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- AIS now includes foreign assets, income data
The Income Tax Department now shows foreign asset details in annual statements. This move aims to improve ...More
The Income Tax Department now shows foreign asset details in annual statements. This move aims to improve voluntary tax compliance for eligible taxpayers. Information from over 100 jurisdictions is available through international sharing agreements. Taxpayers must still report all foreign assets and income, even if not listed. Emails and messages are being sent to inform taxpayers about this new facility. ...Less
- Delhi government plans global tender for 'Twin Towers' Secretariat building project
Delhi government plans a global tender for constructing new twin-towers Secretariat. This ambitious proje ...More
Delhi government plans a global tender for constructing new twin-towers Secretariat. This ambitious project aims to consolidate scattered departments into one location. The Income Tax department will share its land for the proposed twin-tower development. Major construction firms worldwide can participate in this significant undertaking. The new high-rise building will house the Chief Minister and top officials. ...Less
- Cost Inflation Index: How it can help you file your income tax return
The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, s ...More
The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations. ...Less
- ITR filing: Got Section 143(1) intimation after filing your income tax return? Here’s what it means
After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice conf ...More
After filing your Income Tax Return, you may receive a Section 143(1) intimation notice. This notice confirms the tax department's preliminary processing of your filed return. It details any adjustments made to your income, deductions, and tax liability. Taxpayers must review this intimation carefully for any discrepancies or demands. Responding within thirty days is crucial to avoid penalties and interest. ...Less
- ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required
Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally ...More
Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment proofs. Ensuring an active PAN and validated bank account is crucial for filing. ...Less
- How a Meerut slum woman masterminded a Rs 357 crore income tax return fraud from a 25-sq-yard home
The Income Tax Department has uncovered a large tax refund fraud racket. A 30-year-old woman allegedly cr ...More
The Income Tax Department has uncovered a large tax refund fraud racket. A 30-year-old woman allegedly created fake deductions worth crores of rupees. She used these to secure fraudulent refunds for over three thousand clients nationwide. Coordinated raids led to the seizure of cash and fixed deposits. Prosecution proceedings have begun against the accused and her clients. ...Less
- Rs 5.26 lakh capital loss carry forward was claimed in original ITR but a lesser claim was denied in revised ITR; Taxpayer fights back and wins in ITAT Bangalore
Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know ...More
Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore. ...Less
- NRI woman sold her property in Gujarat for Rs 21 lakh, tax dept sent notices, she missed them as she lived abroad; later she files case and wins in ITAT Ahmedabad
ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house ...More
ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house for Rs 21.4 lakh in AY 2018-19, which she had originally bought in 2005 for Rs 1.94 lakh, the tax dept issued her tax notices. However, as she was living abroad as an NRI at the time, she could not respond to them. ...Less
- Foreign tax data to be included in Form 26AS
Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow ...More
Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow taxpayers to view their foreign financial data with the Income Tax Department. It helps reconcile overseas income and assets with tax filings effectively. The CBDT has directed the Director General of Income-tax (Systems) to upload this information. Information relating to 2022, 2023, and 2024 will be uploaded within ninety days. ...Less
- Income tax department slaps notices on foreign investors with no earnings
Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or ...More
Foreign investors are receiving unexpected tax notices in India, even for transactions where no profit or dividend was earned. The tax department is initiating reassessment proceedings, questioning the absence of income tax returns for share purchases. Experts highlight that such notices, potentially triggered by remittance data, may be misapplied to transactions that didn't generate income, causing confusion and compliance burdens for overseas entities. ...Less
- Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries
This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an ad ...More
This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know more. ...Less
- Government warns against fake emails asking users to download e-PAN cards
The Government's Press Information Bureau Fact Check unit issued a warning on Saturday. Fraudulent emails ...More
The Government's Press Information Bureau Fact Check unit issued a warning on Saturday. Fraudulent emails are circulating, asking recipients to download e-PAN cards. These messages are fake and people should not respond to them. Citizens are advised not to share financial or sensitive personal information. PIB Fact Check regularly issues alerts on misleading claims and online scams. ...Less
- Filing ITR for FY 2025-26? Income Tax Department shares 10 mistakes to avoid and tips to follow
Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Informati ...More
Taxpayers should gather documents and choose the correct tax regime and ITR form. Verify Annual Information Statement and Form 26AS details carefully before filing. Ensure all personal information and pre-filled data are accurate and verified. ...Less
- Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said
Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ...More
Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know. ...Less
- Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief
Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; I ...More
Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune. ...Less
- What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date
The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can ...More
The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing before the deadline ensures tax compliance and avoids additional costs. ...Less
- Section 234B interest on updated ITRs: CPC's computation logic appears contrary to law
Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculate ...More
Taxpayers filing updated returns face incorrect interest charges. Centralised Processing Centre calculates Section 234B interest beyond tax payment dates. This leads to excess demands and additional income tax levies. The law mandates interest cessation upon full tax payment before filing. Taxpayers should seek rectification for these erroneous demands. ...Less
- ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax notices
Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) be ...More
Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their ITR for AY 2026-27 ...Less
- Foreign assets in AIS: CBDT sets the stage for Foreign Assets of Small Taxpayers Disclosure Scheme
The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements ...More
The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrative exercise. Read alongside the Finance Act, 2026, it appears to set the stage for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and signals a new era of tax transparency. ...Less
- Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time
Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Su ...More
Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and prompt responses ensure smoother refund processing for taxpayers. ...Less
- Over 1.7 cr ITRs filed for AY 2026-27: I-T deptt
More than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns ...More
More than 1.7 crore income tax returns have been filed for the 2025-26 fiscal year. Over ten lakh returns were submitted on Friday alone by taxpayers. The deadline for filing ITRs 1 and 2 is July thirty-first. ITR Form 1 is for individuals with income up to fifty lakh rupees. ITR-2 is for individuals and HUFs with capital gains income. ...Less
- ITR verification process: Different ways to e-verify your Income Tax Return using Aadhaar OTP, net banking, EVC
Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electr ...More
Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your tax return is officially processed. ...Less
- How to check Annual Information Statement (AIS) before filing ITR: Step-by-step guide
Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This stat ...More
Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities. ...Less
- Forgot your Income Tax e-filing password? Here's how to reset it without access to your registered mobile number
Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Option ...More
Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Options include using a Digital Signature Certificate or net banking facilities. If these are unavailable, an email request with necessary documents can be sent. ...Less
- Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad
Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT A ...More
Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading. ...Less
- ITR filing 2026: Step-by-step guide to filing ITR-1 for AY 2026-27 before the July 31 deadline
Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing t ...More
Students, salaried individuals, and pensioners can file ITR-1 for AY 2026-2027. The deadline for filing this income tax return is July 31, 2026. This simplified form is for resident individuals with income up to fifty lakh rupees. It covers income from salary, one house property, and other specified sources. Taxpayers must log in to the e-filing portal and follow the guided steps. ...Less
- 'Govt anti-people, only concerned with securing 2/3rd majority': Kapil Sibal urges Wangchuk to end fast
Kapil Sibal urged activist Sonam Wangchuk to end his hunger strike. He criticized the BJP-led Centre as a ...More
Kapil Sibal urged activist Sonam Wangchuk to end his hunger strike. He criticized the BJP-led Centre as anti-people and lacking dialogue. Wangchuk's health is critical after nineteen days without food. Doctors warned of organ damage while Wangchuk refused to end his fast. Support for the agitation continues to grow from various leaders. ...Less
- ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portal
Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary docum ...More
Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days after submitting the return. ...Less
- Parliament Watch: E-filing portal scales up as ITR rush peaks, LTCG mop-up jumps 79% to ₹1.29 lakh cr in AY26 & more
The income tax e-filing portal has been upgraded to handle increased filings. Revenue from long-term capi ...More
The income tax e-filing portal has been upgraded to handle increased filings. Revenue from long-term capital gains rose significantly in assessment year 2025-26. The Centre's debt as a percentage of GDP has declined to 58.2%. MSME exports and industrial training institutes have both seen expansion. Capital expenditure has seen a substantial five-fold increase since 2014. ...Less
- Tax department steps up scrutiny of charitable trusts over disclosure mismatches
The Income Tax Department is intensifying its review of charitable trusts and non-profits, demanding deta ...More
The Income Tax Department is intensifying its review of charitable trusts and non-profits, demanding detailed fund utilisation and governance information. This intensified scrutiny follows the detection of discrepancies in filings with various regulators. Hundreds of trusts, particularly those receiving foreign funds, are facing queries to ensure money is used solely for approved charitable purposes, enhancing data for tax assessments. ...Less
- ESOPs, Crypto and two other disclosures you must make in Schedule FA of the ITR for AY 2026-2027
Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosure ...More
Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act. ...Less
- Bengaluru landowner sells 17 apartments, earns Rs 11.8 crore LTCG, pays no tax; I-T dept sends notices; he contests and wins in ITAT Bangalore
Landowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; ...More
Landowner sells 17 apartments, earns Rs 11.8 crore gains, paid no tax, reinvests gains into 5 properties; tax dept sent notice; he wins case in ITAT Bangalore. Read the article to know the landowner won the tax case in ITAT Bangalore. ...Less
- Ram temple donation 'theft': SIT may visit Ayodhya soon, question trust members
An SIT is investigating alleged embezzlement of donation money at the Ayodhya Ram temple. Officials will ...More
An SIT is investigating alleged embezzlement of donation money at the Ayodhya Ram temple. Officials will question those associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust. The trust is reviewing its banking arrangements for cash donations and security protocols. Police have widened their financial investigation and arrested eight individuals so far. Recovered cash and jewelry are being matched against accused persons' known income sources. ...Less
- NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reason
Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, wate ...More
Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore. ...Less
- ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?
Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchang ...More
Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate reporting of overseas income. Schedule FA in ITR requires detailed reporting of foreign assets held. Non-compliance can lead to significant penalties and scrutiny from tax authorities. Accurate reporting ensures transparency and reduces potential tax disputes. ...Less
- Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these cases
Gifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain val ...More
Gifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific rules. Taxable gifts must be reported under income from other sources. Maintaining proper documentation is crucial for all gift transactions. Read the article to learn which gifts stay exempt from tax and which ones trigger a tax liability. ...Less
- LTM shares jump 3% as Q1 results meet Street estimates. Here's what Nomura, Nuvama, and other brokerages say
LTM reported a 17% year-on-year net profit increase for the April-June quarter. Revenue from operations a ...More
LTM reported a 17% year-on-year net profit increase for the April-June quarter. Revenue from operations also saw an 18% year-on-year rise during the same period. Brokerages offered mixed opinions on the IT major's stock performance and future outlook. The company cited hardware procurement issues for project delays, expecting improvement soon. LTM shares gained over 3% on Monday following these financial results. ...Less
- ITR 2026: Common income tax return filing mistakes that cost employees lakhs
A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalt ...More
A careful, timely, and well-documented filing approach can help employees avoid notices, interest, penalties, and refund delays while ensuring that all eligible deductions and benefits are correctly claimed. The Income Tax Return (ITR) filing due date for salaried individuals is July 31, 2026 if they are not liable for tax audit. ...Less
- Filing ITR? Here's what AIS and Form 26AS tell the income tax department about you
As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS ...More
As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS and Form 26AS) is crucial. This unified document offers a comprehensive view of your financial footprint, detailing income sources, investments, and tax credits. Reviewing it meticulously against your records helps ensure accurate reporting, prevent mismatches, and avoid potential tax notices, streamlining your return submission. ...Less
- Charitable trusts get relief on 80G registration
Charitable trusts and institutions that missed the 80G registration renewal deadline have received a one- ...More
Charitable trusts and institutions that missed the 80G registration renewal deadline have received a one-time reprieve from the CBDT. The tax department has condoned delays for applications filed between October 1, 2025, and March 31 this year. This crucial relief ensures that donors can continue to claim tax deductions on their contributions, safeguarding the financial stability of these non-profit organizations. ...Less
- Government extends CBDT chief Ravi Agrawal's tenure by 6 months
Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), has received a six-month tenure exten ...More
Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), has received a six-month tenure extension, keeping him in the role until December 2026. The 1988 batch IRS officer was set to retire on June 30. The Appointments Committee of the Cabinet approved his re-appointment on a contractual basis, a move made in relaxation of recruitment rules. Agrawal initially took charge in June 2024. ...Less
- ITR filing 2026: NRIs need to file Schedule FA in ITR to declare foreign asset for AY 2026-2027 in this case
Resident and ordinarily resident individuals must report foreign assets. This disclosure is required in S ...More
Resident and ordinarily resident individuals must report foreign assets. This disclosure is required in Schedule FA of the income tax return. Non-resident Indians and resident but not ordinarily resident individuals are exempt. Schedule FA requires reporting peak values and beneficial ownership details. Failure to comply can lead to significant penalties under the Black Money Act. ...Less
- From cash receipts to property deals: 8 key income tax limits every taxpayer should know to avoid penalties
New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Indivi ...More
New rules under the Income Tax Act 2025 are set to curb tax evasion by limiting cash transactions. Individuals cannot receive over Rs 2 lakh in cash from one person daily. Loans, deposits, and repayments exceeding Rs 20,000 must be cashless. ...Less
- How a ledger titled after CMRL's CFO helped investigating agencies
A special ledger allegedly maintained by CMRL's former CFO, Suresh Kumar KS, has revealed fraudulent cash ...More
A special ledger allegedly maintained by CMRL's former CFO, Suresh Kumar KS, has revealed fraudulent cash flows into the Kerala firm. Probe agencies, including the ED, are investigating these alleged irregularities totaling ₹182 crore, which reportedly involved payments to various entities based on the MD's instructions. ...Less
- ITR utility updated: New 'other income' column added under exempt income schedule; here's what it means
Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Ot ...More
Income Tax Return (ITR) filing for the assessment year 2026-2027 sees a significant update with a new 'Other Income' column under the Exempt Income Schedule. This allows taxpayers to voluntarily disclose non-taxable receipts that don't fit specific categories, like rural agricultural land sales or gifts from relatives. Experts advise this proactive reporting to prevent potential tax notices and mismatches with departmental records, especially for substantial transactions. ...Less
- Centre scraps TDS on aircraft lease rentals at IFSCs
A significant tax relief has been granted to airlines, with India now exempting tax deducted at source (T ...More
A significant tax relief has been granted to airlines, with India now exempting tax deducted at source (TDS) on aircraft lease rentals paid to companies operating from International Financial Services Centres (IFSCs). This move, aimed at boosting aircraft leasing via GIFT IFSC, will ease cash flow for airlines by eliminating the need for upfront tax deductions. ...Less
- Rs 17 lakh income tax refund claim was denied as taxpayer did not e-verify ITR since he was busy taking care of late father; ITAT Delhi allows refund for this reason
A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax retur ...More
A Delhi landlord, busy caring for his ailing father, missed the deadline to e-verify his income tax return, leading to a denied Rs 17 lakh refund. The Income Tax Appellate Tribunal (ITAT) Delhi intervened, ruling that withholding the refund on a technicality would amount to unjust enrichment. The tribunal emphasized that tax can only be collected by law, allowing the landlord to claim his rightful refund. ...Less
- Filing ITR for easy loans, visas, and scholarships - sounds strange? Know why filing ITR is more important than you think
Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these ...More
Consistently filing Income Tax Returns creates a verifiable financial document. Banks often request these returns to assess loan applicant income stability. ITRs also help demonstrate financial capacity for visa and study abroad applications. Landlords and businesses may seek ITRs for tenancy and partnership evaluations. Preserving complete tax records is crucial for future financial needs and compliance. ...Less
- ED questions CMRL Joint MD again in CMRL-Exalogic money laundering probe
The Enforcement Directorate (ED) has questioned Sharan S Kartha, Joint Managing Director of CMRL, for the ...More
The Enforcement Directorate (ED) has questioned Sharan S Kartha, Joint Managing Director of CMRL, for the second time in a money laundering probe. The investigation centers on alleged financial transactions between CMRL and Exalogic Solutions Pvt Ltd, owned by former Kerala CM Pinarayi Vijayan's daughter, Veena T. The ED is examining payments made by CMRL to Exalogic without services rendered, and loans extended by a related entity. ...Less
- CBDT clarification: All approvals like Nil or lower TDS certificate and existing tax benefits will continue under Income Tax Act, 2025; Here’s what it means for you
Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications fi ...More
Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be processed under the new law. Lower or nil TDS certificates issued previously remain protected and valid. New applications filed after April 1, 2026, will follow the 2025 Act. Taxpayers need not take additional action for this transition. ...Less
- Man sells property for Rs 48 lakh, constructs a new house but faces delay, income tax dept denies Section 54 claim; he fights and wins case in ITAT Chennai
A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction de ...More
A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a liberal interpretation of the beneficial provision, allowing the exemption despite minor delays in finalising construction. ...Less
- ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respond
As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 202 ...More
As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why taxpayers receive scrutiny notices, how they should respond, the consequences of non-compliance and under-reporting of income, the relief available under Section 270AA, and the key compliance lessons for filing current-year returns. ...Less
- Think you don't need to file an ITR for FY 25-26? These 8 benefits may change your mind
ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It ...More
ITR filing: Filing your Income Tax Return (ITR) offers significant advantages beyond just tax payment. It's crucial for claiming refunds, carrying forward losses to reduce future tax, and enhancing loan and visa application prospects. Even if your income is below taxable limits, filing might be mandatory under certain conditions. ...Less
- Ram Temple embezzlement issue: Trust advances crucial July 6 meeting; Champat Rai's future in focus
The Shri Ram Janmabhoomi Teerth Kshetra Trust's meeting has been moved to July 6, where the future of Gen ...More
The Shri Ram Janmabhoomi Teerth Kshetra Trust's meeting has been moved to July 6, where the future of General Secretary Champat Rai and member Anil Mishra, who have reportedly resigned, will be decided. The Trust will also discuss operational restructuring for transparency, potential new members, and improving visitor facilities, especially for extreme heat. Treasurer Govind Dev Giri requested the early meeting due to several critical issues. ...Less
- Mass exodus continues from AIADMK, 3 ex-ministers, cadres join TVK
Three former AIADMK ministers and several party functionaries defected to the ruling TVK in Mamallapuram, ...More
Three former AIADMK ministers and several party functionaries defected to the ruling TVK in Mamallapuram, citing disillusionment with the AIADMK's current leadership. The move drew sharp criticism from the DMK, which alluded to corruption allegations against the defectors. TVK leaders welcomed the new members, criticizing the AIADMK's functioning and leadership. ...Less
- Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases
ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income T ...More
ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the transferor's hands. Proper documentation and reporting are crucial to avoid penalties and tax demands. ...Less
- Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this
The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' tri ...More
The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or seek condonation from the department to avoid penalties and potential legal action. ...Less
- Do taxpayers need to file two ITRs for FY 25-26 income? I-T Department explains
AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assess ...More
AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026. ...Less
- Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake
Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it ...More
Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional tax and penalties may apply. This voluntary step helps avoid future disputes and keeps your tax records accurate. ...Less
- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakes
Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more ...More
Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from the simpler ITR-1. Tax authorities are leveraging global information exchange to track overseas assets and income. Accurate reporting in Schedule FA is crucial to avoid penalties under the Black Money Act. Taxpayers must diligently disclose all foreign holdings, including dormant accounts and employee stock options, to ensure compliance. ...Less
- Ex-Kerala CM's daughter appears before ED in PMLA case for second time
Veena T, daughter of former Kerala CM Pinarayi Vijayan, faced a second round of questioning by the Enforc ...More
Veena T, daughter of former Kerala CM Pinarayi Vijayan, faced a second round of questioning by the Enforcement Directorate (ED) in Kochi regarding a money laundering case. The probe centers on allegations that her firm, Exalogic Solutions, received Rs 2.78 crore from CMRL without providing services. The ED is investigating potential "proceeds of crime" generated through these transactions, building on an SFIO complaint. ...Less
- Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing
Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Informat ...More
Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so taxpayers don't need to file it. ...Less
- Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual ...More
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA). ...Less
- ITR-3 release date: Who should file this income tax return form as I-T Department enables online filing, Excel utilities for it
The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assess ...More
The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income. Taxpayers not eligible for simpler forms must use ITR-3. The due date for salaried individuals is July 31, 2026. ...Less
- What is DTAA? How to avoid double taxation on foreign income and claim tax credit 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 108th part of this series, Riju Mehta explains how the Double Taxation Avoidance Agreement helps taxpayers. ...Less
- Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT
Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term ca ...More
Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular and her consistent investment history. ...Less
- Homebuyer wins full refund with Rs 1.57 crore interest in MahaREAT as builder delays possession by 3 years, citing MHADA-MCGM dispute
Homebuyers have won a significant victory as MahaREAT ruled a builder cannot use inter-authority disputes ...More
Homebuyers have won a significant victory as MahaREAT ruled a builder cannot use inter-authority disputes to justify possession delays exceeding three years. The tribunal emphasized that the MHADA-MCGM dispute predated the agreed possession date, making the builder liable for delays. Buyers are now entitled to a full refund with interest, reinforcing buyer rights under RERA. ...Less
- ED summons former Kerala CM's daughter again in CMRL money laundering case
The Enforcement Directorate has summoned Pinarayi Vijayan's daughter, Veena T, for a second round of ques ...More
The Enforcement Directorate has summoned Pinarayi Vijayan's daughter, Veena T, for a second round of questioning on June 29 regarding a money laundering case. The probe centers on alleged payments of Rs 2.78 crore from mining firm CMRL to Veena's defunct IT company, Exalogic Solutions, without services rendered. ED sources indicate further questioning is necessary after reviewing initial statements and evidence. ...Less
- ED probes auditors, vendors for colluding with CMRL MD in Kerala money laundering case
The Enforcement Directorate is investigating Cochin Minerals and Rutile Limited (CMRL) for alleged money ...More
The Enforcement Directorate is investigating Cochin Minerals and Rutile Limited (CMRL) for alleged money laundering, focusing on payments to an IT firm owned by Veena T, daughter of a former Kerala CM. A Serious Fraud Investigation Office report details how CMRL's MD, SN Sasidharan Kartha, allegedly orchestrated financial irregularities, including misrepresenting expenses and colluding with auditors and transport vendors for inflated payments totaling ₹182 crore. ...Less
- Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legally
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital ...More
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow. This move, facilitated by Section 54F of the Income Tax Act, saw her win an appeal against tax objections. The case highlights prudent tax planning for high-net-worth individuals and offers valuable insights for retail investors looking to manage capital gains tax through real estate investment. ...Less
- Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief
When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got ...More
When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption for the entire amount of leave encashment under Section 10(10AA)(ii). ...Less
- Sena (UBT) crisis: Operation successful, says Fadnavis; I never leave operations incomplete, asserts Shinde
Maharashtra Chief Minister Devendra Fadnavis declared "Operation Tiger" successful, indicating defections ...More
Maharashtra Chief Minister Devendra Fadnavis declared "Operation Tiger" successful, indicating defections from the Shiv Sena (UBT) to the Eknath Shinde-led faction. Deputy CM Shinde affirmed his commitment to completing operations. Fadnavis emphasized Shinde's leadership as carrying forward Balasaheb Thackeray's true ideology, urging Uddhav Thackeray to introspect. He also clarified adjustments to the Ladki Bahin scheme and defended the farm loan waiver's eligibility criteria. ...Less
- Delhi HC rules EY US secondment fees taxable in India, MNCs face higher costs for foreign talent
Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. ...More
Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. The court determined that payments for employees deputed to India constitute taxable 'foreign technical services' (FTS), not mere cost reimbursements. This decision could increase the cost of bringing in foreign expertise by up to 10%, prompting companies to re-evaluate their secondment arrangements and potential GST liabilities. ...Less
- TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do it
Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the ...More
Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction. Timely correction ensures proper tax credit and avoids disputes. ...Less
- Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)
The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY ...More
The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadline of June 15, 2026, requires tax officers to forward selected cases for scrutiny. Taxpayers with errors can file updated returns or provide explanations during scrutiny. ...Less
- 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
- What crypto investors need to know for tax season 2026
India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New repo ...More
India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including transaction-by-transaction entries in Schedule VDA and cross-referencing with exchange data, are crucial. Failure to comply accurately can lead to significant penalties, making diligent record-keeping essential for all participants. ...Less
- Ashok Gehlot backs Rahul as INDIA bloc face, says contest should be 'Modi Vs Rahul'
He also said the time has come for "BJP versus all" rather than "Congress versus all", and claimed that i ...More
He also said the time has come for "BJP versus all" rather than "Congress versus all", and claimed that if former prime minister Indira Gandhi were in power today, she would have banned a party like the BJP for practising politics in the name of religion. ...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
- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rules
A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash ...More
A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs 2 lakh threshold. ...Less
- Paid tax on black money? 7 reasons you can still lose it all
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- ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27
India's income tax administration has become increasingly data-driven, with information from TDS/TCS repo ...More
India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sources being integrated into the Annual Information Statement (AIS) and used to cross-check taxpayer disclosures. In this environment, filing an accurate and complete ITR is essential to avoid refund delays, tax demands, penalties, compliance alerts and notices. ...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
- 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
- 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
- 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
- ET Prime Special Series: Multibagger or IBC - Part 62: This quiet auto ancillary now earns in 3 months what it once earned in a year
The stock has multiplied many times over in just a few years, the order book has never been bigger, and t ...More
The stock has multiplied many times over in just a few years, the order book has never been bigger, and the value packed into every vehicle it supplies is set to keep climbing. Electric cars barely dent its core, because what it makes is needed whether a vehicle burns fuel or runs on a battery. ...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
- 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
- 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
- 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
- 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
