Category: Income Tax

Clipped from: https://www.business-standard.com/finance/personal-finance/why-you-should-not-rely-solely-on-ais-data-for-filing-tax-return-126052901029_1.html Information contained in AIS should be cross-checked against data in various statements of financial transactions If taxpayers receive a tax notice, they should

Clipped from: https://www.financialexpress.com/money/taxpayer-gets-tax-notice-after-legally-switching-from-new-to-old-regime-heres-why-4253194/ A Bengaluru-based business consultant received an Income Tax Department intimation despite correctly filing his ITR and legally switching from the new to the

Clipped from: https://economictimes.indiatimes.com/wealth/tax/mumbai-man-received-tax-notice-over-unreported-income-not-filing-itr-itat-rules-in-his-favour-on-tds-benefit-tax-demand-reduced/articleshow/131389428.cms While Soman offered this unreported income for tax after he was sent the tax notice, the tax department did not give him credit

Clipped from: https://www.businesstoday.in/personal-finance/tax/story/may-31-sft-cut-off-a-small-sft-error-could-create-big-itr-problems-heres-what-to-watch-for-533890-2026-05-29 As the May 31 deadline for Statement of Financial Transactions (SFT) filings approaches, taxpayers should closely review their Annual Information Statement (AIS) for

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