income tax department News

Here's why taxpayers should look beyond the Rs 10 lakh myth and understand the situations in which lower cash deposits can also attract the Income Tax Department's attention.

Below Rs 10 lakh in cash deposits? You may still have to explain them to Income Tax Dept

The Rs 10 lakh figure under Rule 114E is only the threshold at which a bank must formally report the…

6 hours ago

The review showed that the tax department's automated system caught three separate issues, centered around high-value disclosures and regime alignment problems.

From a Black Money Act notice to Rs 1,65,764 in tax savings: How a Mumbai professional fixed his global portfolios?

The automated tracking systems flagged this as a critical cross-border omission under the Black Money Act, which mandates that all…

23 hours ago

Man sells house for ₹1.10 crore; Income Tax calculates capital gains on ₹1.96 crore. What ITAT said

Man sells house for Rs 1.10 crore; Income Tax calculates capital gains on Rs 1.96 crore – what ITAT says

Can Income Tax calculate capital gains on a higher value than the price at which you sold your house? In…

4 days ago

The reassessment notice must also be issued within the limitation period prescribed under section 149.

Received an income tax reassessment notice? This ITAT ruling shows when you can challenge it

Based on the given case law and the relevant assessment year, before issuing a reassessment notice under section 148, the…

4 days ago

Think about what an income tax return actually contains. It shows your real income, not the number you tell people at dinner parties.

The Tax Return Is India’s Most Underpriced Document

The rapid growth of digital options for filing ITR is an incredible milestone. For years, this industry ignored tax filing…

4 days ago

The requirement appears to be part of the broader shift towards more complete and structured taxpayer information in the ITR forms.

New in ITR 2026: Why is the Income Tax Department asking for a secondary address?

A secondary address may include any additional valid physical address associated with a taxpayer apart from the primary address disclosed…

6 days ago

Taxpayer declares Rs 4.23 lakh income, faces Rs 1.52 crore tax demand over alleged interest on loan; ITAT says this

Taxpayer declares Rs 4.23 lakh income, faces Rs 1.52 crore tax demand over alleged loan interest earned; ITAT says this

Can the Income Tax Department make a tax addition merely because a loose sheet found during a search on someone…

7 days ago

For Assessment Year (AY) 2022-23, the contractor filed the return in ITR-2 instead of ITR-4 because the income tax portal did not allow filing ITR-4 without an audit report where gross receipts exceeded Rs 2 crore.

Taxpayer files ITR-2 instead of ITR-4, reports business income under wrong head; here’s how ITAT deals

Filing the wrong ITR form or reporting income under an incorrect head should not, by itself, automatically alter the real…

1 week ago

For AY 2026-27 or earlier years, notices, appeals, reassessments and pending proceedings will generally continue to be governed by the Income-tax Act, 1961, including the applicable limitation periods and procedural timelines.

New Income-tax Act 2025: Will your pending income tax case continue under the old law? Explained

The applicable law will depend on the tax year to which the proceedings relate. Where the proceedings pertain to assessment…

2 weeks ago

Not filing your ITR could do more than delay your refund. In some cases, it can even lead to prosecution

Man skipped ITR filing, sentenced to 1-year jail 11 years later – why timely tax return filing matters

Not filing your Income Tax Return (ITR) can have consequences far beyond a delayed refund or a late filing fee.…

2 weeks ago

Got 23 flats under a redevelopment deal, received an ₹8 crore tax demand; ITAT says this

Man gets 23 flats from builder, seeks tax exemption on all units after Rs 8 crore LTCG demand; ITAT says this

The Bengaluru ITAT has ruled that although a Joint Development Agreement triggered capital gains tax when possession of land was…

2 weeks ago

Business loses Rs 2.69 crore in NSEL crisis, writes it off as bad debt; tax department objects, ITAT says this

Trader suffers Rs 2.69 crore business loss, writes it off in books; Income Tax Dept rejects claim, ITAT says this

The Ahmedabad ITAT has ruled that a taxpayer can claim a bad debt deduction even if recovery proceedings are still…

3 weeks ago

Importantly, the receipt of a notice should not automatically be interpreted as an allegation of tax evasion. In many cases, it merely reflects a mismatch that requires clarification or correction.

Got a tax notice despite paying TDS? Here is what triggered it and what to do next

With increasing digital integration across government databases, preventive reconciliation before filing the return has become considerably more important than post-filing…

3 weeks ago

Managing an active stock portfolio requires keeping your data perfectly aligned with automated tax rules.

One demerger, three portfolio gaps: Why a Mumbai trader received a surprise tax notice?

Received an income tax notice after a company demerger? Learn how a Mumbai trader’s RIL-Jio Financial share split triggered tax…

3 weeks ago

Taxpayers who are expecting a refund should consider filing their ITR early, especially where excess TDS/TCS, advance tax or self-assessment tax has been paid during the year.

Will filing your ITR early get you a quicker refund? Here’s what really matters

Income tax refund is broadly calculated as the excess of taxes paid or credited over the final tax liability of…

3 weeks ago

Man deposits Rs 12 lakh belonging to relatives in his bank account; I-T dept raises steep tax demand, ITAT steps in

The Income Tax Appellate Tribunal (ITAT), Bangalore, has ruled that cash deposits made during the 2016 demonetisation period cannot automatically…

3 weeks ago

The Income-tax Act permits the ITD to adjust a refund against outstanding and recoverable tax demands of earlier assessment years.

Income tax refund: Why do taxpayers receive partial refunds instead of the full amount?

Taxpayers receiving a partial refund generally indicate that the Income-tax Department (ITD) has recomputed the taxpayer’s return during processing after…

3 weeks ago

Cash deposit, UPI, RTGS or NEFT: Which bank transactions can trigger an Income Tax notice?

Which bank transactions can attract an Income Tax notice? Check SFT reporting limits for cash deposits, UPI, RTGS, NEFT, property…

3 weeks ago

income tax department News

Latest News

Man buys Rs 50 lakh property, gets Rs 25 lakh tax demand from I-T Dept; here’s how ITAT gives him relief

Income Tax Dept identifies 20,000 ‘swapped provisions’ cases: How to correct your ITR before penalties?

Woman shows Rs 18 lakh salary in ITR, receives Rs 3.12 lakh tax demand due to employer’s TDS default; ITAT steps in

PSU employee gets Rs 19 lakh leave encashment, faces income tax demand on Rs 16 lakh – ITAT ruling say this

Taxpayer shows Rs 6 lakh income in ITR, gives Rs 5 lakh cash loan; gets steep tax demand, ITAT intervenes