Category: Income Tax

Clipped from: https://taxguru.in/income-tax/extra-0-massive-tax-demand-itat-pune-rescue-army-jawan.html?utm_source=follow.it Naveen Nath Vs ITO (ITAT Pune) The Pune ITAT granted relief to an Indian Army jawan whose income was wrongly assessed at ₹45.27 lakh merely because his

lipped from: https://taxguru.in/income-tax/section-54f-deduction-denied-adequate-opportunity-furnish-evidence.html?utm_source=follow.it Section 54F of the Income Tax Act, 1961 provides a valuable capital gains exemption to taxpayers who invest the net sale consideration from a long-term

Clipped from: https://www.taxscan.in/top-stories/cash-deposits-in-bank-account-cannot-be-treated-as-undisclosed-income-without-proper-consideration-itat-sets-aside-8114-lakh-addition-1445655 ITAT sets aside addition on bank deposits lacking proper consideration The Income Tax Appellate Tribunal (ITAT) Kolkata Bench has held that cash deposits

Clipped from: https://www.taxscan.in/gift-from-nri-relative-not-taxable-as-income-if-genuineness-is-proved-itat/430885 As gifts received from an NRI relative are not chargeable to tax, the tribunal directed the addition of 20,00,000/- made towards the income

Clipped from: https://www.taxscan.in/top-stories/gift-taxation-in-india-sectionwise-guide-under-incometax-act-1961-and-2025-1445687?from-login=628672&token=RDWEBKIK9LKGTK2MG5OQ4UCHPYS2YVJRVZHTA While the 2025 Act renumbers and simplifies the provision, the core taxation principles and exemptions remain unchanged. Gift‑giving in India is culturally very meaningful,

Clipped from: https://economictimes.indiatimes.com/wealth/tax/how-new-online-gaming-rules-will-change-your-income-tax-and-legal-exposure-depending-on-the-kind-of-game-you-play/articleshow/130708954.cms If you have ever opened a gaming app for “just a quick game” and ended up spending far more time than you planned,

Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-i-claim-ltcg-exemption-in-same-year-if-i-buy-a-property-before-selling-existing-one/articleshow/130826117.cms Listen to this article in summarized format These are a set of queries raised by ET Wealth readers, which have been answered by

Benefits   Old Tax Regime   New Tax Regime   Value of free food voucher    INR 200 per meal   INR 200 per meal  A specific carve-out allowed tax exemption

Section 148A(b) requires at least seven days to respond; a notice granting only five days was held contrary to statute, and the assessee’s later extension

Summary: Cash deposits of demonetized notes are not unexplained investment merely because they were accepted or deposited in violation of RBI guidelines. For invoking section 69,

Clipped from: https://economictimes.indiatimes.com/wealth/tax/us-based-son-gets-tax-notice-in-india-over-rs-11-lakh-cash-deposit-made-on-behalf-of-parents-during-demonetisation-itat-delhi-cancels-notice-for-this-reason/articleshow/130755461.cms When Mr Bussi deposited about Rs 11 lakh cash into his parents’ ICICI Bank account in Delhi during demonetisation, he had no idea that he

Clipped from: https://economictimes.indiatimes.com/wealth/tax/rs-13-lakh-cash-payment-for-credit-card-bill-triggers-tax-notice-man-wins-case-after-itat-accepts-family-gift-explanation/articleshow/130631512.cms When Mr Mehta from Shivaji Park, Mumbai, Maharashtra filed his income tax return (ITR), showing an income of Rs 6.3 lakh after paying

Clipped from: https://www.financialexpress.com/money/rs-1-crore-gold-seized-from-taxpayer-during-search-with-no-purchase-bills-can-it-be-taxed-itat-ruling-explains-4222161/ Gold found in an Income Tax search isn’t always taxable. A recent ITAT ruling shows how CBDT’s jewellery limits can help taxpayers avoid

Clipped from: https://www.financialexpress.com/money/nri-sells-rs-1-crore-property-saves-rs-12-5-lakh-tds-legally-how-this-form-cut-his-tax-to-zero-4220735/ An NRI avoided a Rs 12.5 lakh TDS deduction on a Rs 1 crore property sale by using a simple provision under tax

Clipped from: https://www.business-standard.com/finance/personal-finance/presumptive-taxation-explain-income-investment-gap-with-clear-proofs-126042700518_1.html Reconcile investment details with bank records, Form 26AS and AIS before tax filing Taxpayers under the presumptive scheme must maintain consistency between declared

Clipped from: https://www.financialexpress.com/money/itr-filing-not-required-income-tax-act-2025-allows-these-taxpayers-to-use-form-125-check-eligibility-4219521/?ref=hometop_hp Senior citizens aged 75+ with only pension and interest income can now avoid filing ITR using Form No. 125 under the new Income-tax

Clipped from: https://www.financialexpress.com/money/your-queries-on-income-tax-nris-have-to-pay-capital-gains-tax-on-property-sale-in-india-4217787/ Navigating the Income Tax Act, 2025: This guide covers essential tax rules for NRIs selling property in India, including TDS and treaty relief.

Clipped from: https://taxguru.in/income-tax/reopening-quashed-itat-slams-casual-148a-action-rs-50l-threshold-met.html?utm_source=follow.it Nikhil Chandran Vs ITO (ITAT Bangalore) The Bangalore ITAT quashed the reassessment proceedings against an NRI assessee, holding that the extended limitation under Section