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The Latest Breaking News from Income Tax

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 as speculative and the rest as business loss. The ITAT Delhi bench comprised of Sudhir Kumar, Judicial Member and Manish Agarwal, Accountant…

The Economic Times

Landlord 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.

The Economic Times

Income 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

The Economic Times

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Gurgaon 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.

The Economic Times

How Salaried Indians Can File Their ITR Without a Last-Week Panic Over Documents and Deductions

Start With Form 16, Everything Else Follows From ItForm 16 is the one document your employer is legally required to give you by June 15 each year, and it does most of the heavy lifting for a salaried ITR. Part A of Form 16 shows the TDS your employer deducted…

Times Life

Malcolm Offord pledges to review ‘nuts’ income tax system in Scotland

Lord Offord was addressing members on the final day of the Reform UK conference in Birmingham.

Evening Standard

Reform to promise tax cut for millions as donations row rumbles on

Reform said the plan would save the average taxpayer £500 a year and take 2.9 million people out of income tax altogether

The Independent UK

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Robert Jenrick pledges tax cut amid row over Reform donations

Reform said the plan would save the average taxpayer £500 a year and take 2.9 million people out of income tax altogether

Evening Standard

Rs 25 lakh cash deposited in bank, income tax officer sends notice for unexplained cash u/s 69; Taxpayer wins case in ITAT Bangalore, here's why

Employee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee wins case in ITAT Bangalore; Know how. This judgement was given by Keshav Dubey, a judicial member and Waseem Ahmed, an accountant member of ITAT Bangalore

The Economic Times

Bengali Hindu landlord’s Rs 1.89-crore rental income faced tax dispute over HUF status: Why ITAT Delhi gave relief

Bengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that Dayabhaga Hindu can’t have an HUF, landlord wins case in ITAT Delhi

The Economic Times

Gamer invested Rs 2.61 crore to play online rummy and poker games; loses net Rs 28 lakh, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this…

The Economic Times

Colorado voters will decide on a graduated income tax initiative that competes with an income tax cap measure in November

On Nov. 3, 2026, voters in Colorado will decide on a ballot initiative that would establish a graduated income tax.

Ballotpedia

Employee showed Rs 9.6 lakh EPF interest in ITR by mistake, got income tax notice: He fought and got full relief in ITAT Mumbai

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fights and wins case in ITAT Mumbai. This judgement was delivered by Challa Nagendra Prasad, the Judicial Member, and Makarand Vasant Mahadeokar, the Accountant Member of…

The Economic Times

REITs and InvITs: Despite tax-free dividends, non-resident investors may need to file ITR to claim a refund of TDS

The Taxation and Other Laws (Amendment) Act, 2026 addresses existing dividend tax discrepancies for unitholders by granting unconditional exemptions. Despite this, the established withholding tax regulations for BTs have not been modified, leading to possible inconsistencies. Non-resident investors may need to submit tax returns to retrieve withheld taxes, highlighting the…

The Economic Times

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The Economic Times

Parliamentary panel flags compliance glitches on new income tax act, seeks more data from CBDT

A parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking detailed data from the CBDT on its overall impact. The committee wants to understand changes in taxpayer numbers and revenue collection. Technology-driven tax processes and faceless decisions also presented certain challenges. Further discussions are…

The Economic Times

Rs 34.8 lakh difference in price and stamp duty added to husband's income for taxation despite jointly owned property - ITAT Mumbai calls it 'not justified'

A husband and a wife bought a flat jointly for Rs 60 lakh, however, the stamp duty value stood at Rs 94.8 lakh, leading to a difference of Rs 34.8 lakh. The amont was added to the husband's income alone by the tax office, despite him having a lower ownership…

The Economic Times

Rs 41 lakh cash deposit but no ITR: Bengaluru man claimed his wife and father paid his expenses; ITAT Bangalore refuses relief on this ground

Waseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of about 4 years in an unexplained cash deposit case after the taxpayer explained he only got to know about this tax notice while applying for visa for overseas…

The Economic Times

Missed August 31 ITR deadline? Know what ITR 3 and ITR 4 filers can do now

ITR deadline: By the end of August 31, 2026, over 7.8 crore individuals completed their income tax return submissions. Those who did not file on time have until December 31, 2026, to submit a belated ITR, incurring possible late fees. Notably, failing to meet this deadline also prevents taxpayers from…

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news in one place.

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The Economic Times

Record 7.8 crore ITRs filed for AY26-27 as August 31 deadline ends

Over 7.8 crore Income Tax Returns were filed for AY 2026-27 by August 31. This marked the close of the revised statutory deadline for non-audit taxpayers. The Income Tax Department thanked taxpayers and professionals for their timely compliance. Non-audit business and professional taxpayers had an extended filing period. Belated returns…

The Economic Times

Wife gets income tax notice after husband sells joint property Rs 14 lakh below market price; she fights back and wins the case in ITAT Kolkata

Wife escaped income tax notice as she proved in ITAT that her husband entirely paid for their joint property which was sold for Rs 14 lakh less price than market value. Read the article to know why the wife won the case in ITAT Kolkata.

The Economic Times

ITR filing August 31, 2026, deadline today: Due date for AY 2026-27; Check who must file return

ITR filing deadline: Taxpayers with business or profession income must file their returns today. This deadline applies to those using ITR-3 and ITR-4 forms. More than seven crore income tax returns have already been filed. Individuals and HUFs with presumptive business income use ITR-4. Partners of non-audit firms also have…

The Economic Times

Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT Mumbai

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and calls it unexplained cash; he wins case in ITAT Mumbai. Read the article to know how.

The Economic Times

Finance Act 2026: Updated return rules change for taxpayers reporting reduced losses

The Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a reported loss and the corrected return remained a loss return. The amendment now permits such loss reduction updated returns retrospectively from 1 March 2026.

Kiplinger

Some Retirees Are Choosing Delaware Over Florida: How the Retirement Math Adds Up

Florida has long been a favored retirement destination, but lately, Delaware is having a moment.

Kiplinger

The Real Cost of Retiring in Florida: Insider Tips for Newcomers From a Wealth Adviser Who Lives There

Who better to explain the taxes and other costs that newcomers to Florida may not expect than a wealth manager who's lived and worked there for 30 years?

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