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The Latest Breaking News from the Income Tax Department

Finance minister Nirmala Sitharaman asks I-T officials to ease burden on honest taxpayers

Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and economic certainty. Officials must adopt an empathetic approach while enforcing tax laws. Sitharaman outlined five priorities for the Income Tax Department. She advised officials to exercise their powers with humility and…

The Economic Times

Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reason

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how…

The Economic Times

Rs 9.48 lakh income tax demand on coaching centre quashed: ITAT explains why attendance alone doesn't make contractual teachers employees

Contractual teachers held as employees by the tax department and on this ground, Rs 9.48 lakh tax demand raised; ITAT Cochin rules administrative supervision over timings, attendance and leave does not automatically create an employer-employee relationship. Know what ITAT Cochin said about TDS on salary paid to contractual employees.

The Economic Times

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ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadline

Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, while others have later deadlines. Missing the initial deadline allows filing a belated return until December 31, 2026. Late filing incurs a fee of Rs 5,000…

The Economic Times

Lady with Rs 5.28 lakh income pays no tax despite Rs 1.42 lakh STCG from equities; Know why ITAT Mumbai allowed the Section 87A rebate

Ever since the Income Tax utility has disabled the option to claim Section 87A tax rebate on short term capital gains (STCG) from listed equities in 2024, a flurry of taxpayers from across the country were left with either a tax demand or an uncertain thought. Read to know how…

The Economic Times

ITR verification process: Different ways to e-verify your Income Tax Return using Aadhaar OTP, net banking, EVC

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your…

The Economic Times

ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax notices

Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their…

The Economic Times

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ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment…

The Economic Times

Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief

Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune.

The Economic Times

Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said

Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know.

The Economic Times

Cost Inflation Index: How it can help you file your income tax return

The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations.

The Economic Times

NRI woman sold her property in Gujarat for Rs 21 lakh, tax dept sent notices, she missed them as she lived abroad; later she files case and wins in ITAT Ahmedabad

ITAT overturns STCG tax on Gujarat house sale: When Kaminiben, an NRI from Anand, Gujarat, sold her house for Rs 21.4 lakh in AY 2018-19, which she had originally bought in 2005 for Rs 1.94 lakh, the tax dept issued her tax notices. However, as she was living abroad as…

The Economic Times

Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

The Economic Times

What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing…

The Economic Times

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The Economic Times

Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and…

The Economic Times

Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know…

The Economic Times

ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respond

As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why taxpayers receive scrutiny notices, how they should respond, the consequences of non-compliance and under-reporting of income, the relief available under Section 270AA, and the key compliance lessons for…

The Economic Times

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

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The Economic Times

Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the…

The Economic Times

Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or…

The Economic Times

Do taxpayers need to file two ITRs for FY 25-26 income? I-T Department explains

AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.

The Economic Times

Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so…

The Economic Times

What crypto investors need to know for tax season 2026

India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including transaction-by-transaction entries in Schedule VDA and cross-referencing with exchange data, are crucial. Failure to comply accurately can lead to significant penalties, making diligent record-keeping essential for all participants.

The Economic Times

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

Want to exchange old gold for new jewellery? Beware of these taxes

Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported…

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