32 articles and updates curated for tax and business readers.
The Central Board of Direct Taxes (CBDT) has notified fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) during the financial year 2026-27, identifying six categories of cases that may be selected for detailed examination by the Income Tax Department.The gui...
The Central Board of Direct Taxes (CBDT) has notified fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) during the financial year 2026-27, identifying six categories of cases that may be selected for detailed examination by the Income Tax Department.The gui...
The Central Board of Direct Taxes (CBDT) has notified fresh guidelines for compulsory scrutiny of Income Tax Returns (ITRs) during the financial year 2026-27, identifying six categories of cases that may be selected for detailed examination by the Income Tax Department.The gui...
A Pune bench of the Income Tax Appellate Tribunal (ITAT) has come to the rescue of a scrap dealer who was saddled with a tax demand of nearly Rs 44 lakh after the Income Tax Department treated cash deposits in his bank account as unexplained money.The case involved Wajeed Khan...
India is preparing to roll out new measures aimed at attracting more foreign money into the country, with key decisions likely to be taken as early as this week. According to Bloomberg, citing people familiar with the matter, the Union Cabinet is expected to discuss a major re...
The income tax appellate tribunal's (ITAT) Mumbai bench has held that the absence of a formal gift deed cannot, by itself, justify treating a property purchase as an 'unexplained investment' when the source of funds is clearly identifiable. Under I-T laws, if income or an asse...
A Mumbai taxpayer who declared annual income of just Rs 6.30 lakh found himself facing a tax addition after the Income Tax Department noticed that he had paid credit card bills worth Rs 27.65 lakh in a year, including nearly Rs 14 lakh in cash.The tax department treated the ca...
The Income Tax Department has begun the phased rollout of online filing and Excel utilities for ITR-1, ITR-2 and ITR-4 on the e-filing portal for Assessment Year (AY) 2026-27. With the utilities now available, taxpayers can start filing income tax returns for Financial Year (F...
The newly enacted Income-tax Act, 2025 (ITA 2025), is largely intended to simplify and reorganise tax provisions rather than materially alter the taxation framework for capital gains and losses.Accordingly, investors carrying forward losses from shares and mutual funds are not...
Thanks to the Liberalised Remittance Scheme (LRS), Indian residents can remit up to USD 2,50,000 each financial year. As a result, more and more Indian investors are opening brokerage accounts in the USA to invest in stocks listed on the NYSE and NASDAQ.This trend has really g...
In a peculiar case, income-tax officials during reassessment considered the entire income reflected in Form 26AS as taxable in the hands of a Mumbai based taxpayer. However, no credit was given for tax that had been deducted at source (TDS).The Mumbai bench of the Income Tax A...
A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Officer (AO) can step in...
The Income Tax Department on May 27, 2025 enabled ITR-2 online filing and excel utility for A.Y. 2026-27 on the e-Filing ITR portal. This means students, pensioners, salaried and others who are not required to undergo an income tax audit can now start filing their ITR You can...
Union Finance Minister Nirmala Sitharaman on Monday said the government is willing to listen to concerns raised by stock market investors regarding the tax system, including issues related to Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxation.Speaking...
Wrong Permanent Account Number (PAN) entries, duplicate transactions and double counting in joint accounts are emerging as key issues in the Income-tax Department's Annual Information Statement (AIS), often resulting in mismatches, scrutiny notices and difficulties in filing r...
The new Income Tax Act, 2025 and Income Tax Rules, 2026 have introduced significant changes relating to PAN quoting, PAN usage and Form 60 (now re-engineered as Form 97). With these new regulations, the requirement to quote PAN for specific transactions has either been elimina...
If you think filing your Income Tax Return (ITR) is the last step of the tax process, you might want to take a closer look at your AIS before you hit submit. The Income Tax Department these days uses a lot of data analytics and automated matching systems to compare the details...
ITR filing season for Assessment Year (AY) 2026-27 has started. Like every year, taxpayers would expect their refunds to come early, within days of filing their tax returns.But you must remember that filing a correct return is much more important than filing early, as even a s...