Clipped from: https://economictimes.indiatimes.com/wealth/legal/will/he-got-rs-89-lakh-as-gift-from-relatives-tax-dept-doubted-its-genuineness-but-itat-mumbai-ruled-in-his-favour-heres-why/articleshow/123845428.cms When Mr. Manwani filed his income tax return (ITR) for AY 2018-19 by declaring an income of Rs 98 lakh, he was issued a tax notice. The
Category: Seven Star
*******Senior citizen investor asks: How do I maximise pension and FD income without paying extra tax? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/income-tax-rules-senior-super-senior-citizens-ay-2025-26-deductions-exemptions-filing-493884-2025-09-13 For Assessment Year (AY) 2025-26, income tax regulations provide specific reliefs and benefits for senior citizens (aged 60–79 years) and super senior citizens
*******Income Tax law for senior citizens and super senior citizens: What’s new for AY 2025-26 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/income-tax-law-for-senior-citizens-and-super-senior-citizens-whats-new-for-ay-2025-26/articleshow/123851488.cms Important aspects of Income Tax law that senior citizens and super senior citizens should know for AY 2025-26 A few months ago, the Income
*******Capital gains tax changes: stock market taxation gets complex, what investors, traders should know – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/capital-gains-tax-changes-stock-market-taxation-gets-complex-what-investors-traders-should-know-493779-2025-09-12 Since July 23, 2024, the government has tightened capital gains taxation, impacting both casual investors and active traders. Short-term capital gains (STCG) from
*******ITR deadline Sept 15: Taxpayers grapple with tech glitches; I T dept advises this for smooth filing – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-deadline-sept-15-taxpayers-grapple-with-tech-glitches-i-t-dept-advises-this-for-smooth-filing-493812-2025-09-12 With just days left before the September 15 ITR filing deadline, taxpayers are facing portal glitches and delays due to the late release
*******AIS mismatch – ITR filing 2025: How taxpayers can fix AIS mismatches; lessons from a Rs 5 lakh error case – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/itr-filing-2025-how-taxpayers-can-fix-ais-mismatches-lessons-from-a-rs-5-lakh-error-case-493556-2025-09-11 A ₹5 lakh mismatch in a taxpayer’s Annual Information Statement (AIS) highlights how small errors can trigger tax notices. Tax Buddy explains how
*******Capital Gains Taxation under JDAs: Section 45(5A) vs Section 67(14)–(16)
Clipped from: https://taxguru.in/chartered-accountant/capital-gains-taxation-jdas-section-455a-vs-section-6714-16.html Capital Gains in Joint Development Agreements – A Comparative Analysis of Section 45(5A) (Income Tax Act 1961) and Section 67(14)–(16) (Income Tax Act,
*******Facing mismatch in Form 26AS, AIS, and Form 16 while filing ITR? Here’s what you can do – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/facing-data-mismatch-in-form-26as-ais-and-form-16-while-filing-itr-heres-what-you-can-do/articleshow/123785983.cms Facing mismatch in Form 26AS, AIS, and Form 16 while filing ITR? Here’s what you can do Several chartered accountants and associations have
*******ITAT allows Income Tax Rebate u/s 87A on STCG under New Regime [Read Order]
Clipped from: https://www.taxscan.in/top-stories/breaking-itat-allows-income-tax-rebate-us-87a-on-stcg-under-new-regime-1430143 The revised computation resulted in a tax liability of ₹13,320 entirely on account of STCG under Section 111A, against which the assessee claimed
*******Only Registered Sale Agreements Eligible of Capital Gain Exemption u/s 54: ITAT says Unregistered Agreement Lacks Evidentiary Value
Clipped from: https://www.taxscan.in/top-stories/only-registered-sale-agreements-eligible-of-capital-gain-exemption-us-54-itat-says-unregistered-agreement-lacks-evidentiary-value-1426518 The Tribunal ruled that an unregistered sale agreement for the purchase of property does not constitute a valid transfer for claiming exemption under
*******ITAT Mumbai Sends Back NRI Case Over Non-Service of Section 148 Notice
Clipped from: https://taxguru.in/income-tax/itat-mumbai-sends-nri-case-non-service-section-148-notice.html Juzer Saifuddin Boriyawala Vs ITO (ITAT Mumbai) NRI Never Served Notice – ITAT Mumbai Restores Case on Validity of Reopening; CIT(A) Erred in Treating
*******GST 2.0: Towards simpler and citizen-centric indirect tax regime | Expert Views – Business Standard
Clipped from: https://www.business-standard.com/opinion/columns/gst-2-0-towards-simpler-and-citizen-centric-indirect-tax-regime-125090801127_1.html The GST Council’s efforts at rationalisation have steadily lowered the system’s complexity while sustaining revenue buoyancy The 56th meeting of the Goods and
*******Ruling upholds stamp duty value under s.50C; directs proportional s.54 exemption and allows indexed improvements if proven
ITAT upheld the AO and CIT(A)’s adoption of the stamp duty value… https://www.taxtmi.com/highlights?id=92106 ITAT upheld the AO and CIT(A)’s adoption of the stamp duty value…
*******Time Limits for Income Tax Action: What Taxpayers Must Know
Clipped from: https://www.taxscan.in/top-stories/time-limits-for-income-tax-action-what-taxpayers-must-know-1431351 The Income Tax Department cannot keep past returns open for scrutiny indefinitely. The law prescribes strict timelines within which tax officers can initiate
*******Taxpayers flag AIS errors on social media as ITR deadline nears; I T dept responds – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/taxpayers-flag-ais-errors-on-social-media-as-itr-deadline-nears-i-t-dept-responds-491441-2025-08-28 With the ITR filing deadline 2025 fast approaching, taxpayers are flagging errors in their Annual Information Statement (AIS) on social media, raising concerns
*******My wife bought a flat with money that I transferred to her, how should we show it in our ITR? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/my-wife-bought-a-flat-with-money-that-i-transferred-to-her-how-should-we-show-it-in-our-itr/articleshow/123521289.cms etwealth@timesgroup.com Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to
*******Tax Query: Tax Implications As Per Finance Bill 2025 – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/portfolio/personal-finance/tax-query-tax-implications-as-per-finance-bill-2025/article69774244.ece Section 87A of the Income-Tax Act, 1961 (‘the Act’) provides a rebate to resident individual taxpayers whose total taxable income does not exceed
*******Credit report: Check quarterly to spot repayment lapses, errors, and fraud
Clipped from: https://www.business-standard.com/finance/personal-finance/credit-report-check-quarterly-to-spot-repayment-lapses-errors-and-fraud-125082200807_1.html In case of inaccuracies and fraud, report both to the lender and credit bureaus A score of 750–800 or higher indicates a strong
*******Owning two houses but no rental income: Can you still file ITR 1, or is ITR 2 mandatory? – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/owning-two-houses-but-no-rental-income-can-you-still-file-itr-1-or-is-itr-2-mandatory-490808-2025-08-23 Many taxpayers are confused about whether owning more than one house, without rental income, disqualifies them from filing ITR-1. Tax experts clarify that
*******Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax notices – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/cas-caution-joint-bank-account-holders-about-this-critical-issue-with-tax-rules-that-can-lead-to-tax-notices/articleshow/123423767.cms CAs highlight this critical issue with tax rules on joint bank a/c holders that can lead to unnecessary tax notices (representative image) O.P.
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