Clipped from: https://www.financialexpress.com/money/15-big-income-tax-rule-changes-ahead-of-new-tax-law-rollout-on-april-1-budget-2026-faqs-4129781/ Post-Budget FAQs issued by the Income Tax Department reveal some important but lesser-noticed tax changes announced in Budget 2026. These clarifications, part of
Category: Income Tax
*******Can I gift large sum to my senior citizen parent and open a joint bank account with them to earn interest without tax? – The Economic Times
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 I want to gift a large sum to my senior citizen parents so that they can invest in long-term, high-yield FDs. Since they
*Budget 2026-27: Experts seek reforms to ease I-T litigation backlog | Budget 2026 News – Business Standard
Clipped from: https://www.business-standard.com/budget/news/budget-2026-27-experts-seek-reforms-to-ease-i-t-litigation-backlog-126012801574_1.html Experts suggest direct ITAT access and stronger dispute resolution mechanisms to tackle 5.4 lakh pending tax appeals and ease litigation backlog Tax experts
*******Income Tax searches can scan emails, social media and devices: ICAI warns of privacy risk, nudges govt for urgent fix – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-searches-can-scan-emails-social-media-and-devices-icai-warns-of-privacy-risk-nudges-govt-for-urgent-fix-4122787/ As the Union Budget 2026–27 draws closer, India’s top accounting body has raised a red flag that could unsettle many taxpayers. The Institute of Chartered
*******Tenants sold property bought from landlord’s wife on the basis of a Will, son raised disputes against Will; Delhi HC stays property sale till final trial – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/tenants-sold-property-bought-from-landlords-wife-on-the-basis-of-a-will-son-raised-disputes-against-will-delhi-hc-stays-property-sale-till-final-trial/articleshow/127628371.cms On January 21, 2026, in an interim judgement, the Delhi High Court prima facie observed that it appears suspicious that an unregistered will with only one attesting
*******Cash Deposits Explained in Books, Addition Deleted Without Rejection
Clipped from: https://taxguru.in/income-tax/cash-deposits-explained-books-addition-deleted-rejection.html Priya Enterprise Vs ITO (ITAT Surat) Cash Deposits and Sundry Creditors Explained in Books – Additions Deleted in Absence of Rejection of Accounts
*******Reassessment Quashed for Sanction by Incompetent Authority
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-sanction-incompetent-authority.html Suresh Kumar Giddaluru Vs Jurisdictional Assessing Officer (ITAT Surat) Reassessment Quashed for Invalid Sanction: Approval by PCIT Instead of Competent Authority Renders Notice
*******Lal Dora Property Valuation Under Section 50C Clarified
Clipped from: https://taxguru.in/income-tax/lal-dora-property-valuation-section-50c-clarified.html ACIT Vs Guptajee & Company (ITAT Delhi) ITAT Delhi: Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C – Commercial Use
*******Email Change Ignored by Department: Calcutta HC Sets Aside S.148A Reassessment Notice [Read Order]
Clipped from: https://www.taxscan.in/top-stories/email-change-ignored-by-department-calcutta-hc-sets-aside-s148a-reassessment-notice-1442253?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372397 The Court observed that failure to serve notice on the assessee’s updated email ID violated principles of natural justice The Calcutta High Court
*******Taxpayer cannot be Penalised for Mistake of Previous Tax Consultant: ITAT Grants Relief [Read Order}
Clipped from: https://www.taxscan.in/top-stories/taxpayer-cannot-be-penalised-for-mistake-of-previous-tax-consultant-itat-grants-relief-1442114?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372386 When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred for the other
*Direct tax refunds fall 17%, as tax revenues falter – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/direct-tax-refunds-fall-17-as-tax-revenues-falter-4118985/ Income tax refunds have contracted by 16.9% as of January 2026, with the government issuing ₹3.11 lakh crore compared to ₹3.75 lakh crore
*******Inherited property, money or investments? Six tax questions every heir needs answers for – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/inherited-property-money-or-investments-six-tax-questions-every-heir-needs-answers-for/articleshow/127358398.cms Estate planning may ensure a smooth transition of assets to legal heirs, but many inheritors remain unaware of how the income from investments
*******Tax dept seizes Rs 5 lakh foreign currency; man wins case in ITAT Mumbai; Know how much forex you can keep at home – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/tax-dept-seizes-rs-5-lakh-foreign-currency-man-wins-case-in-itat-mumbai-know-how-much-forex-you-can-keep-at-home/articleshow/127283278.cms On September 29, 2021, during an income tax raid at Mr. Prashant’s home, the income tax department discovered several assets, including foreign currency cash, gold and more.
*****Capital gain attributed to the co-owner who paid for house – Money News | The Financial Express
https://www.financialexpress.com/money/your-income-tax-queries-capital-gain-attributed-to-the-co-owner-who-paid-for-house-4117487/ Clipped from: https://www.financialexpress.com/money/your-income-tax-queries-capital-gain-attributed-to-the-co-owner-who-paid-for-house-4117487/ Understand the tax implications of selling joint property when ownership shares aren’t defined, and explore the concessional 10% tax rate for patent
*Key deductions in old and new tax regimes in FY 25-26: Experts want govt to increase these limits in Budget 2026 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/key-deductions-in-old-and-new-tax-regimes-in-fy-25-26-experts-want-govt-to-increase-these-limits-in-budget-2026/articleshow/127372733.cms With the Budget 2026 date of February 1 just a few days away, some salaried taxpayers are at crossroads- whether to stick to the old tax
*******Faceless tax assessment lost its way: Why Budget 2026 must fix system, not expand compliance burden – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/faceless-tax-assessment-lost-its-way-why-budget-2026-must-fix-trust-not-expand-compliance-burden/articleshow/127267051.cms Listen to this article in summarized format Union Budget 2026 comes at a critical juncture for India’s tax administration. With the Income-tax Act, 2025 (the “New
*******Change of Opinion: ITAT Pune Quashes Reassessment; Section 68 & 40(a)(ia) Additions Fail
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-change-opinion-evidence.html Vatsalabai Kabhari Deore Vs ITO (ITAT Pune) ITAT Pune Quashes Reassessment as Change of Opinion: Section 68 & 40(a)(ia) Additions Fail Without New
*******ITAT Pune Remands Capital Gains to AY 2011-12; Revised Computation Allowed
Clipped from: https://taxguru.in/income-tax/capital-gains-shifted-jv-transfer-occurred-earlier-year.html Popatrao Dashrathrao Suryawanshi Vs ITO (ITAT Pune) JV Transfer Took Place in AY 2011-12; ITAT Pune Allows Revised Computation and Remands Capital Gains
*******ITAT Kolkata Allowed Section 54 Exemption Despite Incomplete House Construction
The Kolkata Bench of the ITAT allowed the appeal of Ramautar Saraf (HUF) for AY 2016-17, holding that deduction under section 54 cannot be denied
*’Tax Year’ replacing ‘Assessment Year’ in new income tax law: How it will impact taxpayers – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/tax-year-replacing-assessment-year-in-new-income-tax-law-how-it-will-impact-taxpayers-4112178/ From April 1, 2026, the new Income-tax law will replace ‘Assessment Year’ with ‘Tax Year’ to simplify tax filing and compliance for individuals.
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