Tax
Now GST input tax credit to employers on group insurance; this can mean more life and health insurance coverage for employees; Know how it helps
Now GST input tax credit to emoyers on group insurance; this can mean more life and health insurance coverage for employees; Know how it helps. The reason for this is now employer's cost of buying insurance for its employees can reduce by claiming ITC.
moreDo you have to pay tax in India or abroad? Why your residential status is important factor
Individuals earning income abroad must understand their tax residency status according to the Income Tax Act. The Act outlines conditions based on the duration of stay in India for tax purposes. Tax residency rules will apply to financial years beginning from April 1, 2026. Any individual’s residential status requires separate analysis for financial years crossing different tax regimes.
moreFAST-DS 2026: Have undisclosed overseas crypto assets? Know the ₹1 crore and ₹5 crore threshold rules before you disclose
If you're managing cryptocurrency on international exchanges without disclosing them in India, the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) could be essential for you. This piece delves into the necessary steps for declaring foreign digital assets and discusses the consequences of failing to disclose crypto investments, highlighting potential tax liabilities and legal safeguards.
moreRs 67 lakh ancestral jewellery declaration in ITR triggers income tax notice of unexplained credit: Here's why lady won at ITAT Mumbai
Wife filed Schedule AL in ITR for first time and got hit with unexplained credit income tax notice for ancestral family jewellery worth Rs 67 lakh; she claimed it’s ancestral and wins relief in ITAT Mumbai.
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Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT Chennai
Mr Amirtharaj from Thygarayanagar, got Rs 85.03 lakh cash gifts from his sister’s husband, uncle and other relatives, he deposited this cash in his
moreSon sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know why
A family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore and purchased two more lands and claimed Section 54B and Section 54F tax exemption. However, he got a tax notice.
moreNRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax notice
Parents receiving money from their NRI children in India may enjoy tax exemptions on gifts, but large transactions can attract scrutiny from the Income-tax Department. Understanding when these transfers could prompt questions and how to document them properly is crucial for avoiding potential tax liabilities or notices. Learn about the necessary safeguards and responses to inquiries.
moreDubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these grounds
Mrs Chudamasa’s counsel argued that the AO had erred in treating Rs 2,31,20,000 as investment made during financial year 2017-18. He submitted that the actual payments during the year aggregated to Rs 1.85 crore, comprising Rs 1.73 crore paid to the builder and Rs 11.86 lakh towards registration charges and legal expenses. Read on to know on what grounds did she win in ITAT Mumbai.
moreTax audit deadline extended: Key checks taxpayers should make before filing income tax return
The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their returns by November 21, 2026, while the tax audit report is required by October 21, 2026. Accurate reporting and compliance checks are essential to avoid scrutiny from the income tax department. Companies should reconcile tax details and be mindful of additional reporting obligations.
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Your UPI payment just got a price tag: what it means for GST-registered taxpayers
NPCI, which manages UPI, has brought in a merchant discount rate of 0.4% on certain person-to-merchant UPI payments above Rs 2,000.
moreProperty bought for ₹1.23 crore, its market value rose to ₹1.46 crore: Why ITAT Kolkata gave homebuyer ₹11.35 lakh tax relief
A recent ITAT ruling highlights a crucial tax issue for property buyers: an increase in stamp duty value between the agreement and registration dates doesn't automatically lead to tax liabilities. Taxpayers can protect themselves by documenting payments through banking channels and ensuring conditions are met. This case emphasizes the importance of strategic financial planning in real estate transactions.
moreMedicine shop owner deposits Rs 2.47 crore cash in bank account, gets income tax notice for unexplained cash; wins case in ITAT Delhi for this reason
Mr Kumar, a medicine shop owner had deposited Rs 2.47 crore cash in his bank account during demonetisation period, he got an unexplained cash income tax notice. After a long legal fight he won the case in ITAT Delhi. This article explains how.
moreBrother-in-law caught with Rs 4.34 lakh worth of foreign currency; income tax officer sends notice; he wins case in ITAT Delhi with help from sister-in-law
A brother-in-law got into trouble when he was found with Rs 4.34 lakh in foreign currency. A tax officer sent him a notice about it. But, the brother-in-law defended himself in front of the ITAT in Delhi, saying the cash belonged to his sister-in-law.
moreRs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explained
Mr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free bonds’ exempt interest income. After discovering this error, he filed a rectification application, which was initially rejected. He filed a case in ITAT Delhi and won it on September 23, 2026.
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My NRI status changed. Will interest earned on my NRE FDs be taxable in India?
ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–26. While
moreMan paid lower income tax by setting off business loss against long term capital gains but received income tax notice; wins case in ITAT Delhi
Man pays lower income tax by setting off business loss with long term capital gains but gets income tax notice; Wins case in ITAT Delhi. ITAT Delhi held that since the law does not prescribe any sequence of set-off a taxpayer may choose his own sequence.
moreDeadlines for income tax audit and ITR filing extended for AY 2026-2027 to these dates
The Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit now have until November 21, 2026 to file their returns. Additionally, the tax audit deadline has been shifted to October 21, 2026, providing more time for compliance. Chartered Accountants must upload the tax audit report on behalf of their clients through the e-filing portal.
moreBuying property abroad for your NRI child? Know how much Indian parents can transfer and the tax implications
Navigating overseas property purchases for NRI/OCI children can be complex for Indian parents, entangled in regulations like FEMA and RBI's Liberalised Remittance Scheme. From understanding allowable remittance limits to distinguishing between gifts and loans, families must carefully plan to avoid potential tax and compliance issues. Learn the critical steps to streamline the funding process.
moreCan you save tax by gifting money to your HUF? How Section 99 changes the tax equation
Money or property gifted by a member to an HUF may not be taxable in the HUF’s hands because of the “relative” exemption. But the tax consequence for income generated from such property is different. This article explains why transferring self-acquired assets to an HUF does not provide the intended tax-saving benefit.
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Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reason
When Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an Income Tax Return (ITR) declaring Rs 7.65 lak
morePurchased property below market value, filed no ITR, got income tax notice, paid the tax but asked to pay Rs 70,000 penalty; ITAT Delhi gives full relief
Rs 70,000 penalty imposed on man for buying property below market value even though he paid the due tax after getting a notice; ITAT Delhi cancels penalty
moreFruit seller deposited large amount of cash in bank, got income tax notice of unexplained income; won case in ITAT Bangalore for this reason
In Bangalore, Mr. Ramachandrababu found himself facing an income tax notice over unexplained cash deposits in his bank account. However, his successful appeal to the ITAT Bangalore showcased that these funds were legitimately sourced from agricultural sales. By providing land records, APMC sale bills, and bank statements, he effectively justified his claims and won the case.
moreUS citizen received Rs 30 lakh income tax demand notice in India, was denied India-US DTAA relief due to a mistake: Know how she won at ITAT Delhi
Rs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins case in ITAT Delhi; Know how
moreRs 14.42 lakh Belgium salary of IT pro triggered tax demand in India after Form 67 was missed; ITAT Bangalore gives relief
Employee with Rs 14.42 lakh salary pays Rs 4.53 lakh income tax in Belgium and asks for credit under the India-Belgium DTAA; Income Tax Dept denied it as no Form 67 was filed; ITAT Bangalore orders relief for him.
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My sister gifted me Rs 37 lakh from land sale. Will she have to pay income tax?
ET Wealth Reader's Query: My sister and I received Rs 37 lakh each from the sale of agricultural land in our native place. She has gifted her Rs 37
moreTenant received Rs 1.38 crore worth of flats for surrendering tenancy rights for society's redevelopment, he received income tax notice; Know how he won the case in ITAT Mumbai
Tenant receives Rs 1.38 crore permanent alternate accommodation, gets Section 56(2)(x) tax notice; ITAT Mumbai gives relief; know why. This judgement was given by Vikram Singh Yadav, the Accountant Member along with Siddhartha Nautiyal, the Judicial Member of ITAT Mumbai.
moreMissed ITR deadline and TDS refund is due? Know how to claim your refund before it’s too late
Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, interest, and the crucial condonation process if even that window has passed. Understand the implications for carry-forward losses and deductions. Avoid common mistakes to ensure your refund is processed smoothly.
moreIncome Tax Rules 2026 amended: CBDT revises Form 169, Form 171; extends these deadlines
The Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electronic communication and tax recovery processes. The deadlines for registering valuers and income tax professionals have been pushed back, allowing applicants until March 31, 2027, to finalize their registrations.
more8 changes in income tax audit forms for AY 2026-2027; what taxpayers need to know
For the assessment year 2026-2027, the deadline for income tax audits is set for September 30, 2026. Businesses utilizing presumptive taxation schemes should be aware that they may still need to undergo income tax audits, depending on their turnover. Significant updates to Form 3CD's reporting requirements have been implemented for this assessment year, which include new clauses concerning presumptive taxation, MSME payments, settlement expenditures, and share buybacks.
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Tax Audit Report deadline: Who needs to upload it by September 30, 2026
The deadline for uploading tax audit reports is set for September 30, 2026, specifically targeting certain taxpayers. Chartered accountants will ma
moreRs 1 crore foreign asset limit under FAST-DS 2026: What taxpayers must know about undisclosed income
FAST-DS 2026 prescribes detailed rules for valuing foreign assets, but how should undisclosed foreign income be computed for the ₹1-crore limit? This article examines whether such income should be computed under the Income-tax Act and converted into Indian rupees under Rule 115 and why CBDT clarification would help taxpayers.
moreCan NRIs save income tax by gifting shares to their resident parents? Know these tax rules before transferring shares
While giving shares to your parents who reside in your home country might appear as a thoughtful gesture, it has substantial tax considerations for NRIs. Although the gift itself isn’t taxable, comprehending the nuances of acquisition costs and the period they’ve been held is vital.
moreITR filed under old tax regime by mistake, income tax paid under new regime: How a lady won case in ITAT Delhi
Filed ITR under the old tax regime but paid income tax under the new tax regime; ladywins case in ITAT Delhi after proving her accountant mistakenly filed this ITR under the old tax regime. M. Balaganesh, Accountant Member and Sudhir Kumar, Judicial Member of ITAT Delhi heard this case.
moreStudent gets Rs 18.34 lakh stipend from university and pays no income tax; gets notice from Income Tax Department; she wins the case in ITAT Delhi for this reason
Student gets Rs 18.34 lakh stipend from university for PG studies and pays no tax; Tax dept sent notice; She wins case in ITAT Delhi; Know how did she win and what is the income tax treatment of scholarship.
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NRI woman declared Rs 43,796 income in ITR but didn’t report Rs 14 lakh interest; faced 200% penalty – how she got it reduced to 50% in ITAT
The NRI woman's advocate explained that she is a 57-year-old lady with limited technological knowledge and had entrusted an accountant with all her
moreAdvance tax deadline of September 15, 2026: What will be the consequences if you miss the due date?
The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs penal interest charges. Advance tax is income tax paid in instalments during the financial year. Individuals with a tax liability exceeding Rs 10,000 must pay advance tax. Penal interest under Sections 234B and 234C applies for late or short payments.
moreIndian moves to US for job, forgets to file ITR, Income Tax Dept imposes Rs 8.29 lakh penalty; ITAT Jaipur cancels penalty and gives full relief
Indian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and gives full relief. ITAT Jaipur’sSMC bench who heard this case composed of Annapurna Gupta, accountant memberand Kuldip Singh, judicial member.
moreRs 6.42 lakh travel expense disallowed as business expenditure over use of wife’s credit card; businessman contests tax order, wins relief in ITAT Mumbai
Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai gives relief to taxpayer. Challa Nagendra Prasad, Judicial Member and G.M. Doss, Accountant Member of ITAT Mumbai heard this case.
moreTaxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?
Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, remains available for Tax Year 2026-2027. Unused portions of the exemption limit can offset special-rate capital gains after normal income is accounted for. Non-residents, firms, and companies cannot claim this specific tax adjustment.
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Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels it
Satbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t be slappe
moreDelhi HC acts big on fake GST registrations, rules no GST registration without biometric-based Aadhaar authentication
In light of many fraudulent GST registrations, the Delhi High Court has ruled that no Goods and Services Tax (GST) registration can be obtained without Aadhaar biometric authentication. Read the article to know more.
moreRs 1.09 crore remittance sent home by an Indian working in Kuwait, but he didn't file ITR, received income tax notice; gets relief in ITAT Ahmedabad
Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no ITR, got an unexplained money tax notice u/s 69; he partially wins case in ITAT Ahmedabad
moreForeign bank balance may be small, but its value could be much higher: How FAST-DS 2026 values your foreign assets
A foreign bank account with a small closing balance may have a much higher value under FAST-DS 2026. This article explains how different types of foreign assets are valued, what happens when proceeds from an old foreign asset are invested in a new asset and why valuation matters for the Rs 1 crore limit for undisclosed foreign income/assets and the Rs 5 crore limit for specified cases of technical non-reporting of foreign assets.
moreRs 2.42 lakh FD investment and Rs 1.06 lakh cash deposits, no ITR filed, got income tax notice; senior citizen wins case in ITAT Jaipur after 9-year fight
No ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior citizen; she wins case in ITAT Jaipur after 9 years fight. Know how Mrs Devi won the case in ITAT Jaipur.
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Rs 34 lakh F&O trading loss: Income Tax dept calls it speculative, ITAT Delhi treats Rs 25 lakh as business loss
Taxpayer lost Rs 34 lakh in F&O trading but reports it as business loss; Income Tax dept treats it as speculative loss; ITAT Delhi treats Rs 9 lakh
moreWill you pay lower income tax on mutual fund capital gains after retirement? Know 7 ways to reduce your tax burden
Retirement doesn't mean tax-free mutual fund income. Understand how capital gains, IDCW payouts, and SWPs are taxed. Discover strategies like leveraging rebates, choosing between Growth and IDCW, and planning withdrawals to minimize your tax burden and maximize post-retirement income. Plan wisely for a secure financial future.
moreLandlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants relief
Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalore. The ITAT Bangalore bench which heard this case comprised of Waseem Ahmed, an accountant member and Keshav Dubey, a judicial member.
moreIncome Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT Mumbai
How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker
moreGurgaon RWA sought charitable trust registration with rental and maintenance income; ITAT Chandigarh rejected RWA’s appeal for this reason
RWA earned rent by letting out common areas and collected maintenance from residents and seeked charitable trust registration; ITAT Chandigarh rejects RWA’s appeal. Laliet Kumar, a Judicial Member and Manoj Kumar Aggarwal, an Accountant Member of the Income Tax Appellate Tribunal (ITAT) Chandigarh gave this judgement.
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ITR was processed under the old tax regime due to tax consultant's mistake, taxpayer faced Rs 1.23 lakh demand: ITAT Bangalore allowed new tax regime
Rs 1.23 lakh tax demand notice sent as man filed ITR with new tax regime but it was processed with old tax regime due to tax consultant’s error, ITA
moreIncome tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.
Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.
The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.
The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR filing).
Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.
Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.
