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The ruling draws an important distinction between an inadvertent omission and deliberate misreporting.

Taxpayer misses Rs 38 lakh income in ITR, pays tax and faces 200% penalty; ITAT says this

Missed income in your ITR? A recent ITAT ruling highlights why taxpayers should disclose errors early, maintain evidence and understand…

September 15, 2026 17:51 IST

The remitting entities were identified as either non-filers or tax filers reporting minimal turnover, showing no logical correlation with the substantial funds sent overseas.

Income Tax Department launches nationwide crackdown on suspicious foreign remittances: What should taxpayers know?

Analysis revealed that a small cluster of professionals issued a disproportionately high volume of Form 15CB certificates to a concentrated…

August 18, 2026 19:10 IST

The larger lesson from cases like this one is fairly simple. Section 44AD makes life easier on the compliance side, not on the explanation side.

Surat fruit trader declares Rs 14.57 lakh income; tax dept finds Rs 2.43 crore deposits, raises assessment to Rs 5.09 crore — ITAT finds major error

The case rationale is that presumptive taxation simplifies the computation of business income, but it neither prevents the Department from…

August 14, 2026 13:26 IST

First, there was a difference in reporting periods. Indian tax filings cover the April-to-March financial year, but foreign assets under Schedule FA must be declared based on the calendar year ending December 31.

Foreign RSUs, dividends and foreign tax credit: How a tech professional resolved a Schedule FA notice?

Working with an experienced tax expert ensures that complex international disclosures are filed accurately, helping you resolve tax notices smoothly.

July 31, 2026 13:30 IST

Staying updated on these developments can help you remain compliant and make better financial decisions.

5 key financial rule changes in July that could impact your money

From the ITR filing deadline to Aadhaar, passport fees and credit card rules, here’s a look at five key financial…

July 30, 2026 15:58 IST

From your filed ITR and Form 16 to bank statements and property papers, these documents serve as proof of the information you reported in your return.

Don’t discard these ITR documents for 6 years after filing, warn tax experts

Throwing away old tax records too soon can create real problems if you later receive a notice, need to file…

July 23, 2026 14:38 IST

The data of some significant activity on the Income-tax portal for the last week (8–14 July 2026) shows that the Income-tax portal has been seeing a steady surge in usage.

ITR Filing 2026: Big changes made to income tax portal as return filing rush picks up

Given the high scale of concurrent access in the peak filing period, some taxpayers may, at times, experience transient technical…

July 22, 2026 15:50 IST

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…

July 20, 2026 20:45 IST

Retirees should evaluate their filing obligation each year based on the composition of income rather than age alone.

Retired and income below the tax limit? Here’s why you should still file your ITR

From a practical perspective, retirees should view ITR filing not merely as a statutory obligation but as an annual financial…

July 20, 2026 20:06 IST

According to the Income Tax Department, from AY 2023-24 onwards, the Annual Tax Statement (Form 26AS) released on the TRACES website reveals only the TDS/TCS related data of the taxpayer, whereas other details pertaining to him or her are available in the AIS.

Why do taxpayers still get income tax notices even after reconciling AIS and Form 26AS?

Large or unusual transactions may be reviewed more closely when they do not fit the taxpayer’s declared income pattern. So…

July 20, 2026 14:01 IST

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…

July 17, 2026 18:44 IST

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…

July 17, 2026 15:07 IST

Taxable life insurance maturity proceeds should be reported in the appropriate income schedule based on the nature of the receipt and the policy category.

ITR Filing 2026: 5 situations where life insurance maturity proceeds become taxable

It is also important to verify whether the insurer has deducted TDS under Section 194DA and whether the amount reported…

July 16, 2026 15:55 IST

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…

July 15, 2026 18:44 IST

ITR-7: Who must file, what’s changed and why it matters

The Income Tax Department has released the ITR-7 Excel utility for AY 2026-27, enabling eligible trusts, political parties, and other…

July 14, 2026 19:41 IST

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…

July 9, 2026 18:54 IST

The record number of income tax returns filed well before the due date is a strong endorsement of India’s rapidly maturing digital tax ecosystem.

ITR filing for AY 2026-27: 1.6 crore returns filed, 1.52 crore verified ahead of July 31 deadline

As filing momentum continues, taxpayers should remain equally focused on accuracy by carefully reconciling disclosures with Form 26AS, AIS and…

July 9, 2026 14:31 IST

While the Union Budget generally receives greater attention, it is the notified ITR forms that ultimately determine the information taxpayers are required to furnish.

Claiming 80G deduction? Here’s the new ITR disclosure requirement for taxpayers

Where a taxpayer claims deduction under Section 80G, the prescribed reporting particulars should be completed accurately.

July 8, 2026 20:38 IST

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