Social Media Ideas for Income Tax India

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...

South Korean employer paid him salary in dollars; tax department sends notice

A Karnataka man working in South Korea faced an income tax notice over his salary deposited in an NRE account in India. The Income Tax Assessing Officer claimed the salary was taxa...

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...

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...

Crypto Tax in India 2026: Rules, Rates, Reporting & Penalties

In India, cryptocurrency can be bought, held, and traded legally, but a higher tax is levied on it, and the reporting rules are stringent. Buying, selling, or swapping crypto carri...

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,...

Income Tax Calculator for Salaried Individuals: A Simple Guide

The post Income Tax Calculator for Salaried Individuals: A Simple Guide appeared first on Myinvestmentideas.

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...

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.

Capital gains tax in India vs worldwide: How does India compare with other countries?

Capital gains tax in India varies by asset class and holding period, with separate rules for short-term and long-term gains. Worldwide, tax treatment differs sharply, ranging from...

India’s FY27 Net Direct Tax Collections Rise 13.21% to ₹13.38 Lakh Crore as of Oct 14

India’s net direct tax collections have increased by 13.21% year-on-year to Rs 13.38 lakh crore as of Oct 14 in the current financial year (FY27). The driving factors for this are...

She declared Rs 43,796, misses Rs 14.02L; hit with 200% penalty, but ITAT gave relief

This is the case of a 57-year old non-resident Indian (NRI) woman who ended up under-reporting her income when she filed her Income Tax Return, and the gap was huge.

Man gets leave encashment tax benefit, but limit hiked later; ITAT allows Rs 12.27L

The ITAT Chennai bench viewed the increase from Rs 3 lakh to Rs 25 lakh as an enhancement of an existing benefit, rather than the creation of a new exemption. The Tribunal also fou...

Parliamentary panel flags ‘punitive’ tax regime, seeks data on new Income Tax Act’s Impact

Parliamentary Standing Committee members question heavy-handed enforcement, compliance glitches and widening reliance on individual taxpayers

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...

NRI bought Rs 2.31 crore property, skipped ITR; why ITAT struck down tax demand

A Dubai-based NRI who did not file her income tax return faced a tax demand after the Income Tax Department flagged her Rs 2.31 crore property purchase. However, the Mumbai ITAT la...

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...

Who really pays for India? It's not who you think

The claim that 2-3 per cent of Indians pay all of India’s taxes gets the maths wrong. Here’s how income tax, GST, corporate tax and household numbers change the picture.

₹2.31 करोड़ की Property पर आया Tax का मामला, ITAT पहुंचते ही क्यों बदल गई पूरी तस्वीर?

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...

Maharaja bonds get TDS relief: What resident investors and foreign institutional investors must know

The Finance Ministry has exempted interest payments on New Development Bank’s Maharaja INR Bonds from TDS for eligible resident investors and foreign institutional investors (FIIs)...

Rs 10L investment, different explanations: why ITAT deleted tax addition & penalty

The dispute arose after the income tax department received information about an investment of Rs 11.25 lakh made by a man with a wealth management firm. The assessing officer accep...

Same Income, Different Tax! How Classification Can Change Your Tax Liability

Same Income, Different Tax! How Classification Can Change Your Tax Liability     Imagine Mr. Ram and Mr. Shyam purchased 100 shares of Reliance Industries Ltd. on the same day, at...

CBDT introduces Form 173A for tax exemption claims on government securities

Taxpayers claiming exemptions under Schedule IV, Table entries 13D and 13E of the Income-tax Act, 2025, must file Form 173A as per the Seventh Amendment Rules, 2026