Day: July 21, 2026
*******ITR filing: 8 costly mistakes salaried employees should avoid to prevent tax notices and refund delays
https://www.businesstoday.in/personal-finance/tax/story/itr-filing-8-costly-mistakes-salaried-employees-should-avoid-to-prevent-tax-notices-and-refund-delays-543420-2026-07-16 Filing an income tax return (ITR) is no longer as simple as copying salary details from Form 16. With the Income Tax Department relying on
*******Can third-party documents alone trigger a tax demand? ITAT explains when the Income Tax Department can act
https://www.businesstoday.in/personal-finance/tax/story/can-third-party-documents-alone-trigger-a-tax-demand-itat-explains-when-the-income-tax-department-can-act-543459-2026-07-16 The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has reiterated that the Income Tax Department cannot raise an addition for alleged undisclosed
*******Below Rs 10 lakh in cash deposits? You may still have to explain them to Income Tax Dept
https://www.financialexpress.com/money/income-tax-below-rs-10-lakh-in-cash-deposits-you-may-still-have-to-explain-them-to-income-tax-dept-4298189 Many people believe that as long as their total cash deposits stay below Rs 10 lakh in a financial year, they don’t have to worry about
*******From a Black Money Act notice to Rs 1,65,764 in tax savings: How a Mumbai professional fixed his global portfolios?
https://www.financialexpress.com/money/income-tax/from-a-black-money-act-notice-to-rs-165764-in-tax-savings-how-a-mumbai-professional-fixed-his-global-portfolios/4297485 Under Indian tax rules, any individual whose total taxable income exceeds Rs 50 Lakhs must mandatorily disclose their global balance sheet under Schedule AL
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