https://www.financialexpress.com/money/woman-has-rs-50-lakh-lic-policy-earns-rs-4-81-lakh-why-itat-rejected-her-claim-4365539 A life insurance policy worth Rs 50 lakh can raise questions about the source of funds if the investment does not match the income
Category: Seven Star
*******Rs 24 crore cash sales in Form 26AS, Rs 4-crore tax demand: How a five-star hotel cook won his case in Delhi High Court
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-24-crore-cash-sales-in-form-26as-rs-4-crore-tax-demand-how-a-five-star-hotel-cook-won-his-case-in-delhi-high-court/articleshow/135060043.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst On February 26, 2024, Mr Lalit who worked as a cook in Hotel Ashoka, got an income tax notice.The notice claimed that
*******Reassessment Notice for AY 2015-16 Issued After Old Six-Year Limit Quashed: ITAT Jaipur
Read more at: https://taxguru.in/income-tax/reassessment-notice-ay-2015-16-issued-year-limit-quashed-itat-jaipur.html Copyright © Taxguru.in Summary: The Jaipur Bench of the Income Tax Appellate Tribunal quashed the reassessment of Manish Kumar Kotawala for
*******Man sells property, skips ITR filing, faces Rs 90 lakh penalty: Here’s what ITAT said
Man sells property^J skips ITR filing^J faces Rs 90 lakh penalty
*******NRI capital gains tax: When can you use the basic exemption limit to lower your income tax bill?
Read more at:https://economictimes.indiatimes.com/wealth/tax/nri-capital-gains-tax-when-can-you-use-the-basic-exemption-limit-to-lower-your-income-tax-bill/articleshow/134989302.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/nri-capital-gains-tax-when-can-you-use-the-basic-exemption-limit-to-lower-your-income-tax-bill/articleshow/134989302.cms ndian residents and resident Hindu Undivided Families (HUFs) can apply their unused basic exemption limit to certain capital gains that are
*******Transferring immovable property? How TDS compliance is now simpler with new Form 141
Read more at:https://economictimes.indiatimes.com/wealth/tax/transferring-immovable-property-how-tds-compliance-is-now-simpler-with-new-form-141/articleshow/135008328.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/transferring-immovable-property-how-tds-compliance-is-now-simpler-with-new-form-141/articleshow/135008328.cms Taxpayers no longer need to use multiple forms to report tax deducted at source (TDS) on many transactions. Form 141 brings
*******Reassessment Based on Wrong Return-Filing Facts Quashed: ITAT Chandigarh
Read more at: https://taxguru.in/income-tax/reassessment-based-wrong-return-filing-facts-quashed-itat-chandigarh.html Copyright © Taxguru.in https://taxguru.in/income-tax/reassessment-based-wrong-return-filing-facts-quashed-itat-chandigarh.html?utm_source=follow.it Summary: The Chandigarh Bench of the Income Tax Appellate Tribunal allowed the appeal filed by M/s Skycity
*******Flat sold 10 days after registration: ITAT ruling offers key LTCG tax lesson for homebuyers
https://www.financialexpress.com/money/flat-sold-10-days-after-registration-itat-ruling-offers-key-ltcg-tax-lesson-for-homebuyers-4363183 Property buyers in India can get tax relief by keeping in mind an important consideration: the Income Tax Act allows calculating the holding periods
*******US stocks vanish from broker account: How this salaried investor fixed his ITR
https://www.financialexpress.com/money/us-stocks-vanish-from-broker-account-how-this-salaried-investor-fixed-his-itr-4363009 Filing an income tax return for foreign assets is complex enough when all broker statements are readily available. But what happens when an investor
*******Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know why
Read more at:https://economictimes.indiatimes.com/wealth/tax/rs-3-99-lakh-penalty-for-under-reporting-income-and-paying-rs-2-lakh-less-in-income-tax-itat-jaipur-cancels-penalty-know-why/articleshow/134985612.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst https://economictimes.indiatimes.com/wealth/tax/rs-3-99-lakh-penalty-for-under-reporting-income-and-paying-rs-2-lakh-less-in-income-tax-itat-jaipur-cancels-penalty-know-why/articleshow/134985612.cms When Mr Sharma from Sikar, near Jaipur, did not file any income tax return, the Income Tax Department sent him a
*******₹1.70 crore undisclosed cash alleged in property sale, Income Tax Dept relies on WhatsApp chats and Excel sheets; here’s why taxpayer wins at ITAT Delhi
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/1-70-crore-undisclosed-cash-alleged-in-property-sale-income-tax-dept-relies-on-whatsapp-chats-and-excel-sheets-heres-why-taxpayer-wins-at-itat-delhi/articleshow/134957932.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst Can WhatsApp chats, spreadsheets and handwritten notes prove that a taxpayer received undisclosed cash from a property sale? It depends on whether
*******Wrong PAN, Rs 1.46 Cr tax notice: How a Mumbai man earning Rs 3,500 fought back at ITAT
https://www.financialexpress.com/money/wrong-pan-rs-1-46-cr-tax-notice-how-a-mumbai-man-earning-rs-3500-fought-back-at-itat-4360271 An income-tax notice can have serious financial consequences for a taxpayer, particularly when the Income Tax Department reopens an old assessment and makes additions
*******Search-Linked S.148 Notice for AY 2015-16 Issued in March 2026, beyond 10 years Limit: Delhi HC quashes Notice
https://www.taxscan.in/income-tax/search-linked-s148-notice-for-ay-2015-16-issued-in-march-2026-beyond-10-years-limit-delhi-hc-quashes-notice-read-order A reassessment notice cannot travel beyond the outer limitation period under Section 149 even where the alleged escaped income exceeds Rs. 50 lakh The
*******Income tax penalty waiver: CBDT revises Form 161 to cover misreporting cases; check rules
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
*******सुजाता रायकर यांच्याबद्दल लोकसत्ता मध्ये ” लोकसत्ता दुर्गा ” या सदरात आलेली माहिती –[१] आज देशात सुमारे पाच कोटी लोक ” थॅलेसेमिया मायनर ” आहेत आणि एक ते दीड कोटी ” थॅलेसेमिया मेजर ” आहेत . यात दरवर्षी सुमारे १५००० बालकांची भर पडते. [२] गुजरातमधून ” कॉम्पुटर सायन्स अँड अँप्लिकेशन्स ” मध्ये पदव्यूत्तर शिक्षण पूर्ण केल्यानंतर लग्न होऊन सुजाता मुंबईत आल्या आणि २००८ पासून त्यांनी अशा बालरुग्णांसाठी काम करण्यास सुरुवात केली [३] सुजाता आज तब्बल २८० बालरुग्णांच्या आई आहेत. -त्यांच्यासाठी त्या आई आहेतच –संपूर्ण आयुष्यभर औषध उपचाराची जबाबदारी घेतातच पण प्रसंगी शाळेची फी –महिन्याचा शिधा –त्यांना नोकरी मिळवून देण्यासाठी प्रयत्न करणे अशा सगळ्याच गोष्टी त्या पार पाडतात. [४] या आजाराबद्दल जागृती निर्माण करण्याचे काम त्या अविरतपणे करत आहेत. -त्यांनी गेल्या १८ वर्षात ३० लाखाहून अधिक लोकांना शिक्षित केले आहे. [ ५] त्यांचा सत्कार महाराष्ट्राचे तत्कालीन राज्यपाल श्री रमेश बैस — प्रसिद्ध समाजसेवक अण्णा हजारे यांच्या हस्ते झाला आहे.– बातमी सौजन्य लोकसत्ता
सुजाता रायकर यांच्याबद्दल लोकसत्ता मध्ये ” लोकसत्ता दुर्गा ” या सदरात आलेली माहिती –[१] आज देशात सुमारे पाच कोटी लोक ” थॅलेसेमिया मायनर ” आहेत
*******Compensation of Rs 100 to Rs 5,000 per day for delay by bank in processing your request in these 5 situations
Read more at:https://economictimes.indiatimes.com/wealth/legal/will/compensation-of-rs-100-to-rs-5000-per-day-for-delay-by-bank-in-processing-your-request-in-these-5-situations/articleshow/134782214.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst What happens if you apply for a credit card closure with your bank, and it takes longer than the prescribed time limit?
*******RBI’s rate hike matters. Its shift to calibrated tightening matters more–Courtesy ET
https://economictimes.indiatimes.com/opinion/et-commentary/rbis-rate-hike-matters-its-shift-to-calibrated-tightening-matters-more/articleshow/134772238.cms RBI’s 25 bps rate increase announced on Wednesday is significant. But equally important is the signal that accompanied it. By raising the repo rate
