Month: February 2026

Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-i-gift-large-sum-to-my-senior-citizen-parent-and-open-a-joint-bank-account-with-them-to-earn-interest-without-tax/articleshow/127877663.cms Listen to this article in summarized format These are a set of queries raised by ET Wealth readers, which have been answered by

Clipped from: https://economictimes.indiatimes.com/wealth/tax/relaxation-in-jail-term-on-itr-filing-offence-in-budget-2026-pay-fine-or-2-years-jail-instead-of-7-years-if-itr-not-filed-and-tax-is-above-rs-50-lakh/articleshow/127880365.cms Listen to this article in summarized format has introduced a significant change by rationalising the income tax penalty and prosecution rules. O.P Yadav, former commissioner

This year, we also have two critical data announcements—a complete overhaul of the Consumer Price Index (CPI) and gross domestic product (GDP) series. Set against

Clipped from: https://www.financialexpress.com/business/airlines-aviation-new-baggage-rules-2026-duty-free-baggage-limit-raised-to-rs-75000-for-indian-travellersnbsp-key-changes-here-4129217/ India’s new Baggage Rules, 2026 make international travel easier for passengers, raising duty-free allowances to Rs 75,000 for residents and tourists of Indian

Clipped from: https://www.financialexpress.com/money/tax-buoyancy-lowest-since-covid-4127896/ At Rs 44.04 lakh crore, gross tax revenue target modest; strategic sectors get customs duty relief India’s Budget 2026-27 projects gross tax revenue

Clipped from: https://www.financialexpress.com/money/itr-filing-deadline-changed-your-itr-form-now-decides-when-you-must-file-returns-4128198/ For millions of taxpayers, Budget 2026-27 has quietly changed how and when income tax returns (ITRs) must be filed. While there was no change in

Clipped from: https://www.financialexpress.com/money/budget-2026-tightens-itr-filing-rules-correcting-old-tax-mistakes-will-cost-you-up-to-70-extra-4129220/ After Budget 2026, correcting past income tax mistakes has become significantly more expensive. Under the updated return (ITR-U) framework introduced through the Finance

Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/sold-farm-land-for-rs-5-crore-buys-new-land-in-wifes-name-paid-no-capital-gains-tax-gets-tax-notice-why-itat-delhi-denied-tax-exemption/articleshow/127819618.cms Listen to this article in summarized format On January 21, 2026, the Income Tax Appellate Tribunal (ITAT Delhi) rejected a husband’s request for

Clipped from: https://taxguru.in/income-tax/opportunity-hearing-itat-lucknow-remands-section-69a-addition.html Abha Patel Vs Assessment Unit (ITAT Lucknow) Income Tax Appellate Tribunal, Lucknow Bench considered an appeal filed for Assessment Year 2018–19 against an

https://taxguru.in/income-tax/itat-chandigarh-quashed-reassessment-due-jao-issuing-notice-post-faceless-mandate.html ITAT Chandigarh Quashed Reassessment Due to JAO Issuing Notice Post-Faceless Mandate Clipped from: https://taxguru.in/income-tax/itat-chandigarh-quashed-reassessment-due-jao-issuing-notice-post-faceless-mandate.html Biru Sharma Vs ITO (ITAT Chandigarh) The appeal before the Income Tax

Clipped from: https://www.taxscan.in/top-stories/cash-payment-for-joint-flat-bought-with-wife-explained-through-bank-records-itat-deletes-525-lakh-income-tax-addition-1442392?TRN300=SekGznSUsaDlKvEVxcwMCKGGasJUGdMKvvEXSGPxgjGMVUfSyMcBzIURBMcAch&LKD333=3385633 ITAT found merit in the appellant’s argument and deleted tax addition. Bank records show that cash payment was made to purchase a flat.

Clipped from: https://www.taxscan.in/top-stories/small-taxpayers-to-get-lower-nil-tds-certificates-without-applications-to-assessing-officer-union-budget-2026-1442586?TRN300=SebWJnSDsAuRKvvwGBAMCbGGacJdwuMkveGwbAqXWjhMEUFSYMCkZyDPbMCASH&LKD333=3387288 The proposal aims to introduce a rule-based, automated system for granting lower or nil TDS certificates to eligible small taxpayers. The Union Budget

Clipped from: https://www.taxscan.in/top-stories/budget-2026-itr-due-dates-revised-for-all-taxpayer-categories-1442591?TRN300=SebWJnSDsAuRKvvwGBAMCbGGacJdwuMkveGwbAqXWjhMEUFSYMCkZyDPbMCASH&LKD333=3387298 Budget 2026 revises and legally fixes income tax return due dates for all taxpayer categories, ranging from July 31 to November 30. The