Category: Five Star

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

*****I-T notice after filing return? Don’t panic, here’s what to check and do next

Clipped from: https://www.businesstoday.in/personal-finance/tax/photo/i-t-notice-after-filing-return-dont-panic-heres-what-to-check-and-do-next-486172-2025-07-24 Getting an income tax notice after filing your return can feel stressful—but it’s often no cause for alarm. With the tax system now

*****Income tax slabs for salaried individuals for ITR filing FY 2024-25 (AY 202-26) under old, new tax regime – The Economic Times

Clipped from: https://economictimes.indiatimes.com/markets/bonds/corporate-bonds-in-india-from-institutional-stronghold-to-broader-participation/articleshow/122808987.cms The Income Tax Department has extended the last date for filing the income tax return (ITR) for FY 2024-25 (AY 2025-26) to September

*****Taxpayer wins Rs 1.4 lakh penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details – The Economic Times

Clipped from: https://economictimes.indiatimes.com/wealth/tax/taxpayer-wins-rs-1-4-lakh-penalty-case-despite-claiming-false-income-tax-deductions-to-reduce-income-by-50-know-the-details/articleshow/122860793.cms Penalty of Rs 1.4 lakh deleted despite a taxpayer claiming false income tax deductions to reduce his income by 50%; Know the details

*****Missed this new July 23 tax rule? You might overpay capital gains on your ITR 2025 – BusinessToday