ITR forms notified for AY27, experts advise assessees to scan their books more carefully ITR forms notified for AY27, experts advise assessees to scan their
Category: Income Tax
New income tax law from Wed: ITR, HRA, PAN and tax rules explained
https://www.business-standard.com/finance/personal-finance/new-income-tax-law-from-wed-itr-hra-pan-and-tax-rules-explained-126033100550_1.html India’s income tax framework undergoes a structural reset from Wednesday, introducing a new law and tighter compliance rules affecting salaried individuals, traders, investors and
Meal cards to offer Rs 1.05 lakh income tax exemption: New changes for salaried taxpayers under Income Tax Rules 2026 to be effective from April this year – The Economic Times
Salaried employees who get the benefit of meal coupons, meal vouchers, meal cards like Sodexo/Pluxee, Zaggle), or subsidised food from the office canteen, can now
*******What is the simplest way to gift money to my daughter living abroad? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/expert-view/no-chill-without-volatility-prateek-agrawal-on-playing-the-long-game-in-indias-new-market-era/articleshow/122765564.cms These are a set of queries raised by ET Wealth readers, which have been answered by our panel of experts. I want to
*******From April 1, your salary may look different — but your tax outgo is the real change – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/from-april-1-your-salary-may-look-different-but-your-tax-outgo-is-the-real-change-4179985/ From April 1, salary structures may become simpler and more direct as the new tax regime takes centre stage, shifting the real focus
*******I Tax Act, 2025 New tax rulebook from April 1: What really changes for salaried taxpayers – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/i-tax-act-2025-new-tax-rulebook-from-april-1-what-really-changes-for-salaried-taxpayers-521705-2026-03-21 The Central Board of Direct Taxes (CBDT) has notified the Income-tax Rules, 2026, to implement the Income-tax Act, 2025, introducing higher HRA benefits
*******Shilpa Shetty gets Rs 12.54 crore gift from Raj Kundra, his income Rs 27.71 lakh; tax dept flags mismatch – what ITAT said – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/shilpa-shetty-gets-rs-12-54-crore-gift-from-raj-kundra-his-income-rs-2771-lakh-tax-dept-flags-mismatch-what-itat-said-4179526/ The ITAT Mumbai has sent back Shilpa Shetty Kundra’s ₹12.54 crore gift case for fresh examination after finding gaps in the money trail.
WhatsApp chats lead to Rs 22.5 crore tax demand for a taxpayer – ITAT ruling clarifies what counts as evidence – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/whatsapp-chats-lead-to-rs-22-5-crore-tax-demand-for-a-taxpayer-itat-ruling-clarifies-what-counts-as-evidence-4175189/ ITAT Delhi deleted a Rs 22.5 crore tax addition made on the basis of WhatsApp chats and third-party digital data, ruling that such
Taxpayers can file updated returns before March 31 to correct past omissions.
They have to pay the due taxes, along with applicable interest and additional tax. Filing updated returns (ITR-U) under Section 139(8A) will help taxpayers avoid
*******New ITR rules to penalties: 15 big income tax changes ahead of new tax law rollout – Budget 2026 FAQs – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/15-big-income-tax-rule-changes-ahead-of-new-tax-law-rollout-on-april-1-budget-2026-faqs-4129781/ Post-Budget FAQs issued by the Income Tax Department reveal some important but lesser-noticed tax changes announced in Budget 2026. These clarifications, part of
*******Can I gift large sum to my senior citizen parent and open a joint bank account with them to earn interest without tax? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/can-i-gift-large-sum-to-my-senior-citizen-parent-and-open-a-joint-bank-account-with-them-to-earn-interest-without-tax/articleshow/127877663.cms I want to gift a large sum to my senior citizen parents so that they can invest in long-term, high-yield FDs. Since they
*Budget 2026-27: Experts seek reforms to ease I-T litigation backlog | Budget 2026 News – Business Standard
Clipped from: https://www.business-standard.com/budget/news/budget-2026-27-experts-seek-reforms-to-ease-i-t-litigation-backlog-126012801574_1.html Experts suggest direct ITAT access and stronger dispute resolution mechanisms to tackle 5.4 lakh pending tax appeals and ease litigation backlog Tax experts
*******Income Tax searches can scan emails, social media and devices: ICAI warns of privacy risk, nudges govt for urgent fix – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/income-tax-searches-can-scan-emails-social-media-and-devices-icai-warns-of-privacy-risk-nudges-govt-for-urgent-fix-4122787/ As the Union Budget 2026–27 draws closer, India’s top accounting body has raised a red flag that could unsettle many taxpayers. The Institute of Chartered
*******Tenants sold property bought from landlord’s wife on the basis of a Will, son raised disputes against Will; Delhi HC stays property sale till final trial – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/tenants-sold-property-bought-from-landlords-wife-on-the-basis-of-a-will-son-raised-disputes-against-will-delhi-hc-stays-property-sale-till-final-trial/articleshow/127628371.cms On January 21, 2026, in an interim judgement, the Delhi High Court prima facie observed that it appears suspicious that an unregistered will with only one attesting
*******Cash Deposits Explained in Books, Addition Deleted Without Rejection
Clipped from: https://taxguru.in/income-tax/cash-deposits-explained-books-addition-deleted-rejection.html Priya Enterprise Vs ITO (ITAT Surat) Cash Deposits and Sundry Creditors Explained in Books – Additions Deleted in Absence of Rejection of Accounts
*******Reassessment Quashed for Sanction by Incompetent Authority
Clipped from: https://taxguru.in/income-tax/reassessment-quashed-sanction-incompetent-authority.html Suresh Kumar Giddaluru Vs Jurisdictional Assessing Officer (ITAT Surat) Reassessment Quashed for Invalid Sanction: Approval by PCIT Instead of Competent Authority Renders Notice
*******Lal Dora Property Valuation Under Section 50C Clarified
Clipped from: https://taxguru.in/income-tax/lal-dora-property-valuation-section-50c-clarified.html ACIT Vs Guptajee & Company (ITAT Delhi) ITAT Delhi: Lal Dora Property to Be Valued as Agricultural/Residential for Section 50C – Commercial Use
*******Email Change Ignored by Department: Calcutta HC Sets Aside S.148A Reassessment Notice [Read Order]
Clipped from: https://www.taxscan.in/top-stories/email-change-ignored-by-department-calcutta-hc-sets-aside-s148a-reassessment-notice-1442253?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372397 The Court observed that failure to serve notice on the assessee’s updated email ID violated principles of natural justice The Calcutta High Court
*******Taxpayer cannot be Penalised for Mistake of Previous Tax Consultant: ITAT Grants Relief [Read Order}
Clipped from: https://www.taxscan.in/top-stories/taxpayer-cannot-be-penalised-for-mistake-of-previous-tax-consultant-itat-grants-relief-1442114?TRN300=cEKGZnCUsAUqKvvkWAEMsBGGASzuwDMkevbWaEMhZYAMvDFcyMSKjyDnKMcAXK&LKD333=3372386 When substantial justice and technical considerations are pitted against each other, the cause of substantial justice deserves to be preferred for the other
aniltikotekar4sme.com 