Over 7.8 crore Income Tax Returns were filed for AY 2026-27 by August 31. This marked the close of the re ...More

Over 7.8 crore Income Tax Returns were filed for AY 2026-27 by August 31. This marked the close of the revised statutory deadline for non-audit taxpayers. The Income Tax Department thanked taxpayers and professionals for their timely compliance. Non-audit business and professional taxpayers had an extended filing period. Belated returns can be filed until December 31, 2026. ...Less

Bengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax ...More

Bengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that Dayabhaga Hindu can’t have an HUF, landlord wins case in ITAT Delhi ...Less

The Income Tax Department has reminded taxpayers with business or professional income who are not subject ...More

The Income Tax Department has reminded taxpayers with business or professional income who are not subject to audit to file their ITRs for AY 2026-27 by August 31. More than 6.5 crore returns have been filed so far, including over 2 crore ITR-3 and ITR-4 forms. ...Less

A wave of Income Tax searches is currently sweeping through Dentsu Media Group offices in multiple cities ...More

A wave of Income Tax searches is currently sweeping through Dentsu Media Group offices in multiple cities amid a suspected tax evasion inquiry. Officials are meticulously reviewing locations linked to the media and advertising conglomerate. While the investigation progresses, nuanced details on the potential evasion have yet to emerge, leaving stakeholders eagerly awaiting additional information. ...Less

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remitta ...More

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said. ...Less

ITR deadline: By the end of August 31, 2026, over 7.8 crore individuals completed their income tax return ...More

ITR deadline: By the end of August 31, 2026, over 7.8 crore individuals completed their income tax return submissions. Those who did not file on time have until December 31, 2026, to submit a belated ITR, incurring possible late fees. Notably, failing to meet this deadline also prevents taxpayers from opting out of the new tax regime, with business income earners unable to revert to the old regime post-deadline. ...Less

In a sweeping operation, the Income-tax Department has searched Dentsu Media Group's offices throughout I ...More

In a sweeping operation, the Income-tax Department has searched Dentsu Media Group's offices throughout India. The focus primarily lies on several entities connected to this Japanese advertising giant's operations. Following an investigation into transactions within an Indian subsidiary, Dentsu has contested claims of ₹522.8 crore concerning purported goods and services. As the investigations proceed, the group remains resolute in defending its actions and is collaborating with authorities. ...Less

The Delhi High Court has ordered the income tax department to refund Vodafone Idea ₹53.09 crore. This ref ...More

The Delhi High Court has ordered the income tax department to refund Vodafone Idea ₹53.09 crore. This refund is for assessment years 2003-04 and 2008-14, held for over two years. The court mandated the refund with interest by September 30, or additional interest will apply. This ruling highlights significant issues within the department regarding tax refunds. Vodafone Idea won a legal battle before the tribunal in June 2024. ...Less

Indian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment f ...More

Indian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money and imposes Rs 1.8 crore penalty and tax; he wins case in ITAT Delhi. Read the article. ...Less

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneousl ...More

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fights and wins case in ITAT Mumbai. This judgement was delivered by Challa Nagendra Prasad, the Judicial Member, and Makarand Vasant Mahadeokar, the Accountant Member of ITAT Mumbai. ...Less

Wife escaped income tax notice as she proved in ITAT that her husband entirely paid for their joint prope ...More

Wife escaped income tax notice as she proved in ITAT that her husband entirely paid for their joint property which was sold for Rs 14 lakh less price than market value. Read the article to know why the wife won the case in ITAT Kolkata. ...Less

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Se ...More

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders the tax dept to issue the refund with interest. ...Less

Black money notice sent to man with Singapore FD and current bank a/c in his name and no ITR declaration; ...More

Black 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 Delhi after proving his identity theft angle with Economic Offences Wing’s help. ...Less

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax of ...More

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and calls it unexplained cash; he wins case in ITAT Mumbai. Read the article to know how. ...Less

Employee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee ...More

Employee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee wins case in ITAT Bangalore; Know how. This judgement was given by Keshav Dubey, a judicial member and Waseem Ahmed, an accountant member of ITAT Bangalore ...Less

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, file ...More

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this case. ...Less

Transactions were either not reported, were undervalued or had suspected benami ownership; deals span bul ...More

Transactions were either not reported, were undervalued or had suspected benami ownership; deals span bulk land purchases, agri land & other high-value properties ...Less

The tax probe has found that a substantial portion of the money moved to a handful of overseas destinatio ...More

The tax probe has found that a substantial portion of the money moved to a handful of overseas destinations. Singapore, the UAE, Hong Kong, Mauritius and China together accounted for 72.3% of the total remittances. Singapore emerged as the largest destination, receiving Rs 41,885 crore while Rs 18,331 crore was remitted to the UAE and Rs 18,064 crore to Hong Kong. ...Less

A parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking ...More

A parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking detailed data from the CBDT on its overall impact. The committee wants to understand changes in taxpayer numbers and revenue collection. Technology-driven tax processes and faceless decisions also presented certain challenges. Further discussions are planned with tax authorities to address these concerns. ...Less

Tax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Si ...More

Tax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands to their income but ITAT Delhi cancels these additions. Know how this couple won the black money case. ...Less

Did someone close to you leave behind unresolved tax responsibilities? Explore how heirs can address inco ...More

Did someone close to you leave behind unresolved tax responsibilities? Explore how heirs can address income tax notices, file overdue returns, and handle outstanding dues. Familiarize yourself with the circumstances that make a notice valid, your duties, and strategies to shield yourself from personal liability. Keep tax issues from becoming a lasting burden after a loved one's passing. ...Less

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspici ...More

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad; Know what to do ...Less

India is clarifying foreign direct investment rules for bordering nations. These clarifications will guid ...More

India is clarifying foreign direct investment rules for bordering nations. These clarifications will guide investors from countries sharing land borders. New Delhi updated procedures for processing investment applications from these geographies. Investors must provide extensive details on shareholding and ownership structures. ...Less

ITR filing deadline: Taxpayers with business or profession income must file their returns today. This dea ...More

ITR filing deadline: Taxpayers with business or profession income must file their returns today. This deadline applies to those using ITR-3 and ITR-4 forms. More than seven crore income tax returns have already been filed. Individuals and HUFs with presumptive business income use ITR-4. Partners of non-audit firms also have this August 31 filing requirement. ...Less

Employee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept s ...More

Employee 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 lakh penalty, he fights and wins case in ITAT Delhi ...Less

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays n ...More

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including stamp duty). ...Less

Sovereign gold bonds: Non-Resident Indians cannot invest in Sovereign Gold Bonds currently. However, exis ...More

Sovereign gold bonds: Non-Resident Indians cannot invest in Sovereign Gold Bonds currently. However, existing bondholders can continue holding them until maturity. NRIs can invest in physical gold and digital gold options. These include gold mutual funds and gold ETFs. A demat account is required for digital gold investments. ...Less

Employees who are on a salary may find themselves receiving tax notices following their income tax return ...More

Employees who are on a salary may find themselves receiving tax notices following their income tax return filings. These notices typically point out discrepancies requiring immediate attention from the taxpayer. It is essential to understand the context of each notice to ensure proper compliance and effective dispute resolution. The Income Tax Department sends out these notifications for clarification and mistake correction. ...Less

School assembly news headlines for September 2: Stay updated with the latest national, international, spo ...More

School assembly news headlines for September 2: Stay updated with the latest national, international, sports and business developments making headlines today. Key stories include major Supreme Court developments, PM Modi’s engagements at the SCO Summit, the Nepal flood aftermath, Lionel Messi’s international retirement, US Open results, India’s 7.8% GDP growth and important railway and economic updates. ...Less

Waseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgemen ...More

Waseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of about 4 years in an unexplained cash deposit case after the taxpayer explained he only got to know about this tax notice while applying for visa for overseas travel. ...Less

Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected onl ...More

Attention taxpayers: a fraudulent Income Tax notice demanding a payment of Rs 6,000 has been detected online. The Fact Check team from the Press Information Bureau has categorically identified it as a phishing scam. Citizens are strongly advised not to respond to such deceptive messages from unfamiliar sources. Remember, the Income Tax Department will never ask for sensitive financial details via email. ...Less

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Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer servi ...More

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer services and reducing litigation for the department. Discussions also covered strengthening infrastructure and creating an actionable future roadmap. E-HRMS, service matters, and capacity building were extensively deliberated upon. The conclave concluded with a focus on future departmental functioning and priorities. ...Less

For Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature ...More

For Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature of landowner; however landowner got tax notice for not reporting sale of land; ITAT Ahmedabad cancels tax notice on this ground. Read the article. ...Less

A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 ...More

A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 lakh, leading to a difference of Rs 34.8 lakh. The amont was added to the husband's income alone by the tax office, despite him having a lower ownership in the property. ITAT Mumbai has delivered a ruling which could have significant takeaways for property owners. ...Less

Taxpayers engaged in business activities must submit either ITR-3 or ITR-4 by the deadline of August 31, ...More

Taxpayers engaged in business activities must submit either ITR-3 or ITR-4 by the deadline of August 31, 2026. While ITR-4 simplifies the process through presumptive taxation, ITR-3 demands a more detailed presentation of accounts. ...Less

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's ...More

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying Rs 2.7 lakh TDS credit as landlord only declared 1/3rd rent in ITR; Landlord fights in ITAT Agra and wins case; Know why ...Less

New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon a ...More

New rules are being prepared for electronic applications for lower TDS certificates. Taxpayers can soon apply online for reduced or nil tax deductions. This initiative aims to ease compliance burdens for small taxpayers. The Income Tax department disposed of many appeals in the last fiscal year. Faceless assessments were also completed, though fewer than previously. ...Less

UK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOP ...More

UK-based Indian employee sold 1,540 L&T Infotech shares for Rs 26 lakh which he had acquired through ESOPs, declared Rs 1 lakh short-term capital loss; Tax dept treated it as Rs 29.59 lakh unexplained gains; ITAT Mumbai rules in employee's favour. Read the article to know why. ...Less

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an ...More

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore claimed Section 54F tax exemption; tax dept denies it; Here’s how a 1983 CBDT circular (No. 359 dated May 10, 1983) helped him win the case in ITAT Surat. Read the article. ...Less

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer foun ...More

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured loans worth crores, and discovered that the Rs 3 lakh agricultural income wasn’t substantiated by supporting evidence. Read on to know what happened next, and what has the ITAT ordered. ...Less

Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax ...More

Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in ITAT Delhi; Know why ...Less

The CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involve ...More

The CAG identified 1,902 tax lapses involving over twenty-five thousand crore rupees. These cases involved incorrect tax rates and faulty income computations. Many lapses occurred after demonetisation during the 2017-18 assessment year. Assessing officers failed to apply relevant sections in numerous unexplained transaction cases. This resulted in under-assessment of tax in the majority of identified instances. ...Less

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent not ...More

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article. ...Less

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, ...More

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny. ...Less

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on ma ...More

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on maturity proceeds from a Dubai life insurance policy. The ITAT ruled that foreign insurer policies are not automatically subject to the Black Money Act, especially when premiums originate from non-taxable foreign earnings. This landmark decision offers clarity for NRIs and returning NRIs. ...Less

Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn ...More

Dubai connection: Man claimed friend sent money to Dubai Emirates NBD bank a/c to start business but didn't disclose foreign assets in Schedule FA of ITR; ITAT Delhi upholds Rs 1.86 lakh penalty under Black Money Act, 2015. Know why did he lose the case. ...Less

Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained ...More

Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know how the buyer won case in ITAT Mumbai. Read the article ...Less

Earning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliat ...More

Earning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliation and disclosures mean taxpayers should not wait until 31 August to file. Salaried taxpayers with income from side hustles should start by reconcil ing their Form 16 with the Annual Information Statement (AIS) and Form 26AS. Tally your income records with tax credits displayed in the form. ...Less

The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a di ...More

The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a dispute over certain allowance exemptions under new tax rules. The court directed private secretaries to submit necessary details to tax authorities. It also ordered that any demand raised shall remain in abeyance. The petition argues the tax department's stance interferes with judicial independence. ...Less

NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice f ...More

NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case in ITAT Ahmedabad ...Less

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Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transacti ...More

Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income prevents unnecessary scrutiny. ...Less

ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts recei ...More

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 department has also not responded to the grievance lodged on its portal regarding this issue. Kindly guide us on how such gifts should be reported in the ITR so that they can file their returns. ...Less

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income ...More

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns. ...Less

Effective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders ...More

Effective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders can benefit if trusts' switch tax regime. REIT, InvIT unitholders can gain from new tax regime. ...Less

Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice ...More

Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differential amount; ITAT Chennai gives him relief; Know why he won the case in ITAT Chennai. ...Less

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he ...More

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore. ...Less

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai prope ...More

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai. ...Less

Over 5.5 crore income tax returns have been filed for AY 2026-27. More than 42 lakh returns were filed on ...More

Over 5.5 crore income tax returns have been filed for AY 2026-27. More than 42 lakh returns were filed on July 30 alone. The deadline for filing ITR 1 and ITR 2 is July 31, 2026. ITR Form 1 is for individuals with income up to Rs 50 lakh. ITR-2 is for individuals and HUFs with capital gains income. ...Less

A zari worker discovered nearly one hundred crore rupees credited to her bank account. Her account was su ...More

A zari worker discovered nearly one hundred crore rupees credited to her bank account. Her account was subsequently frozen, preventing daily expense withdrawals for her family. Bank officials could not explain the source of the substantial, unexplained deposit. This incident follows similar unexplained credits reported recently in West Bengal. The family has lodged a police complaint regarding the mysterious bank transaction. ...Less

The Taxation and other laws (Amendment) Bill, 2026, introduced in the Lok Sabha on Tuesday, reduces repor ...More

The Taxation and other laws (Amendment) Bill, 2026, introduced in the Lok Sabha on Tuesday, reduces reporting requirements for foreign companies which wish to claim the tax holiday announced in the FY27 Budget. It also ensures that genuine data centre businesses get started and operate with far less friction. ...Less

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Expe ...More

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the July 31 deadline to avoid penalties. The government has previously extended deadlines due to significant technical problems. ...Less

More than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings ...More

More than 5.9 crore income tax returns were filed by the July 31 deadline. This figure represents filings for assessment year 2026-27 by individuals and HUFs. Last year's extended deadline saw over 7.3 crore returns filed by September 16. Taxpayers typically file a substantial share during the final week before the deadline. ...Less

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Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice ...More

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case. ...Less

The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT i ...More

The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT investors by exempting dividend income. Special Purpose Vehicles can opt for a new tax regime with a higher surcharge. This decision requires careful evaluation of the entire structure's tax efficiency. The choice between tax regimes depends on individual financial profiles and commercial objectives. ...Less

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with intere ...More

Missing the July 31, 2026 ITR filing deadline incurs a late fee. Belated returns can be filed with interest and a penalty up to Rs 5,000. Crypto investors lose the ability to carry forward losses to future tax periods. Non-filing can trigger tax notices from the department. Options include condoning the delay or filing a belated return. ...Less

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F ...More

Many taxpayers who purchase or construct a residential house to claim exemption under Sections 54 or 54F are unaware that selling the house within the prescribed lock-in period can reverse the earlier tax benefit. This article explains how such a sale affects the computation of capital gains, highlights the different tax implications under the two provisions, and outlines the precautions taxpayers should take while filing their Income Tax Return (ITR) for Assessment Year (AY) 2026-27 ...Less

Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebu ...More

Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer can't be penalised for builder's fault and gives him 54F tax exemption. Know how homebuyer won Section 54F tax exemption case in Telangana High Court. ...Less

The NCLAT has officially dismissed the Department of Telecommunications' (DoT) appeal against Rolta India ...More

The NCLAT has officially dismissed the Department of Telecommunications' (DoT) appeal against Rolta India's resolution plan, stating it has already been executed and the company petition is now closed. The resolution professional deemed DoT's claims for overdue license fees as contingent. Furthermore, the tribunal noted that DoT had failed to contest this classification in the National Company Law Tribunal (NCLT), ruling out any interference with the plan at this stage. ...Less

Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed u ...More

Taxpayers missing the July 31, 2026 income tax return deadline have options. A belated ITR can be filed until December 31, 2026, with a late fee. Alternatively, a condonation of delay application can be submitted for acceptance. Filing after the due date incurs interest on unpaid taxes and potential loss of benefits. This process may also lead to delayed refunds and increased compliance scrutiny. ...Less

Lady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how S ...More

Lady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how Section 55A(a) helped her win case in Gujarat HC after 9 years fight. Read the article to know the details. ...Less

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. E ...More

ITR filing deadline: The July 31 income tax return deadline approaches with many taxpayers yet to file. Experts are divided on whether the government will extend the filing deadline. Some believe the portal is functioning smoothly and an extension is unlikely. Others suggest a short extension might be granted if glitches persist. Taxpayers are advised to file their returns before the July 31 deadline. ...Less

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include ...More

ITR filing : Taxpayers rush to file income tax returns before the July 31 deadline. Common errors include not e-verifying and mismatched personal details. Reconciling income with Form 16 and AIS is crucial for successful submission. ...Less

India's income-tax department has received over thirty-three million income-tax returns for assessment ye ...More

India's income-tax department has received over thirty-three million income-tax returns for assessment year 2026-27. Nearly twenty million of these returns have already been processed by the department. A significant number of new taxpayers are filing returns after a successful nudge campaign. The department anticipates a sharp rise in filings during the final week. Taxpayers can expect smooth portal operations and 24/7 assistance from the department. ...Less

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will f ...More

Failing to file your income tax return by July 31, 2026, after TDS deduction has consequences. You will face interest charges and a late filing fee for delayed submissions. Not filing an ITR prevents claiming refunds and carrying forward losses. Virtual digital asset income is taxed regardless of the exemption limit. The tax department may issue notices for non-compliance and missed filings. ...Less

DA hike: Central government employees anticipate a 3% dearness allowance increase. This expectation arise ...More

DA hike: Central government employees anticipate a 3% dearness allowance increase. This expectation arises from the latest AICPI-IW reading for June 2026. The calculation suggests a potential 63% overall dearness allowance for employees. This hike will impact salaries across various pay levels under the 7th Pay Commission. The Finance Ministry will officially announce the final dearness allowance increase. ...Less

Fitment factor in 8th Pay Commission: Employee groups recommend increasing annual increments and merging ...More

Fitment factor in 8th Pay Commission: Employee groups recommend increasing annual increments and merging dearness allowance with basic pay. This move aims to accelerate salary growth for government employees and pensioners. A higher increment rate and DA merger could potentially double gross salaries within seven years. Various organizations have submitted specific proposals regarding increment percentages and DA merger thresholds. These recommendations are part of submissions made to the 8th Pay Commission. ...Less

Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is ...More

Taxpayers face a choice between filing income tax returns now or later. The income tax return due date is approaching for many individuals. Filing a revised return corrects errors but large deviations may attract scrutiny. Belated returns are an option if the original deadline is missed. Missing the belated deadline has consequences similar to not filing at all. ...Less

Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm ...More

Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and economic certainty. Officials must adopt an empathetic approach while enforcing tax laws. Sitharaman outlined five priorities for the Income Tax Department. She advised officials to exercise their powers with humility and agility. ...Less

The Calcutta High Court ruled that identity cards do not prove Indian citizenship. A habeas corpus petiti ...More

The Calcutta High Court ruled that identity cards do not prove Indian citizenship. A habeas corpus petition was dismissed as proof of citizenship was lacking. Nasir was detained after his name was removed from electoral rolls. He failed to establish his Indian citizenship within the given timeframe. The court drew adverse inferences regarding his parents' citizenship. ...Less

Rs 17.41 lakh penalty imposed due to error in ITR filed by junior staff in CA firm; Here's how affidavit ...More

Rs 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 taxpayer get relief from penalty in ITAT Mumbai. Know how taxpayer won case in ITAT Mumbai ...Less

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his ...More

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how she won the case in ITAT Mumbai. ...Less

Finance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friend ...More

Finance Minister Nirmala Sitharaman called on the Income Tax Department to embrace a more taxpayer-friendly attitude. She highlighted the importance of differentiating between honest errors and deliberate tax fraud. Sitharaman encouraged officials to exercise their enforcement powers with a sense of humility and restraint, reminding them that their role now focuses on equity, especially with the upcoming Income Tax Act, 2025 aimed at simplifying regulations. ...Less

Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax depar ...More

Taxpayers are receiving alerts about undeclared foreign assets before the July 31 deadline. The tax department has uploaded foreign asset data, prompting disclosures and professional help. Lapses stem from ignorance, negligence, or conscious concealment of overseas accounts and properties. Some taxpayers are seeking immunity under a fast-track disclosure scheme for eligible cases. Reconciling discrepancies with past filings and underlying records is now essential for compliance. ...Less

The government has notified the EPS pension 2026 scheme, superseding older plans. Existing pension fund b ...More

The government has notified the EPS pension 2026 scheme, superseding older plans. Existing pension fund benefits are protected under the new scheme. A special drive is underway to dispose of pending labor cases expeditiously. The new scheme maintains the pension calculation formula and contribution rates. Membership eligibility is defined for those joining after June 29, 2026. ...Less

ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is availab ...More

ITR filing: Paytm users can now file Income Tax Returns directly through the app. This service is available starting at an affordable price of eleven rupees. The company partnered with ClearTax to offer a quicker online filing process. ...Less

The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain ta ...More

The income tax return filing deadline for salaried individuals remains July 31, 2026. However, certain taxpayers with business income can file by August 31, 2026. This extension provides additional time for finalizing accounts and completing the filing process. Companies and those subject to tax audits must file by October 31, 2026. Transfer pricing cases have a filing deadline of November 30, 2026. ...Less

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadl ...More

ITR filing: Taxpayers have four days remaining to file their Income Tax Return by the July 31, 2026 deadline. It is important to match Form 16 with AIS and Form 26AS for accurate tax deductions. Gather all income and deduction documents, and choose the correct tax regime for potential savings. ...Less

Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign ...More

Employee mistakenly declared Rs 14 lakh Australia salary in Indian ITR, later sought Rs 3.4 lakh foreign tax credit in India for tax paid in Australia; ITAT gives him full tax exemption on salary but denies Rs 3.4 lakh foreign tax credit. Know how employee won the fight in ITAT Delhi. ...Less

Central government employees retired between 2006 and 2008 will not receive MACP benefits. The Modified A ...More

Central government employees retired between 2006 and 2008 will not receive MACP benefits. The Modified Assured Career Progression scheme began on September 1, 2008. This means the scheme was not active during their service period. Employee bodies are now demanding more MACP promotions for Group C and B staff. They seek five financial upgradations instead of the current three. ...Less

India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries m ...More

India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries must share transaction data annually with tax authorities. This aligns with the OECD's global Crypto Asset Reporting Framework. The Central Board of Direct Taxes issued a detailed compliance framework for reporting. Data sharing with participating jurisdictions begins next financial year. ...Less

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Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within ...More

Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties. Interest accrues on unpaid demands after the stipulated period expires. Ignoring these notices may result in being classified as an assessee in default. This classification empowers the tax department to initiate recovery proceedings. ...Less

Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for mo ...More

Taxpayers 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, while others have later deadlines. Missing the initial deadline allows filing a belated return until December 31, 2026. Late filing incurs a fee of Rs 5,000 or Rs 1,000 based on income. ...Less

8th Pay Commission salary calculator: Employee groups are advocating for a higher annual salary increment ...More

8th Pay Commission salary calculator: Employee groups are advocating for a higher annual salary increment in the upcoming 8th Pay Commission. They suggest increasing the current three percent rate to at least five percent annually. This change aims to substantially boost the basic pay of central government employees. Calculations show a six percent increment could add millions over ten years. Such adjustments are expected to improve employee financial well-being significantly. ...Less

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand ...More

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand raised; ITAT Cochin rules administrative supervision over timings, attendance and leave does not automatically create an employer-employee relationship. Know what ITAT Cochin said about TDS on salary paid to contractual employees. ...Less

Taxpayers must file income tax returns by the July 31 deadline to avoid penalties. Accuracy is paramount, ...More

Taxpayers must file income tax returns by the July 31 deadline to avoid penalties. Accuracy is paramount, and mismatches in the Annual Information Statement require careful reconciliation. Foreign asset disclosures and F&O reporting errors can lead to significant tax complications. Understanding deemed residency rules is crucial for Non-Resident Indians filing their returns. Late filing incurs fees and restricts tax regime options and loss carry-forwards. ...Less