The Income Tax Department on Monday searched multiple Mumbai locations linked to Panorama Studios and fil ...More

The Income Tax Department on Monday searched multiple Mumbai locations linked to Panorama Studios and film producers Kumar Mangat Pathak and Vashu Bhagnani over suspected irregularities involving foreign remittances and alleged tax evasion, sources said. Officials examined financial records and overseas transaction details as part of the ongoing probe. ...Less

Rs 70,000 penalty imposed on man for buying property below market value even though he paid the due tax a ...More

Rs 70,000 penalty imposed on man for buying property below market value even though he paid the due tax after getting a notice; ITAT Delhi cancels penalty ...Less

A wedding gift of ₹10 lakh in cash sounds like a reason to celebrate, but one woman's post about her cous ...More

A wedding gift of ₹10 lakh in cash sounds like a reason to celebrate, but one woman's post about her cousin's gift has sparked a very different conversation online. With money reportedly collected from around 110 guests, gold jewellery also received and the entire cash amount set to be deposited in a bank account, the post has left X users debating one key question: what happens when the Income Tax Department asks where it came from? ...Less

Rs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins c ...More

Rs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins case in ITAT Delhi; Know how ...Less

Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisatio ...More

Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained cash income tax notice. After a long legal fight he won the case in ITAT Delhi. This article explains how. ...Less

Bangalore landowners get relief from undisclosed rental income tax notice after proving in ITAT that thei ...More

Bangalore landowners get relief from undisclosed rental income tax notice after proving in ITAT that their partnership firm received the rent. What happened was, five Bangalore landowners signed JDA with builder, later formed partnership firm to develop property; but then the landowners got undisclosed rental income tax notice. ...Less

Punjab Finance Minister Harpal Singh Cheema slammed the Centre over the the Enforcement Directorate's sea ...More

Punjab Finance Minister Harpal Singh Cheema slammed the Centre over the the Enforcement Directorate's search operations in the state, accusing it of misusing probe agencies ahead of the state assembly polls. AAP workers on Thursday staged a protest outside the GMADA office and raised slogans against the Union government. The ED on Tuesday search operations at the offices of GMADA in Mohali. The agency also searched the residence of the nephew of Punjab minister Hardeep Singh Mundian in Sahnewal in Ludhiana. ...Less

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing be ...More

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, interest, and the crucial condonation process if even that window has passed. Understand the implications for carry-forward losses and deductions. Avoid common mistakes to ensure your refund is processed smoothly. ...Less

When Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an In ...More

When Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an Income Tax Return (ITR) declaring Rs 7.65 lakh income, this raised many red flags within the income tax systems. He wins case in ITAT Delhi. ...Less

Tax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home. ...More

Tax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home. ...Less

In Bangalore, Mr. Ramachandrababu found himself facing an income tax notice over unexplained cash deposit ...More

In Bangalore, Mr. Ramachandrababu found himself facing an income tax notice over unexplained cash deposits in his bank account. However, his successful appeal to the ITAT Bangalore showcased that these funds were legitimately sourced from agricultural sales. By providing land records, APMC sale bills, and bank statements, he effectively justified his claims and won the case. ...Less

Man pays lower income tax by setting off business loss with long term capital gains but gets income tax n ...More

Man pays lower income tax by setting off business loss with long term capital gains but gets income tax notice; Wins case in ITAT Delhi. ITAT Delhi held that since the law does not prescribe any sequence of set-off a taxpayer may choose his own sequence. ...Less

A brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer ...More

A brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, the brother-in-law defended himself in front of the ITAT in Delhi, saying the cash belonged to his sister-in-law. ...Less

Indian equity benchmarks faced a decline as both the Nifty 50 and BSE Sensex hit six-month lows. The Nift ...More

Indian equity benchmarks faced a decline as both the Nifty 50 and BSE Sensex hit six-month lows. The Nifty 50 saw a drop of 64.05 points, or 0.28%, closing at 22,716.20. Notably, Tata Steel announced a favorable tax order and made significant investments in its subsidiary. Other companies including Poonawalla Fincorp and Cummins India reported various corporate developments affecting their market positions. ...Less

Student gets Rs 18.34 lakh stipend from university for PG studies and pays no tax; Tax dept sent notice; ...More

Student gets Rs 18.34 lakh stipend from university for PG studies and pays no tax; Tax dept sent notice; She wins case in ITAT Delhi; Know how did she win and what is the income tax treatment of scholarship. ...Less

India’s net direct tax collections rose 12.96% year-on-year to Rs 12.12 lakh crore as of September 17, go ...More

India’s net direct tax collections rose 12.96% year-on-year to Rs 12.12 lakh crore as of September 17, government data showed. Gross collections increased 15.19% to Rs 14.32 lakh crore, while refunds rose 29.19% to Rs 2.20 lakh crore. Corporate, non-corporate and Securities Transaction Tax collections all increased. ...Less

Indian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to U ...More

Indian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and gives full relief. ITAT Jaipur’sSMC bench who heard this case composed of Annapurna Gupta, accountant memberand Kuldip Singh, judicial member. ...Less

The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs pena ...More

The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs penal interest charges. Advance tax is income tax paid in instalments during the financial year. Individuals with a tax liability exceeding Rs 10,000 must pay advance tax. Penal interest under Sections 234B and 234C applies for late or short payments. ...Less

Tenant receives Rs 1.38 crore permanent alternate accommodation, gets Section 56(2)(x) tax notice; ITAT M ...More

Tenant receives Rs 1.38 crore permanent alternate accommodation, gets Section 56(2)(x) tax notice; ITAT Mumbai gives relief; know why. This judgement was given by Vikram Singh Yadav, the Accountant Member along with Siddhartha Nautiyal, the Judicial Member of ITAT Mumbai. ...Less

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept s ...More

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker ...Less

Non-Resident Indians can effectively manage their Indian earnings via NRO accounts. They are allowed to t ...More

Non-Resident Indians can effectively manage their Indian earnings via NRO accounts. They are allowed to transfer funds to NRE accounts, but there are specific regulations to follow. ...Less

Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore ...More

Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no ITR, got an unexplained money tax notice u/s 69; he partially wins case in ITAT Ahmedabad ...Less

Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit ...More

Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai gives relief to taxpayer. Challa Nagendra Prasad, Judicial Member and G.M. Doss, Accountant Member of ITAT Mumbai heard this case. ...Less

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional ...More

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional data. This revision extends to GST returns, foreign remittances linked to mutual funds, off-market securities, and overseas investments. Furthermore, data from another taxpayer's income tax returns will be added, aiming to fortify the verification of income and transaction details for taxpayers. ...Less

Central agencies are being used to threaten opposition leaders, according to Karnataka Congress president ...More

Central agencies are being used to threaten opposition leaders, according to Karnataka Congress president B K Hariprasad. The Enforcement Directorate searched premises linked to state minister Satish Jarkiholi and his daughter. Hariprasad questioned the targeting of Jarkiholi and the lack of raids on his BJP-affiliated brothers. The Supreme Court has previously reprimanded the Enforcement Directorate for its actions. Further details regarding the investigation are still awaited by officials. ...Less

The NRI woman's advocate explained that she is a 57-year-old lady with limited technological knowledge an ...More

The NRI woman's advocate explained that she is a 57-year-old lady with limited technological knowledge and had entrusted an accountant with all her tax-related compliance; hence, she was not made aware of the notices issued. Moreover, after becoming aware of her mistake, the lady even paid the tax liability with appropriate interest. Read on to know how ITAT ruled in her favour. ...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

Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax not ...More

Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalore. The ITAT Bangalore bench which heard this case comprised of Waseem Ahmed, an accountant member and Keshav Dubey, a judicial member. ...Less

A sacked driver and two Income Tax officials attempted a fake raid. They demanded one crore rupees from a ...More

A sacked driver and two Income Tax officials attempted a fake raid. They demanded one crore rupees from a former employer's Mumbai office. The company owner foiled the extortion attempt by asking for authorization documents. Police have arrested ten individuals, including the two serving Income Tax officials. Investigations are ongoing to identify all involved parties and their roles. ...Less

No ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior c ...More

No ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior citizen; she wins case in ITAT Jaipur after 9 years fight. Know how Mrs Devi won the case in ITAT Jaipur. ...Less

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

Changing jobs? Make sure your National Pension System (NPS) account doesn’t get overlooked. Learn how you ...More

Changing jobs? Make sure your National Pension System (NPS) account doesn’t get overlooked. Learn how your Permanent Retirement Account Number (PRAN) stays transferable, what happens to your contributions when you switch jobs, and why reassessing your retirement savings plan is essential during this transition, not just adjusting your paycheck. ...Less

Updated income tax returns have increased significantly over four years. New tax regime adoption shows st ...More

Updated income tax returns have increased significantly over four years. New tax regime adoption shows strong uptake among taxpayers filing returns. Karnataka ranks second in direct tax collections, contributing substantially to national revenue. Technology-driven systems enhance transparency and encourage voluntary taxpayer compliance. The department processes returns rapidly and issues refunds efficiently to taxpayers. ...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

In light of many fraudulent GST registrations, the Delhi High Court has ruled that no Goods and Services ...More

In light of many fraudulent GST registrations, the Delhi High Court has ruled that no Goods and Services Tax (GST) registration can be obtained without Aadhaar biometric authentication. Read the article to know more. ...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

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

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

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

RWA earned rent by letting out common areas and collected maintenance from residents and seeked charitabl ...More

RWA earned rent by letting out common areas and collected maintenance from residents and seeked charitable trust registration; ITAT Chandigarh rejects RWA’s appeal. Laliet Kumar, a Judicial Member and Manoj Kumar Aggarwal, an Accountant Member of the Income Tax Appellate Tribunal (ITAT) Chandigarh gave this judgement. ...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

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

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

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

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

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 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

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

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

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

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

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

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

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

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

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

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

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

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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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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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

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

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

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

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

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

Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...More

Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...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

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

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

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