An income tax penalty can run into a substantial amount, especially in cases involving misreporting of income. But taxpayers may have a way to seek
Category: Income Tax
Reassessment Without Seven Clear Days Invalid; Section 263 Revision Quashed by ITAT Ranchi
Read more at: https://taxguru.in/income-tax/reassessment-without-clear-days-invalid-section-263-revision-quashed-itat-ranchi.html?utm_source=follow.it Copyright © Taxguru.in he Ranchi Bench of the Income Tax Appellate Tribunal allowed the appeal of Agarwal Metcom Private Limited for
*Bank links church’s Rs 47.85 lakh deposits to IT employee’s PAN: How he resolved tax alert
A salaried IT professional receiving his annual Form 16 typically expects a routine tax filing season. But on the afternoon of December 31, an urgent
*Your queries on income tax: Claim tax benefit within 5 yrs on pre-possession loan interest
By Neeraj Agarwala l What is the maximum time limit to claim tax benefits on a home loan for an under-construction property? —Himanshu Nagar Once
*****If penalty is imposed for misreporting of income or other cases you can apply for waiver of penalty using revised Form 161; Check the details
Read more at:https://economictimes.indiatimes.com/wealth/tax/good-news-if-penalty-is-imposed-for-misreporting-of-income-or-other-cases-you-can-apply-for-waiver-of-penalty-using-revised-form-161-check-the-details/articleshow/134834280.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst The Central Board of Direct Taxes (CBDT) on October 8, 2026, has introduced a revised Form 161, using which eligible taxpayers, including
Sisters demanded 1/3 share in parents’ lands, citing Hindu Succession Law, but brother won the case in Madras HC; know why
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/sisters-demanded-1/3-share-in-parents-lands-citing-hindu-succession-law-but-brother-won-the-case-in-madras-hc-know-why/articleshow/134766663.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst A recent case in the Madras High Court showed how a correct Will could have prevented years of conflict between siblings over
Do you have to pay tax in India or abroad? Why your residential status is important factor
Read more at:https://economictimes.indiatimes.com/wealth/tax/do-you-have-to-pay-tax-in-india-or-abroad-why-your-residential-status-is-important-factor/articleshow/134755487.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst There are many individuals who keep traveling abroad for work or any other purpose and earn income there. However, when it comes
New FEMA can be fatale for e-shoppers
Read more at:https://economictimes.indiatimes.com/opinion/et-editorial/new-fema-can-be-fatale-for-e-shoppers/articleshow/134747020.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst New Fema reporting rules, which came into effect from Oct 1, are causing some disquiet over purchases by individuals of digital services
*******Taxpayer claims Rs 37.8 lakh deduction but faces 200% penalty: What ITAT says next
A cooperative housing society claimed a Rs 37.82 lakh tax deduction on interest income. The Income Tax Department rejected the claim and went a step
*******Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT Chennai
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-85-3-lakh-cash-gifts-from-relatives-deposited-in-bank-trigger-unexplained-deposit-income-tax-notice-taxpayer-contests-and-wins-case-in-itat-chennai/articleshow/134685488.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst When Mr Amirtharaj from Mylai Ranganathan Street, Thygarayanagar (Chennai), got cash gifts totalling Rs 85.03 lakh from his relatives, he executed gift
*******Rs 67 lakh ancestral jewellery declaration in ITR triggers income tax notice of unexplained credit: Here’s why lady won at ITAT Mumbai
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-67-lakh-ancestral-jewellery-declaration-in-itr-triggers-income-tax-notice-of-unexplained-credit-heres-why-lady-won-at-itat-mumbai/articleshow/134694269.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst When Mrs Parikh from Vile Parle West, Mumbai, submitted Schedule AL in her income tax return (ITR) for the first time after
*******Redevelopment Transit Rent Is Capital Receipt Regardless of Actual Spending: ITAT Mumbai
Read more at: https://taxguru.in/income-tax/redevelopment-transit-rent-capital-receipt-actual-spending-itat-mumbai.html Copyright © Taxguru.in Summary: For assessment year 2017-18, the ITAT Mumbai considered an appeal against reassessment proceedings in which three additions
*******No tax-free threshold for senior citizens on dividend income
l Is there any tax-free threshold for dividends received by senior citizens? —Rohan Chaudhary Dividend income is taxable in the hands of investors at their
*******Dubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these grounds
Read more at:https://economictimes.indiatimes.com/wealth/tax/dubai-nri-bought-rs-2-31-crore-property-didnt-file-itr-got-income-tax-notice-she-fights-back-and-wins-in-itat-on-these-grounds/articleshow/134631463.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Mrs Chudamasa, a Dubai-based NRI, did not file her income tax return for the assessment year 2017-18. However, the Income Tax Department
*******NRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax notice
Read more at:https://economictimes.indiatimes.com/wealth/tax/nri-child-sends-money-to-parents-in-india-why-a-tax-free-gift-can-still-trigger-an-income-tax-notice/articleshow/134632689.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst An NRI may send money to his or her parents in India for household expenses, medical needs, investments, or other family requirements.
*******CBDT Amends TDS Rules for Non-Resident Immovable Property Transfers
Read more at: https://taxguru.in/income-tax/cbdt-amends-tds-rules-non-resident-immovable-property-transfers.html?utm_source=follow.it Copyright © Taxguru.in Summary: The Central Board of Direct Taxes (CBDT) has notified the Income-tax (Fifth Amendment) Rules, 2026, effective from
1-Section 50C Proviso Not Retrospective for AY 2013-14, Rules Ranchi ITAT
Read more at: https://taxguru.in/income-tax/section-50c-proviso-not-retrospective-ay-2013-14-rules-ranchi-itat.html?utm_source=follow.it Copyright © Taxguru.in Prakash Chandra Mukherjee Vs ITO (ITAT Ranchi) Agreement-Date Stamp Value Relief under Section 50C Is Not Retrospective: Ranchi
1-*******Supreme Court Stays P&H HC Ruling Striking Down S. 147A of Income Tax Act; Reassessment Proceedings Also Stayed
The Supreme Court stayed the Punjab and Haryana High Court judgment which had struck down Section 147A of the Income Tax Act, 1961 as unconstitutional.
1-Your queries on income tax: File revised return if any income missed in original ITR
1. I had filed my ITR in June and found out some income was not reported. The tax return is also processed. Should I pay
1-Can NRIs save income tax by gifting shares to their resident parents? Know these tax rules before transferring shares
https://economictimes.indiatimes.com/wealth/tax/can-nris-save-income-tax-by-gifting-shares-to-their-resident-parents-know-these-tax-rules-before-transferring-shares/articleshow/134325155.cms Gifting shares to your parents may look like a simple family transfer, but for an NRI, it can have important tax implications later. There
