Social Media Ideas for Letter Of Credit Income Tax

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...

Gross Income Realization vs. Nontaxable Receipts: Tax Court Evaluates Unrestricted Art Deal Funds in Tunkl v. Commission...

Tunkl v. Commissioner, T.C. Memo. 2026-83 (Sept. 10, 2026) For federal income tax professionals advising high-net-worth clients, dealers, and corporate entities engaged in inf...

Section 10(14)(i) under new tax regime: Wrong claims can trigger income tax notices, warns tax expert

While taxpayers under the new tax regime have limited opportunities to claim exemptions, Section 10(14)(i) remains available for specified allowances provided by employers to meet...

Section 24(b): Processing Fee, Insurance and Maintenance Charges Can Also Qualify as “Interest”

Section 24(b): Processing Fee, Insurance and Maintenance Charges Can Also Qualify as “Interest”     When a taxpayer borrows money to acquire a property and pays the bank not merely...

Indian in Kuwait sent Rs 1.09 crore, no ITR; ITAT deletes Rs 5.52 lakh, checks Rs 2.5 crore

The absence of an original ITR became a key issue. Although the department had information about the substantial sums held in his Indian accounts, there was no tax return on record...

Is GST Refund Taxable If It Is Reported in Form 3CD but Not Credited to the Profit & Loss Account? ITAT Bangalore Sa...

Is GST Refund Taxable If It Is Reported in Form 3CD but Not Credited to the Profit & Loss Account? ITAT Bangalore Says No   Important Ruling on GST Refunds, Form 3CD Clause 16(...

ITR filing 2026: Invested in REITs or InvITs? Here's how to report the income correctly while filing your tax returns

Investors who earned income from Real Estate Investment Trusts (REITs) or Infrastructure Investment Trusts (InvITs) during FY26 should ensure they report it correctly while filing...

When Tax Rules Surprise You – The Taxman Isn’t Always Asking for More!

When Tax Rules Surprise You – The Taxman Isn’t Always Asking for More! Query 1] My income during the year from salary was ₹11,72,190/-, Interest & Other Income was of ₹55,247/-...

₹5.01 Crore Suppressed Sales, But Only ₹10.02 Lakh Taxable

₹5.01 Crore Suppressed Sales, But Only ₹10.02 Lakh Taxable     ITAT Mumbai Says Unrecorded Turnover Cannot Automatically Be Treated as 100% Income A business can have unrecorded sa...

A Guide to TDS on Commission & Brokerage u/s 393(1) [Earlier 194H]

The rules about TDS on commission and brokerage have been restructured under the Income-tax Act of 2025. Therefore, the previously applicable Section 194H of the IT Act, 1961, is n...

CBDT turns its attention to Form 15CB – and to the Accountants who sign it

CBDT turns its attention to Form 15CB – and to the Accountants who sign it   On 18 August 2026, the Central Board of Direct Taxes announced a nationwide verification exercise into...

Can UPI, NEFT, RTGS or IMPS transactions trigger an income tax notice? What taxpayers should know

Digital transactions, such as UPI, NEFT, RTGS or IMPS , do not automatically trigger an Income Tax notice, but unexplained high-value transactions can attract scrutiny. Tax experts...

UK Withholding Tax on Interest- Simplification or Risk Shift?

IT Department Verifies Suspicious Foreign Remittances

As per the ground intelligence and data analysis of outward foreign remittances, the income tax department had identified various suspicious entities that remitted large amounts of...

GST on OIDAR Services: Changes in Taxability and Overseas Supplier Liability

Introduction Online Information and Database Access or Retrieval services, referred to in this article as “OIDAR services”, are taxed under a special scheme in the Integrated Goods...

Received Salary Arrears? Don’t Miss Section 89 Relief-It Could Save You Thousands in Income Tax

Received Salary Arrears? Don’t Miss Section 89 Relief-It Could Save You Thousands in Income Tax   How Form 10E Can Reduce Tax on Salary Arrears and How AI Makes the Calculation Sur...

₹104.99 Crore Purchase Addition Deleted: Bogus Purchase Does Not Automatically Mean Unexplained Expenditure

₹104.99 Crore Purchase Addition Deleted: Bogus Purchase Does Not Automatically Mean Unexplained Expenditure   Bombay High Court Explains Why Section 69C Requires an Unexplained Sou...

When 80P Meets Bank Interest: Nagpur ITAT Reaffirms the View on allowability of deduction of credit cooperative societie...

When 80P Meets Bank Interest: Nagpur ITAT Reaffirms the View on allowability of deduction of credit cooperative societies     A decade-old argument finds fresh acceptance in three...

Declared Australian salary in Indian ITR by mistake? Delhi ITAT says it can't be taxed under DTAA

The Delhi Income Tax Appellate Tribunal (ITAT) has provided relief to a taxpayer who inadvertently declared his Australian salary in his Indian ITR. It held that the income falls o...

Foreign Asset Disclosure Scheme 2026: 60% Tax or Just ₹1 Lakh?

Foreign Asset Disclosure Scheme 2026: 60% Tax or Just ₹1 Lakh?     The Reason Why a Foreign Asset Was Not Disclosed May Decide Whether the Cost Is ₹48 Lakh-or Just ₹1 Lakh Foreign...

CBDT Notifies 116 & 117/2026, Granting Tax Exemptions to MERC from FY 2025-26

The Central Government, through the Central Board of Direct Taxes (CBDT), has issued two notifications regarding the Maharashtra Electricity Regulatory Commission (MERC), PAN: AAAG...

How REIT Distributions Are Taxed in India: A Quick Guide

At 30% slab, you keep ~Rs 78,400 of every Rs 1 lakh distributed. Here's how each REIT component is taxed, what the Finance Act 2023 changed, and how to report it in your ITR.

Income Tax awareness programme held at IGC Lassipora

The Income Tax Office, Udhampur, in collaboration with the Industrial Association, organised an Income Tax Awareness Programme at the Industrial Growth Centre, Lassipora, to famili...

Income Tax Dept undertakes verification of suspicious foreign remittances

New Delhi, Aug 18: The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances. The exercise follows data analysis and ground inte...