Clipped from: https://www.taxscan.in/top-stories/hra-claim-restricted-to-as-rent-agreement-in-joint-name-with-brother-rules-itat-despite-assessee-bearing-entire-rent-1432977 Despite the assessee’s submission that the entire rent of ₹1,26,500 was paid by him and that his brother had not claimed any HRA
Category: Five Star
*****CBDT issues SOP to track capital gains from JDAs, reports due Oct 31 | Industry News – Business Standard
lipped from: https://www.business-standard.com/industry/news/cbdt-sop-capital-gains-jda-october-deadline-125091701218_1.html CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports
*****ITR deadline gone: How a slight mismatch can lead to tax notices; key things to note – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-gone-how-a-slight-mismatch-can-lead-to-tax-notices-key-things-to-note-494372-2025-09-17 Even small mistakes in your Income Tax Return (ITR), like missing a few thousand rupees of interest income, can trigger a notice from
*****Exceptional record – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/editorial/exceptional-record/article70041954.ece India’s external debt metrics are sound, with a few chinks After a close brush with a balance of payments crisis in 1991 and
*****Govt seeks monthly reports on pricing after GST rate cuts from Sep 22 | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/govt-seeks-monthly-reports-on-price-changes-after-gst-rate-cuts-from-sep-22-125091201334_1.html In the circular, which is seen by Business Standard, the CBIC directed principal chief commissioners to compile commodity-wise price data from trade associations
*****Addition of Rs. 6.75 Lakh Gifts from Sister and Father-in-Law by AO: ITAT Deletes Addition, Accepts Proof of Receipt [Read Order]
Clipped from: https://www.taxscan.in/top-stories/addition-of-lakh-gifts-from-sister-and-father-in-law-by-ao-itat-deletes-addition-accepts-proof-of-receipt-1431323 The assessee had received Rs. 3.75 lakh from his sister from the sale of agricultural land, collected as her power of attorney, and
*****Filing ITR for deceased, advance tax on extra income and capital gains on ancestral property – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-income-tax-legal-rep-has-to-file-last-itr-of-deceased-3954941/ This guide addresses common income tax queries, including the responsibilities of a legal representative for filing the last tax return of a deceased
*****Capital gains tax hack: How one taxpayer avoided Rs 10 lakh in LTCG, but paid Rs 0; here’s how – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/capital-gains-tax-hack-how-one-taxpayer-avoided-rs-10-lakh-in-ltcg-but-paid-rs-0-heres-how-490342-2025-08-20 Capital gains tax on property depends on holding period—short-term sales (within 2 years) are taxed at slab rates, while long-term sales attract 12.5%
GST reforms: Suggestions to boost ease of doing business and reduce costs
Clipped from: https://www.business-standard.com/opinion/columns/gst-reforms-suggestions-to-boost-ease-of-doing-business-and-reduce-costs-125081800003_1.html There should be no restrictions on taking input tax credit (ITC), on the essential principle that once tax is paid, it should either
*****Why should only CAs sign tax forms? ICSI’s bold push could change the game – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/why-should-only-cas-sign-tax-forms-icsis-bold-push-could-change-the-game-487523-2025-08-02 The current definition of “Accountant” under Section 288 of the Income Tax Act allows only CAs to represent taxpayers before income tax authorities
*****Onus on taxpayer to identify errors – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-onus-on-taxpayer-to-identify-errors-3934088/?ref=hometop_hp Taxpayers must verify details in AIS, Form 26AS, and Form 16 before filing ITR to avoid errors and notices. Discrepancies should be corrected
*****Misled by tax consultant, employee faces Rs 1.15 lakh penalty — ITAT Pune steps in to reverse it – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/misled-by-tax-consultant-employee-faces-rs-115-lakh-penalty-itat-pune-steps-in-to-reverse-it-487534-2025-08-02 A salaried employee was hit with a Rs 1.15 lakh penalty after his tax consultant filed inflated deductions without his knowledge. The ITAT
Supreme Court Questions Flaw in Registered Sale Deeds Executed via Power of Attorney, Refers Matter to Larger Bench [Read Judgement]
Clipped from: https://www.taxscan.in/top-stories/supreme-court-questions-flaw-in-registered-sale-deeds-executed-via-power-of-attorney-refers-matter-to-larger-bench-1428946 The Supreme Court has questioned the long-standing interpretation that allows agents under power of attorney to register sale deeds as executants The Supreme
Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/rs-437-crore-tax-collection-for-crypto-traders-evading-income-tax-is-getting-difficult-as-tax-dept-uses-ai-data-analytics-tools/articleshow/122919681.cms In India, avoiding taxes on bitcoin, cryptocurrencies, and other virtual digital assets is becoming increasingly difficult. The Income Tax Department is increasing its efforts to monitor transactions
*****ITR 2 or ITR 3 -for Speculation Income – Income Tax
Clipped from: https://www.caclubindia.com/forum/itr-2-for-speculation-income-522376.asp Can we file ITR 2 for the person having income from Speculation of shars as well as LTCG & STCG on shares?What if
*****Speculative Income – Meaning, Taxability, Exceptions
Clipped from: https://cleartax.in/s/speculative-income For income tax purposes, the income earned by the taxpayers is categorised under five major heads such as income from salary, income from house property,
*****Discrepancy in AIS? Income tax department explains how to resolve it easily – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/ais-mismatch-in-itr-filing-heres-how-to-fix-it-as-per-income-tax-dept-guidelines-3922959/ Over 1.62 crore taxpayers have so far filed their income tax returns (ITRs) this assessment year (AY2025-26). The Income Tax Department website shows that as many as
*****AIS/26AS Mismatch May Trigger Tax Notices: What Taxpayer Should Know
Clipped from: https://taxguru.in/income-tax/ais-26as-mismatch-trigger-tax-notices-taxpayer.html Introduction Just last month, a client of mine—a schoolteacher—received an unexpected notice for underreporting interest income of only ₹1,000. She was shocked because
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