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Retired man deposits Rs 1.33cr, files no ITR; taxman sends notice, what ITAT said

The Income Tax Department also noted that the individuals had not filed an income tax return (ITR) for the relevant year. This meant the department did not have details of the inco...

Taxability of ESOP Under Income Tax Act: Exercise, Sale & Tax

ESOPs are getting attention, particularly among young startups. ESOP is a method to get motivated, engage, and incentivize the workforce. It enhances awareness among employees, as...

ITR-BN: The New Return Form for Block Assessments – What Every Taxpayer Should Know

ITR-BN: The New Return Form for Block Assessments – What Every Taxpayer Should Know   CBDT’s new form puts the entire block-period tax history on the assessee’s table Search procee...

ITAT Grants Relief to Senior Citizen Who Mistakenly Paid Rs. 9.91 Lakh Tax on Tax-Free Bond Interest

An error in tax filing led to a senior citizen paying ₹9.91 lakh in tax on interest from tax-free bonds. Fortunately, the individual has now received relief from the Income Tax App...

A changing tax landscape makes financial recovery more accessible for taxpayers

Tax is an inevitable part of life for everyone. While contributing to the collective coffers helps keep modern society stable and advanced, it can also feel like a financial burden...

Forgotten Foreign Bank Account? ₹ 5 Lakh Shares? A New Tax Window Has Opened!

Forgotten Foreign Bank Account? ₹ 5 Lakh Shares? A New Tax Window Has Opened!     A former student who returned to India years ago called me last week: “Sir, I worked in the UK bac...

NRI Tax: Singapore-based Indian pays ₹1.70 lakh by mistake, wins refund after ITAT upholds DTAA claim

A Singapore-based NRI who paid ₹1.70 lakh in capital gains tax on Indian mutual fund investments has won a refund after ITAT Pune upheld his claim under the India-Singapore DTAA. T...

How to File ITR Online Without a CA: Complete Filing Guide

First-time ITR filing can be difficult. People think that hiring a chartered accountant (CA) is a perfect way to get it right. Self-filing has become a practical option for taxpaye...

Rs 30L salary, missed ITR after job switch; why ITAT cancelled Rs 3.74 lakh penalty

What appeared to be a filing lapse eventually turned into a tax penalty of Rs 3.74 lakh. The Income Tax Department took a strict view of the matter, maintaining that had the non-fi...

ITAT Bengaluru Addresses ₹1.23 Lakh Tax Demand Caused by Consultant’s Wrong Tax Regime Selection

The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, ruled that due to an error made by the tax consultant, the income tax return was processed under the old tax regime. As a...

Income Tax Dept Detects Tax Evasion Exceeding ₹25,000 Cr by Restaurants

The Income Tax Department has detected large-scale tax evasion by restaurants, which could exceed ₹25,000 crore. Based solely on data from Swiggy and Zomato, tax evasion is estimat...

Tax filing 2026: Missed crypto income in ITR? Why investors could receive an Income Tax notice

Crypto investors who fail to report digital asset income in their ITR could face scrutiny if their tax filings do not match transaction and TDS data reported by exchanges. Experts...

Punjab & Haryana HC Quashes Section 147A in Landmark Tax Reassessment Ruling

The Punjab and Haryana High Court set aside the newly inserted Section 147A of the Income Tax Act, 1961, as unconstitutional. The provision mentioned the role of the Jurisdictional...

Tax Law Update: November 2026

The most notable tax law developments of the past month.

Man skipped ITR, declared Rs 12.9 lakh income after notice; ITAT cancels 200% penalty

The man in this case failed to file his income tax return, and the Income Tax Department issued him a notice. He subsequently responded by filing an ITR for assessment year (AY) 20...

Tax Reforms Lead to 1.32 Crore Updated Returns and ₹16,083 Crore in Additional Tax: CBDT Member

Under the tax department’s NUDGE campaign, more than 1.32 crore updated returns have been submitted in the past four years. This results in additional tax payments of Rs 16,083 cro...

3 Steps to Reduce Tax on FD Interest: ₹21,840 on ₹10 Lakh

FD interest is taxed at your slab rate. See how a Rs 10 lakh FD costs Rs 21,840 at 30%, and three steps covering Form 121, TDS and lower-slab options.

Jaipur ITAT: Salaried Taxpayer’s HRA Claim Can’t Be Rejected Without Reviewing Supporting Documents

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that an HRA exemption claim cannot be arbitrarily disallowed by the Assessing Officer when it is supported by val...

Mumbai IT professional gets Rs 3.36 lakh tax relief after employer fails to pay TDS

For Assessment Year 2019-20, the woman reported an income of Rs 18.41 lakh in her ITR and claimed credit for Rs 3.91 lakh in TDS. However, she was given credit for only Rs 79,030,...

In the blogs: Help from Uncle Sam

The audit letter; race-conscious policies; long-short strategy; and other highlights from our favorite tax bloggers.

No tax on value of new property under redevelopment agreement: ITAT

A tax tribunal has sided with property owners involved in redevelopment disagreements, annulling a significant Rs 1.3 crore tax increment on a newly developed property. The tribuna...

Recent State Income Tax Decisions and Their Potential SALT Implications for Multistate Businesses

Tax Loss Harvesting in India: 5 Rules to Stay on the Right Side

India has no wash-sale rule, but GAAR still applies. Learn 5 rules for legal tax loss harvesting, from set-off hierarchy to the ITR filing deadline.

Form 121 does not make your EPF withdrawal tax-free: 5 things to check

Form 121 replaces the earlier Forms 15G and 15H under the Income-tax Act, 2025, and Income-tax Rules, 2026.