lipped from: https://www.financialexpress.com/money/new-itr-forms-make-compliance-easier-but-ask-for-more-income-detailsnbsp-4217779/ Turnover from F&O trading & intraday trades to be separately shown ITR Forms for AY 2026-27: New Disclosure Rules for F&O, Political Donations,
Category: Income Tax
*Missed tax break on property sale? ITAT allows Section 54 in reassessment | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/missed-tax-break-on-property-sale-itat-allows-section-54-in-reassessment-126042000324_1.html Missed Section 54 in original return? ITAT allows claim later, but conditions, timelines and documents matter A recent ruling by the Income Tax
*PAN rules explained: Here’s when it’s mandatory for your transactions | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/pan-rules-explained-here-s-when-it-s-mandatory-for-your-transactions-126042000722_1.html From opening bank accounts to buying property, here’s where quoting PAN is compulsory under the current income tax rules Quoting a Permanent Account
*No tax liability? Here’s how Form 121 replaces 15G and 15H under the Income Tax Act 2025 – Income Tax News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-10-things-to-know-about-form-121-if-your-tax-liability-is-nil-4212942/ Quoting of PAN is mandatory for submitting the declaration in Part A of Form No. 121 by the declarant. Form 121 is a
*What happens if your employer deducts TDS but doesn’t deposit it with govt? ITAT ruling brings clarity – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/what-happens-if-your-employer-deducts-tds-but-doesnt-deposit-it-with-govt-itat-ruling-brings-clarity-4212798/ A Kolkata ITAT ruling brought major relief to salaried taxpayers, holding that TDS credit cannot be denied even if the employer fails to
Meta help–regarding Section 147A and 148A
Got it — you’re just studying this for the new Act, no notice involved. Here’s a clean study-note version of Section 147A inserted by Finance
*Budget 2026: FM Proposes New Section 147A to Clarify Who Can Issue Reassessment Notices [Read Finance Bill 2026]
Clipped from: https://www.taxscan.in/top-stories/budget-2026-fm-proposes-new-section-147a-to-clarify-who-can-issue-reassessment-notices-1442610 Budget 2026 proposes a new Section 147A to clearly define the authority responsible for issuing income tax reassessment notices, with retrospective effect from
*Misreported income? This can cost you 200% tax penalty — What you should know – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/misreported-income-this-can-cost-you-200-tax-penalty-what-you-should-know-526204-2026-04-17 Misreporting your income in ITR can lead to steep penalties of up to 200% of the tax due under Section 270A. Even small
*Income tax rules 2026: Who is taxed on gifts, property and asset transfers? – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-rules-2026-who-is-taxed-on-gifts-property-and-asset-transfers-526169-2026-04-17 In India, asset transfers, whether through sale, exchange, or gift, are typically treated as capital gains and taxed in the year the transfer
*Man sells shares, invests Rs 40 crore capital gains to buy 6 luxury flats; tax exemption on gains denied – ITAT still gives relief – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/man-sells-shares-invests-rs-40-crore-capital-gains-to-buy-6-luxury-flats-tax-exemption-on-gains-denied-itat-still-gives-relief-4209951/ Mumbai ITAT has ruled that six flats spread across three floors can be treated as one residential house for tax exemption under Section
*Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here’s why ITAT Chennai cancelled it – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/employee-fined-rs-10-lakh-over-lack-of-esop-disclosure-in-itr-heres-why-itat-chennai-cancelled-it/articleshow/130320585.cms When Mr Kumar was working abroad with Vedanta Limited, he received employee stock options (ESOPs) from the foreign parent company, Vedanta Resources PLC (UK). These shares
*TDS, TCS shake up Decoding new tax rates, codes and compliance rules – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/bt-explainer-tds-tcs-shake-up-decoding-new-tax-rates-codes-and-compliance-rules-525983-2026-04-16 From April 1, 2026, the TDS/TCS regime will see a major overhaul under the new Income Tax Act, with renumbered sections and simplified
*Finance Act 2026: What the latest amendments mean for you as taxpayer, investor – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/finance-act-2026-what-the-latest-amendments-mean-for-you-as-taxpayer-investor-525805-2026-04-15 The Finance Act, 2026 brings a series of targeted changes that directly impact how you are taxed, invest, and respond to compliance requirements.
*Man gifts a house to father to save Rs 2.63 crore in capital gains tax; I-T Dept flags ‘timing and intent’ – ITAT steps in – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/man-gifts-a-house-to-father-income-tax-dept-questions-timing-and-intent-itat-flags-these-lapses-4209053/ The ITAT denied a taxpayer’s Rs 2.63 crore exemption under Section 54F after finding that a property gifted to his father just days
*Rs 15.85 lakh annual salary, Rs 0 tax? Here’s how new tax regime makes it possible – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/rs-15-85-lakh-annual-salary-rs-0-tax-heres-how-new-tax-regime-makes-it-possible-4207072/ A salaried individual earning Rs 15.85 lakh annually can reduce tax liability to zero under the new tax regime — but only with
*ITR assessment rules change from April 2026: Four key amendments explained – The Economic Times
lipped from: https://economictimes.indiatimes.com/wealth/tax/itr-assessment-rules-change-from-april-2026-four-key-amendments-explained/articleshow/130259923.cms Income-tax assessment is all about checking and reviewing the information you provided in your Income-Tax Return (ITR). There are different types of tax
*Appeal Cannot Be Dismissed for Non-Payment of Advance Tax When No Taxable Income Exists
lipped from: https://taxguru.in/income-tax/appeal-dismissed-non-payment-advance-tax-taxable-income-exists.html James Ivan Dantis Vs ITO (ITAT Mumbai) In James Ivan Dantis vs ITO (ITAT Mumbai), the Tribunal condoned a delay in filing the appeal,
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