with income up to ₹50 lakh from salary, one house property, and other simple sources. Avoid common errors like using Aadhaar enrolment IDs instead of verified Aadhaar numbers. Ensure accurate reporting of loans and bank accounts. ...Less
- Salary hike this appraisal season? New labour codes and tax rules may change your real take-home pay
Appraisal season this year saw companies begin aligning salary structures with new labour codes and updat ...More
Appraisal season this year saw companies begin aligning salary structures with new labour codes and updated income tax rules. While some firms implemented changes from April, broader adoption remains gradual. Higher basic pay and social security contributions may reduce take-home salaries despite hikes. The choice between old and new tax regimes now depends on deductions, HRA claims and paperwork readiness. ...Less
- SC order turns up tax heat on old benami transactions
The Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate ass ...More
The Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate assets from transactions predating 2016. This decision allows for the seizure of properties and prosecution of individuals involved in disguised ownership deals, even those masked through succession plans. The ruling reinforces the law's intent to unmask prohibited arrangements and prevent tax avoidance. ...Less
- Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling
A lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Ve ...More
A lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of fund utilisation for income generation. ...Less
- Fake income tax emails target Indians: Kaspersky warns of ‘SilverFox’ hacker attack
Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the S ...More
Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the SilverFox hacker group. These malicious emails, disguised as official Income Tax Department notices, aim to trick users into downloading malware. The attackers use a multi-stage approach, deploying backdoors like ValleyRAT and ABCDoor to gain remote access and steal sensitive data. ...Less
- Indane LPG Gas Cylinder Update: Are you getting warning messages on mobile? Here's what you should know
Indane Gas Booking News: Consumers receiving subsidised LPG cylinders face new warnings. Oil companies ar ...More
Indane Gas Booking News: Consumers receiving subsidised LPG cylinders face new warnings. Oil companies are now cross-referencing customer data with Income Tax records. Those with an annual taxable income above Rs 10 lakh may lose their subsidy permanently. This move aims to ensure benefits reach eligible lower-income households. Customers have seven days to respond if they believe the information is incorrect. ...Less
- 'Politics of hate will not work in here': Punjab CM Mann responds to ED action against minister
Punjab Chief Minister Bhagwant Mann on Saturday launched a sharp attack on the Bharatiya Janata Party (BJ ...More
Punjab Chief Minister Bhagwant Mann on Saturday launched a sharp attack on the Bharatiya Janata Party (BJP), alleging that the party "does not love Punjab but hates it," while accusing it of fomenting unrest in different parts of the country. ...Less
- Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include
The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements f ...More
The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners. ...Less
- Tamil Nadu cabinet ministers list: Meet Chief Minister Vijay’s A-team
TVK founder C Joseph Vijay was sworn in as Tamil Nadu Chief Minister on Sunday at Chennai’s Jawaharlal Ne ...More
TVK founder C Joseph Vijay was sworn in as Tamil Nadu Chief Minister on Sunday at Chennai’s Jawaharlal Nehru Indoor Stadium, marking the first time a non-Dravidian party has formed the government in the state, ending the long-standing dominance of the DMK and AIADMK. ...Less
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reason
A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lak ...More
A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account during demonetisation. The ITAT Delhi cancelled the notice, acknowledging the funds were genuine remittances from earlier years, ruling in favor of the NRI after a six-year legal battle. ...Less
- Opposition parties back Mamata Banerjee; her decision not to quit a protest against Centre & EC, says Sanjay Raut
Sanjay Raut and NCP (SP) back Mamata Banerjee's decision not to resign as West Bengal Chief Minister. The ...More
Sanjay Raut and NCP (SP) back Mamata Banerjee's decision not to resign as West Bengal Chief Minister. They allege democratic processes were subverted and central agencies misused to influence the assembly poll outcome. Raut calls for unity against the Centre's dictatorship and the Election Commission's partisan behaviour. Banerjee claims the verdict was engineered. ...Less
- 12 key income tax form changes every taxpayer should know: From Form 16 to Form 168
A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old one ...More
A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old ones. Taxpayers will use these new forms for various reporting needs. Key changes include updated PAN application forms and new TDS certificates. This marks a significant shift in tax compliance procedures for individuals and businesses. ...Less
- May 2026 income tax calendar: Important TDS, TCS deadlines and other due dates explained
Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposit ...More
Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposits for April and certificate issuances. Remember to file key statements and declarations under the Income-tax Act, 2025, to avoid penalties. Stay informed to meet these important dates. ...Less
- I-T appellate body upholds rejection of Paisabazaar’s Rs 145.91 crore expense claim
Paisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commi ...More
Paisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commissioner of Income Tax (Appeals) upheld an earlier order. This increases the company's taxable income. The matter is under appeal and has no immediate financial impact. The appellate authority will verify the adjustment of past losses against current income. ...Less
- Company's income not taxable in shareholders' hands: HC
The Delhi High Court ruled shareholders do not own company assets. They only own shares. Therefore, they ...More
The Delhi High Court ruled shareholders do not own company assets. They only own shares. Therefore, they cannot be taxed on a company's income. Dividend income may be taxed. The court dismissed appeals by the Income Tax Department. It upheld a tribunal's order. Shareholders were not beneficial owners of company assets. ...Less
- Meesho receives Rs 14.29 crore GST notice for non-collection of TCS
Value commerce platform Meesho is contesting a Rs 14.29 crore tax demand. The Goods and Services Tax Appe ...More
Value commerce platform Meesho is contesting a Rs 14.29 crore tax demand. The Goods and Services Tax Appellate Tribunal issued the demand for alleged failure to collect tax at source on certain seller transactions. These transactions occurred between October 2018 and March 2020. Meesho states the demand is unsustainable and without merit. ...Less
- No PAN, no purchase allowed - not even with Form 97; PAN is now mandatory for these high value transactions under new tax rules
New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. For ...More
New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. Form 97 replaces Form 60, but its use is significantly reduced. Transactions like purchasing motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000 now require a PAN. ...Less
- Income tax department moves SC in Genpact tax case
The Income Tax Department is moving the Supreme Court in Geppact tax case. This follows a Delhi High Cour ...More
The Income Tax Department is moving the Supreme Court in Geppact tax case. This follows a Delhi High Court ruling that blocked reopening Genpact Consulting Singapore's tax assessment for 2014-15. The department claims the share sale was a tax avoidance scheme. The Supreme Court will hear the case soon. This involves a significant tax dispute between the department and the Genpact group. ...Less
- West Bengal polls: Asset declaration of Trinamool nominee under I-T probe
The Income-Tax Department is probing Trinamool Congress MLA Debasish Kumar over alleged asset discrepanci ...More
The Income-Tax Department is probing Trinamool Congress MLA Debasish Kumar over alleged asset discrepancies after searches uncovered jewellery, bullion worth ₹1.75 crore, and cash. A report has been submitted to the Election Commission ahead of his re-nomination from Kolkata’s Rashbehari seat. ...Less
- Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanation
A Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the c ...More
A Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father, and mother. The Income Tax Appellate Tribunal Mumbai accepted his explanation for a significant portion of the amount. The tribunal ruled in his favor, partially deleting the unexplained cash addition. ...Less
- Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concerns
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, se ...More
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and valuations. Using demat data, authorities are probing deals from 2019–23 for potential tax evasion, round-tripping and money laundering, with non-compliance likely to trigger scrutiny, tax demands and litigation. ...Less
- Buying property costing between Rs 20 lakh and Rs 45 lakh without a PAN? You must use new Form 97, says Income Tax Department
The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN ...More
The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN card undertaking specific transactions. This includes buying property above the specified value, opening bank accounts, and making certain cash payments. The revamped forms aim to simplify compliance, with reduced reporting expected for these declarations. ...Less
- I-T Dept finds 'discrepancies' in declaration of assets by TMC MLA: Sources
The Income Tax Department has uncovered discrepancies in assets declared by TMC MLA Debashis Kumar. Seizu ...More
The Income Tax Department has uncovered discrepancies in assets declared by TMC MLA Debashis Kumar. Seizures from his residence during recent raids revealed jewellery and bullion not matching his election affidavit. The department has reported these findings to the Election Commission. Investigations are ongoing into unaccounted money and asset increases. ...Less
- ED eyes Rs 151 crore BSNL land deal in Chennai for new office complex
The Directorate of Enforcement is set to acquire a significant land parcel from BSNL in Chennai. This mov ...More
The Directorate of Enforcement is set to acquire a significant land parcel from BSNL in Chennai. This move aims to establish a new office complex for the agency. The proposal is under review, with a final decision anticipated soon. This expansion reflects the ED's growing responsibilities and increasing case load across India. ...Less
- IT Dept conducts raid at TMC MLA Debasish Kumar’s residence & offices; ED searches premises of 3 officials
The Income Tax Department conducted extensive raids at the residence, election office, and relative's hou ...More
The Income Tax Department conducted extensive raids at the residence, election office, and relative's house of Trinamool Congress MLA Debasish Kumar in connection with an illegal land grabbing case. Simultaneously, the Enforcement Directorate is searching premises of three businessmen in Kolkata and North 24 Parganas districts as part of its Merlin Group investigation. ...Less
- From 10 to 3: Raghav Chadha leads AAP MPs to BJP, leaving Arvind Kejriwal with three loyalists; who are they?
Seven out of ten Aam Aadmi Party Rajya Sabha members have joined the Bharatiya Janata Party. Raghav Chadh ...More
Seven out of ten Aam Aadmi Party Rajya Sabha members have joined the Bharatiya Janata Party. Raghav Chadha led this significant shift, reducing the AAP's parliamentary strength. Sanjay Singh, N.D. Gupta, and Sant Balbir Singh Seechewal remain with the party. This move impacts the AAP's presence in Parliament. ...Less
- West Bengal elections: Income Tax Dept raids premises linked to TMC Candidate, Banerjee's proposer
West Bengal Assembly Elections: Income-Tax Department officials raided the residence of Miraj Shah, who p ...More
West Bengal Assembly Elections: Income-Tax Department officials raided the residence of Miraj Shah, who proposed Mamata Banerjee's name for nominations. Raids also targeted Trinamool Congress MLA Debasish Kumar, his relative's house, and party offices. These actions are linked to an alleged illegal land grabbing case. Simultaneously, the Enforcement Directorate is conducting searches related to the Merlin Group. ...Less
- I-T searches at TMC MLA Debasish Kumar's properties in Kolkata ahead of polls
The Income Tax Department searched two locations linked to TMC MLA Debasish Kumar. The searches occurred ...More
The Income Tax Department searched two locations linked to TMC MLA Debasish Kumar. The searches occurred at his residence and election office. Kumar is contesting the Rashbehari seat. The Enforcement Directorate had previously summoned him regarding a land fraud case. Polling for Rashbehari is on April 29. Central forces were deployed at his residence. ...Less
- Alert for CXOs and Directors: Acting as authorised signatory for a foreign company now requires PAN, address & more details under Income Tax Rules, 2026
New Income Tax Rules, 2026 mandate that Indian employees acting as authorised signatories for foreign com ...More
New Income Tax Rules, 2026 mandate that Indian employees acting as authorised signatories for foreign companies must now provide their PAN, residential address, and other key details. This change aims to enhance compliance and links individuals directly to the foreign entity's tax obligations, potentially increasing scrutiny. ...Less
- Welspun Enterprises picks up 4.5 lakh sq ft office space in Pune’s Hinjewadi
Welspun Enterprises has secured a significant office space deal in Pune's Hinjewadi IT hub. The company l ...More
Welspun Enterprises has secured a significant office space deal in Pune's Hinjewadi IT hub. The company leased over 4.5 lakh square feet of office space. This transaction marks one of the larger office deals in Pune this year. The lease agreement is for five years. Hinjewadi continues to be a prime location for businesses seeking expansion. ...Less
- Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rules
Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, ...More
Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift. Under Section 56(2)(x) of the Income Tax Act, 1961 (Section 92(3) of the Income Tax Act, 2025) gifts received by the bride or groom on the occasion of marriage are completely exempt from tax. ...Less
- Direct vs indirect taxes: Key differences and how they impact taxpayers and prices in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and d ...More
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 99th part of this series, Riju Mehta explains the difference between the two types of taxes. ...Less
- West Bengal Assembly Elections: TMC bastion under threat as BJP veteran Swapan Dasgupta takes on Debasish Kumar in Rashbehari
Kolkata's Rashbehari constituency faces a heated election battle. Trinamool Congress MLA Debasish Kumar i ...More
Kolkata's Rashbehari constituency faces a heated election battle. Trinamool Congress MLA Debasish Kumar is up against Bharatiya Janata Party's Swapan Dasgupta. The TMC holds the seat, but the BJP aims to win. Key issues include infrastructure development and welfare schemes. The election is scheduled for April 29. Counting of votes will take place on May 4. ...Less
- Madras HC seeks I-T report in Udhayanidhi Stalin poll affidavit 'discrepancies' case
The Madras High Court has asked the Income Tax Department for a report. This is regarding alleged differe ...More
The Madras High Court has asked the Income Tax Department for a report. This is regarding alleged differences in poll affidavits filed by Tamil Nadu Deputy Chief Minister Udhayanidhi Stalin. A petitioner claims over Rs 7 crore in investments disappeared between affidavits. The court will hear the case again on April 20. Elections are scheduled for April 23. ...Less
- Income Tax Dept tightens disclosure norms under presumptive taxation scheme
Starting from the assessment year 2026-27, a new mandate will compel taxpayers utilizing the presumptive ...More
Starting from the assessment year 2026-27, a new mandate will compel taxpayers utilizing the presumptive taxation system to reveal their bank balances and investments. This initiative by the Income-Tax Department aims to curtail potential abuses of the scheme by allowing authorities to verify reported income against financial assets. ...Less
- ITR filing 2026: Don’t miss these key income tax deadlines for FY 2025–26 (AY 2026-27)
Navigating income tax deadlines for FY 2025-26 (AY 2026-27) is crucial to avoid penalties. The Income Tax ...More
Navigating income tax deadlines for FY 2025-26 (AY 2026-27) is crucial to avoid penalties. The Income Tax Department has set specific due dates based on taxpayer categories, with options for belated, revised, and updated returns to ensure compliance and correct any oversights. ...Less
- PhysicsWallah gets tax relief as I-T dept cuts demand; contests residual ask of Rs 193 crore
Edtech firm PhysicsWallah has seen its tax demand reduced from Rs 263.3 crore to Rs 192.7 crore following ...More
Edtech firm PhysicsWallah has seen its tax demand reduced from Rs 263.3 crore to Rs 192.7 crore following a rectification application. The company has appealed the revised order, asserting strong grounds to contest the remaining demand. Despite the ongoing dispute, PhysicsWallah stated it will not materially impact its financial position or operations. ...Less
- Share buybacks not ‘income’, can’t face I-T levy: Delhi High Court
The Delhi High Court ruled that companies buying back shares below fair market value do not incur taxable ...More
The Delhi High Court ruled that companies buying back shares below fair market value do not incur taxable income. The court distinguished share buybacks as capital reduction, not asset acquisition. This decision offers significant relief to companies, potentially lowering the cost of share repurchases and clarifying tax implications for such corporate restructurings. ...Less
- 2.22 lakh appeals disposed of during last fiscal: CBDT chairman
Last fiscal year, the Income Tax Department successfully resolved an impressive 222,000 appeals, showcasi ...More
Last fiscal year, the Income Tax Department successfully resolved an impressive 222,000 appeals, showcasing a remarkable 29% growth in efficiency. This success underlines their dedication to minimizing taxpayer disputes. Additionally, they handled a plethora of complaints and applications, resulting in a significant decrease in pending tax demands. ...Less
- Top 10 winners get Rs 10,000 each: Income Tax Dept organises quiz on Income Tax Act, 2025 with cash prizes
The Income Tax Department is hosting a quiz on the new Income Tax Act, 2025. This initiative aims to boos ...More
The Income Tax Department is hosting a quiz on the new Income Tax Act, 2025. This initiative aims to boost citizen awareness of the taxation system. Participants can win cash prizes, with the top ten winners receiving Rs 10,000 each. The quiz runs from March 20 to April 20, 2026. ...Less
- SC refuses to entertain plea of Army veterans against current pay-fixation rules
The Supreme Court declined to hear a plea from ex-servicemen challenging pay-fixation rules that penalize ...More
The Supreme Court declined to hear a plea from ex-servicemen challenging pay-fixation rules that penalize veterans joining civil services. The court permitted a representation to authorities, stating dissatisfied petitioners can approach the Central Administrative Tribunal. The plea argued current rules ignore military service, leading to financial disadvantage and unequal treatment. ...Less
- Income tax staff warn of nationwide agitation in April-May: 'Pushed to the brink’ over work pressure, delayed promotions
Two major Income Tax Department employee associations, representing nearly 97% of the workforce, have war ...More
Two major Income Tax Department employee associations, representing nearly 97% of the workforce, have warned of a seven-stage nationwide agitation starting April 16 if their long-pending demands are not addressed. In a letter to the Revenue Secretary, the Joint Council Action (ITEF and ITGOA) accused the Central Board of Direct Taxes of “persistent apathy” over issues such as stalled cadre restructuring, poor promotion prospects, excessive workload, unrealistic targets, and inadequate staffing and infrastructure. ...Less
- Akshaya Tritiya Alert: Fake gold-silver scam exposed. How conman who earlier duped Aditya Pancholi & Salim Khan's aide trapped victims
An interstate fake gold coin scam targeting wealthy individuals was busted by Gurgaon Police, with the ar ...More
An interstate fake gold coin scam targeting wealthy individuals was busted by Gurgaon Police, with the arrest of Solanki Prabhubhai Gulshanbhai alias Kalpesh, who allegedly duped a city-based exporter of around Rs 2.5 crore and 50 gold tolas. The accused posed as a labourer and built trust by offering genuine coins before delivering fake ones in bulk. The victim reportedly borrowed money and sold family jewellery to fund the deal. Police said the gang had been operating for over 25 years across multiple states, targeting luxury car owners, and had earlier duped actor Aditya Pancholi and an aide of Salim Khan. ...Less
- Oberoi Realty & Nirmal Lifestyle get NCLT approval for merger
The National Company Law Tribunal has approved the merger of Nirmal Lifestyle Realty with Oberoi Realty. ...More
The National Company Law Tribunal has approved the merger of Nirmal Lifestyle Realty with Oberoi Realty. This move will simplify Oberoi Realty's group structure and enhance operational efficiencies. Nirmal Lifestyle Realty will be dissolved without winding up. The amalgamation aims to optimize resource utilization and provide a clearer strategic roadmap. ...Less
- Ajmer dhobi who lost PAN gets income tax notice for 'diamond' transactions worth nearly Rs 600 crore
An Ajmer washerman received an income tax notice for transactions exceeding Rs 598 crore, linked to diamo ...More
An Ajmer washerman received an income tax notice for transactions exceeding Rs 598 crore, linked to diamond trading. He denies any knowledge of the account, suspecting his lost PAN card was misused. A complaint has been filed against the bank and unknown individuals, with police investigating the alleged financial fraud. ...Less
- Rajinikanth is the highest tax-paying actor in Tamil Nadu; daughter Aishwaryaa beams with pride, collects award on his behalf
Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...More
Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...Less
- Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it
An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. ...More
An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal, Chennai, has now cancelled this penalty. The tribunal ruled that the omission was accidental and bona fide, especially as it was the first year of the reporting requirement. ...Less
- Link Aadhaar with PAN using SMS: I-T department
It described how both the unique identity numbers of an individual can be linked by sending an SMS to eit ...More
It described how both the unique identity numbers of an individual can be linked by sending an SMS to either 567678 or 56161. ...Less
- Central Bank of India gets Rs 296-cr demand notice from Income Tax Dept
Central Bank of India has received a Rs 296.08 crore demand notice from the Income Tax Department for a t ...More
Central Bank of India has received a Rs 296.08 crore demand notice from the Income Tax Department for a tax shortfall in FY25. The bank is challenging the assessment order, believing it has strong grounds for relief and expects the entire demand to be subsided without impacting its financials or operations. ...Less
- New Form 141 introduced for TDS filing: 4 existing forms merged into one challan-cum-statement
The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four pre ...More
The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four previous TDS forms. This new form simplifies TDS filing for various transactions including rent, property purchase, professional payments, and virtual digital asset transfers. It aims to enhance clarity and reduce duplication in reporting. ...Less
- Buying agricultural land near a city? Key income tax rules you must know
An ITAT ruling clarified that stamp duty valuation doesn't define agricultural land status for income tax ...More
An ITAT ruling clarified that stamp duty valuation doesn't define agricultural land status for income tax. The tribunal emphasized that official revenue records, actual cultivation, and lack of formal conversion are key factors. This decision protects buyers from tax additions based solely on higher urban land stamp duty rates. ...Less
- Can your bank cut TDS on interest income? Income Tax Department clarifies Income-tax Act, 1925 rule
The Income Tax Department has clarified eligible banks for TDS on interest under the new Income-tax Act, ...More
The Income Tax Department has clarified eligible banks for TDS on interest under the new Income-tax Act, 2025, effective April 1, 2026. The definition of 'banking company' has been refined, impacting TDS applicability on interest below prescribed thresholds for general and senior citizens. ...Less
- Income Tax Department website revamp: Site offers links for new ITR forms, e-pay tax, e-verification, e-PAN, payment status and many other tasks
The Income Tax Department has launched a revamped e-filing portal to support the transition to the new In ...More
The Income Tax Department has launched a revamped e-filing portal to support the transition to the new Income Tax Act, 2025. Taxpayers can now make payments and file forms under both old and new tax laws from a single platform, with new forms and challans available from April 1, 2026. ...Less
- Delhi High Court asks CBDT to clarify tax on partners’ bonuses, stays recovery
Tax authorities nationwide are demanding taxes on partner bonuses and performance pay. Professional firms ...More
Tax authorities nationwide are demanding taxes on partner bonuses and performance pay. Professional firms argue this income is already taxed. Delhi HC has intervened, directing the Central Board of Direct Taxes to issue a clarification. This issue could impact many partners across India. ...Less
- Income-Tax Department probes restaurants for hidden sales
The Income-Tax Department is currently investigating restaurants across multiple cities. This action foll ...More
The Income-Tax Department is currently investigating restaurants across multiple cities. This action follows a Hyderabad probe that uncovered alleged sales under-reporting through manipulated billing software. Officials are surveying restaurant premises to understand their billing systems. The exercise aims to assess the extent of possible tax evasion, which could run into crores of rupees. ...Less
- All banking companies to deduct TDS on interest income beyond Rs 50,000 a year
Under the Income Tax law, the tax is to be deducted at source if the interest income from bank/post offic ...More
Under the Income Tax law, the tax is to be deducted at source if the interest income from bank/post office deposits exceeds Rs 50,000 for ordinary citizens, or Rs 1 lakh for senior citizens, in a financial year. ...Less
- Deposited Rs 80 lakh cash during demonetisation: ITAT rejects property purchase claim, calls it unexplained income
A Surat businessman's Rs 80 lakh cash deposit during demonetisation was deemed unexplained by ITAT Surat. ...More
A Surat businessman's Rs 80 lakh cash deposit during demonetisation was deemed unexplained by ITAT Surat. The tribunal rejected his claim of withdrawing funds for a property deal. The court found his explanation lacked evidence and defied normal business conduct. The businessman's appeal was dismissed, upholding the tax department's action. ...Less
- Income Tax Department searches Pipavav's premises
The Income Tax Department on Wednesday searched the premises of Nikhil Gandhi-promoted Pipavav Defense an ...More
The Income Tax Department on Wednesday searched the premises of Nikhil Gandhi-promoted Pipavav Defense and Offshore Engineering Company in Mumbai. ...Less
- BJP calls Kharge’s statement ‘anti-Gujarati’, demands apology
Congress President Mallikarjun Kharge's remark about fooling people in Gujarat has ignited a political fi ...More
Congress President Mallikarjun Kharge's remark about fooling people in Gujarat has ignited a political firestorm. Gujarat Chief Minister Bhupendra Patel and BJP leaders have strongly condemned the statement, calling it anti-Gujarati and an insult to the state's people and legacy. They allege this reflects the Congress's historical ill-will and disconnect with the state's progress and its people's contributions. ...Less
- Filing ITR just got easier: This new AI chatbot helps with income tax queries, forms and rules; check details
The Income Tax Department has launched Kar Saathi, an AI chatbot on its revamped portal to simplify tax f ...More
The Income Tax Department has launched Kar Saathi, an AI chatbot on its revamped portal to simplify tax filing. This tool offers 24/7 assistance, clear explanations of complex tax rules, and step-by-step guidance, aiming to reduce errors and taxpayer reliance on experts. It marks a move towards proactive compliance. ...Less
- Capital gains on share buyback get new surcharge twist; income tax dept explains what it means for you
The Income Tax Department has clarified a new 12% surcharge on capital gains from share buybacks, specifi ...More
The Income Tax Department has clarified a new 12% surcharge on capital gains from share buybacks, specifically for promoters. This change, part of the Finance Bill 2026, impacts promoters' additional income tax. Non-promoter shareholders will continue to be taxed under normal surcharge provisions based on their income. This move standardizes tax treatment for buyback transactions. ...Less
- Professionals under I-T lens for incomplete disclosure
City-based lawyers, doctors and film professionals are under Income-Tax department scanner, the departmen ...More
City-based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures. ...Less
- Income Tax department debuts on Twitter
The handle "incometaxindia_" is aimed to keep taxpayers and other users updated about the activities of t ...More
The handle "incometaxindia_" is aimed to keep taxpayers and other users updated about the activities of the department. ...Less
- Cabinet approves revamp of the income-tax department
The Cabinet on Thursday approved revamp of the income-tax department, paving way for recruitment of over ...More
The Cabinet on Thursday approved revamp of the income-tax department, paving way for recruitment of over 20k tax officials in the next 2 yrs ...Less
- Income Tax Department conducts searches in Chandigarh
The Central Board of Direct Taxes (CBDT) said that investigations regarding the holding of Benami shares ...More
The Central Board of Direct Taxes (CBDT) said that investigations regarding the holding of Benami shares worth Rs 140 crore were in progress, while cash amounting to Rs 4.29 crore and jewellery amounting to Rs 2.21 crore have been seized. The search covered 11 premises in Chandigarh, Delhi and Mumbai. ...Less
- Income Tax department launches upgraded website for taxpayers
Income Tax department has launched an upgraded version of its official web portal featuring better links ...More
Income Tax department has launched an upgraded version of its official web portal featuring better links for taxpayer services and grievance redressal. ...Less
