https://economictimes.indiatimes.com/prime/one-day-left-to-file-itr-do-not-click-submit-before-checking-these-points/primearticleshow/132724542.cms Nobody experiences life as a financial year. A job changes because a better one is available. A fixed deposit renews because the bank was
Category: Income Tax
‘Allow honest taxpayers to fix bona fide errors’: Sitharaman flags 5 tax priorities as ITR deadline nears
https://www.financialexpress.com/money/income-tax-allow-honest-taxpayers-to-fix-bona-fide-errors-sitharaman-flags-5-tax-priorities-as-itr-deadline-nears-4302789 Allow honest taxpayers to fix bona fide errors’: Sitharaman flags 5 tax priorities as ITR deadline nears Finance Minister Nirmala Sitharaman has directed officials
Look out for any tax notices after filing your ITR
https://www.financialexpress.com/money/look-out-for-any-tax-notices-after-filing-your-itr-4301797 Received an Income Tax Intimation? How to Respond to Section 143(1) Notices & Tax Demands AFTER FILING THE income tax return (ITR), taxpayers receive the intimation
*******Are gifts given to NRIs by relatives taxable? Here’s what you need to know about income tax and FEMA rules
Read more at:https://economictimes.indiatimes.com/wealth/tax/are-gifts-given-to-nris-by-relatives-taxable-heres-what-you-need-to-know-about-income-tax-and-fema-rules/articleshow/132617658.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/are-gifts-given-to-nris-by-relatives-taxable-heres-what-you-need-to-know-about-income-tax-and-fema-rules/articleshow/132617658.cms Picture an NRI receiving a gift worth lakhs of rupees from someone back home in India. Will it be taxable? The
*******Income tax dept rolls out foreign assets report on e-filing portal
https://www.financialexpress.com/money/income-tax-alert-new-e-filing-feature-helps-taxpayers-view-foreign-assets-report-4301417 FAST-DS 2026 will give resident Indians a six-month window to voluntarily disclose undisclosed foreign assets and income, with immunity from prosecution under the Black
Don’t discard these ITR documents for 6 years after filing, warn tax experts
https://www.financialexpress.com/money/income-tax/dont-discard-these-itr-documents-for-6-years-after-filing-warn-tax-experts/4300282 ITR filing AY 2026-27: Your Income Tax Return (ITR) may have been filed successfully, but your tax-related work isn’t over yet. Tax experts are of the
*******Opting for presumptive taxation while filing ITR? You may have to face tax audit; here’s what you must know
Read more at:https://economictimes.indiatimes.com/wealth/tax/opting-for-presumptive-taxation-while-filing-itr-you-may-have-to-face-tax-audit-heres-what-you-must-know/articleshow/132598575.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Freelancers, doctors, engineers, and other professionals who opt for a presumptive taxation scheme need to know that under this scheme, a taxpayer is permitted
Why you should not rely solely on AIS data for filing tax return
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
Taxpayer gets tax notice after legally switching tax regime; here’s why – Money News | The Financial Express
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
Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced – The Economic Times
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
May 31 SFT cut off: A small SFT error could create big ITR problems here’s what to watch for – BusinessToday
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
*****ITAT Condones 2659-Day Delay Because Improper Tax Advice Prevented Timely Appeal
Clipped from: https://taxguru.in/income-tax/itat-condones-2659-day-delay-because-improper-tax-advice-prevented-timely-appeal.html?utm_source=follow.it Shirol Panchayat Samitti Karmchari Sahakari Vs ITO (ITAT Pune) CIT(A) Cannot Reject Appeal Without Deciding Section 80P Claim on Merits; Delay of Over
*****One Extra “0”, One Massive Tax Demand – ITAT Pune Comes to the Rescue of an Army Jawan
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
*****Section 54F Deduction Cannot Be Denied Without Adequate Opportunity to Furnish Evidence
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
*Cash Deposits in Bank Account Cannot Be Treated as Undisclosed Income Without Proper Consideration: ITAT Sets Aside ₹81.14 Lakh Addition [Read Order]
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
*Gift From NRI Relative Not Taxable as Income if Genuineness is Proved: ITAT [Read Order]
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
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