Category: Income Tax

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

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

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

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

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

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.

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

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

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

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,

Clipped from: https://taxguru.in/income-tax/itat-mumbai-sec-54-claim-denied-original-return-allowed-reassessment.html Mohd Azam Hasan Sheikh Vs Ward 42(2)(4) (ITAT Mumbai) ITAT Mumbai: Sec 54 Claim Cannot Be Denied Merely for No Original Return-Allowed in

Clipped from: https://economictimes.indiatimes.com/wealth/tax/new-itr-forms-alert-secondary-address-field-added-what-taxpayers-must-know/articleshow/130231240.cms The new Income Tax Forms which were notified last week introduced a bunch of changes that are relevant for all those planning to file their

Clipped from: https://economictimes.indiatimes.com/wealth/tax/sold-property-for-rs-94-lakh-but-lost-rs-21-lakh-tds-due-to-buyers-error-how-form-71-helped-seller-win-relief-from-itat-delhi/articleshow/130191667.cms Buyer deposited Rs 21 lakh property TDS in wrong year; ITAT Delhi allows seller’s Form 71 and grants tax credit (AI generated representative

Clipped from: https://www.financialexpress.com/money/your-queries-on-income-tax-use-advance-tax-calculator-on-i-t-portal-to-find-tax-payable-4203103/ Use advance tax calculator on I-T portal to find tax payable Your Tax Queries Answered: Avoiding Advance Tax Penalties and Maximizing Joint Loan

Clipped from: https://economictimes.indiatimes.com/wealth/tax/new-tds-traces-2-0-portal-launched-by-income-tax-department-know-how-it-helps-taxpayers-property-buyers/articleshow/130170195.cms Last week, the Income Tax Department rolled out a new TRACES (TDS Reconciliation Analysis and Correction Enabling System) 2.0 portal. This upgraded TRACES 2.0 portal

Clipped from: https://economictimes.indiatimes.com/wealth/tax/meal-card-tax-benefit-do-you-get-it-under-the-new-tax-regime/articleshow/130013775.cms The Income-Tax Rules, 2026, effective April 1, have raised the tax-free limit for employer-provided meal vouchers/ cards (Sodexo/Pluxee/Zaggle, etc) from Rs 50 to Rs

Clipped from: https://economictimes.indiatimes.com/wealth/tax/will-new-tds-rules-change-your-take-home-salary-from-april-12026-key-income-tax-related-changes-in-new-financial-year-fy26-27/articleshow/129951901.cms As the new financial year (FY 26-27) begins, salaried employees should note that some changes in Tax Deducted at Source (TDS) rules have

clipped from: https://economictimes.indiatimes.com/wealth/tax/new-itr-forms-for-ay-2026-27-nris-opting-for-new-presumptive-income-scheme-have-to-make-this-separate-disclosure-additionally/articleshow/130161969.cms The updated income tax return (ITR) forms for AY 2026-27 now feature specific columns for reporting profits and gains from businesses that fall

Clipped from: https://www.financialexpress.com/money/taxpayer-sells-5-villas-and-buys-a-new-property-in-sisters-name-still-gets-capital-gains-tax-relief-heres-how-4201365/ An NRI taxpayer who sold five villas for Rs 5.26 crore secured a Rs 2.80 crore capital gains exemption under Section 54F—even though