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
Category: Income Tax
*Demonetization Cash Deposits – Source cannot be considered as unexplained u/s 69 even when deposit is in Violation of RBI guidelines [Sec 69 of ITA’61 – Sec 103 of ITA’25]
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,
*****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 – The Economic Times
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
*Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanation – The Economic Times
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
*Rs 1 crore gold seized from taxpayer in income tax search with no purchase bills — can it be taxed? ITAT ruling explains – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/rs-1-crore-gold-seized-from-taxpayer-during-search-with-no-purchase-bills-can-it-be-taxed-itat-ruling-explains-4222161/ Gold found in an Income Tax search isn’t always taxable. A recent ITAT ruling shows how CBDT’s jewellery limits can help taxpayers avoid
*****NRI sells Rs 1 crore property, saves Rs 12.5 lakh TDS legally — how this form cut his tax to zero – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/nri-sells-rs-1-crore-property-saves-rs-12-5-lakh-tds-legally-how-this-form-cut-his-tax-to-zero-4220735/ An NRI avoided a Rs 12.5 lakh TDS deduction on a Rs 1 crore property sale by using a simple provision under tax
Presumptive taxation: Explain income-investment gap with clear proofs
Clipped from: https://www.business-standard.com/finance/personal-finance/presumptive-taxation-explain-income-investment-gap-with-clear-proofs-126042700518_1.html Reconcile investment details with bank records, Form 26AS and AIS before tax filing Taxpayers under the presumptive scheme must maintain consistency between declared
ITR filing not required: Income Tax Act 2025 allows these taxpayers to use Form 125 — check eligibility – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/itr-filing-not-required-income-tax-act-2025-allows-these-taxpayers-to-use-form-125-check-eligibility-4219521/?ref=hometop_hp Senior citizens aged 75+ with only pension and interest income can now avoid filing ITR using Form No. 125 under the new Income-tax
NRIs have to pay capital gains tax on property sale in India – Money News | The Financial Express
Clipped from: https://www.financialexpress.com/money/your-queries-on-income-tax-nris-have-to-pay-capital-gains-tax-on-property-sale-in-india-4217787/ Navigating the Income Tax Act, 2025: This guide covers essential tax rules for NRIs selling property in India, including TDS and treaty relief.
Reopening Quashed: ITAT Slams Casual 148A Action Where ₹50L Threshold Not Met
Clipped from: https://taxguru.in/income-tax/reopening-quashed-itat-slams-casual-148a-action-rs-50l-threshold-met.html?utm_source=follow.it Nikhil Chandran Vs ITO (ITAT Bangalore) The Bangalore ITAT quashed the reassessment proceedings against an NRI assessee, holding that the extended limitation under Section
*New ITR forms make compliance easier, but ask for more income details – Money News | The Financial Express
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,
*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
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