Social Media Ideas for Suppressed Sales Income Tax

₹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...

Diversion of Income by Overriding Title: When Income Never Becomes the Assessee’s Income

Diversion of Income by Overriding Title: When Income Never Becomes the Assessee’s Income Supreme Court Explains the Difference Between “Diversion of Income by Overriding Title” and...

Section 74 Cannot Be Invoked by Merely Using the Words “Fraud” or “Suppression”

Section 74 Cannot Be Invoked by Merely Using the Words “Fraud” or “Suppression”     Supreme Court in Tata Steel says an SCN must disclose the foundational facts — not merely recite...

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...

BIR imposes 2% withholding tax on electricity sales

MANILA, Philippines — The Bureau of Internal Revenue (BIR) has imposed a 2-percent withholding tax on payments to generation companies and other market participants selling electri...

Re: Tax on UK bond investments

Stamro: I have no income other than the monthly amount from the bonds, before that I was just living on savings, Well, you just add the NSI interest to the interest from your ex...

IMF flags unfair tax system

Salaried contribution rises to Rs629b as realty, agriculture and retail stay untaxed

A 'complex' 38% tax on investments will not apply to the government's new savings scheme

Every eight years, deemed disposal taxes certain investments even when there has been no sale.

Taxation of Earn-Outs on Business Sales: Capital Gain or Disguised Salary?

₹23.33 Crore Addition Deleted: ITAT Says Wrong ITR Column Is Not Undisclosed Income

₹23.33 Crore Addition Deleted: ITAT Says Wrong ITR Column Is Not Undisclosed Income     A clerical mistake in the ITR cannot become taxable income when the amount was already discl...

IMF taxes squeeze salaried class

They pay Rs144b in Jul-Sept; real estate gets 50% cut; retailers win fixed tax

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...

Rs 2.47 cr cash deposit gets tax notice: Why ITAT Delhi ruled in favour of assessee

The shop owner said that deposited cash had come from sales generated by his pharmacy and had been properly recorded for in the concerned business books. To support his explanation...

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...

Re: Tax on UK bond investments

Proceeds of house sale in France in a French Bank account.

IT Department Introduces Form 1 for Reporting Undisclosed Foreign Assets Under FAST-DS 2026

Taxpayers who wish to declare undisclosed foreign assets or foreign-sourced income under the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) can file Form...

Florida Sales Tax Holiday Covers Firearms, Ammo, and Suppressors

From September 1 through December 31, qualifying firearms, ammunition, and certain accessories are exempt from Florida sales tax under the state's 2026 Hunting, Fishing, and Campin...

Property value rose before registration; ITAT scraps Rs 11.35 lakh tax on buyer

Under Section 56(2)(x), there is applicable taxation of such a difference in the buyer's hands if the stamp duty value of the property is higher than the purchase consideration by...

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...

Section 47(iv) Relief Upheld for Intra-Group Share Sale Ahead of Fast-Track Merger

Unsold Flats Cannot Be Taxed on Notional Rent Before They Become Legally Occupiable

Unsold Flats Cannot Be Taxed on Notional Rent Before They Become Legally Occupiable     Bombay High Court upholds relief to a builder: No annual letting value can be assessed for a...