Page 4 - Income Tax

HC helps NRI avoid massive tax: why selecting a correct ITR form is key

A Delhi HC ruling protects an NRI from a huge tax demand, highlighting the importance of correct TDS filings in property sales and offering key lessons for NRIs.

Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner

New CBDT guidelines target NGOs, HNIs, and repeat offenders. Tax expert says, 'There is no way to avoid compulsory scrutiny if you fit the checklist.'

Maharashtra uses tax data to check fake claims in Ladki Bahin scheme

State government says Income Tax data needed to weed out fake beneficiaries

China's overseas income tax global crackdown expands beyond ultra-rich

Chinese authorities are seeking to boost fiscal income and narrow a record budget deficit as Beijing has ramped up stimulus to counter US tariffs

Income Tax return filing deadline extended | What it means for you | ITR filing 2025-26 | Taxpayers

The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. Know what it means for you!

Dalmia Bharat under I-T lens post HC nod on reopening of assessment

Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping

Section 54F exemption: Observe timelines for selling asset, buying another

Recent judgement emphasises that co-ownership of multiple floors in the same building does not disqualify taxpayer for this exemption under Section 54F

Old vs new tax regime: Consider income and deductions before you pick

If you declared one regime to your employer for TDS but later find the other more beneficial, you can still switch when filing your income-tax return

Filing tax returns with wrong ITR form can invalidate and delay process

Resident individuals may use ITR-1 if their total income is within ₹50 lakh and comes from salary or pension

ITAT body raises concern over high pendency of cases at Delhi Benches

The Bar association claimed that Delhi has the "highest pendency" of cases among ITAT Benches, many involving complex legal issues and high revenue stakes

May 2025 tax filing & compliance deadlines: What's due, when, and by whom

From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties

Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1

Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2

Final call! Clear your tax disputes under VSV 2.0: Here's how

Taxpayers must not make errors in filing applications and calculating disputed amount, says expert

Mismatch in Form 16 and AIS? How to fix issue before filing tax return

Income tax department may send notice if the information mismatch is not resolved

Recognised startups spared Section 68 scrutiny, others under watch: CBDT

The clarification comes amid income-tax notices issued to startups for foreign funding routed via Singapore

Centre appoints four senior IRS officers as members of CBDT board

The Appointments Committee of the Cabinet has approved the appointment of four senior Indian Revenue Service (IRS) officers as Members of the Central Board of Direct Taxes (CBDT), according to an official order issued yesterday.The newly appointed Members include Pankaj Kumar Mishra, who was serving as Member (Finance) of the Atomic Energy Commission, and Sanjay Bahadur, who held the position of Principal Director General of Income Tax (Training) in Delhi. L. Rajasekhar Reddy, who was the Principal Chief Commissioner of Income Tax (TDS) for Chennai, Tamil Nadu & Puducherry Regions and Ms. G. Aparna Rao, who was functioning as the Principal Chief Commissioner of Income Tax-1 for Bengaluru, Karnataka & Goa Regions, were also appointed as Members of the CBDT.All four appointees belong to the 1989 batch of the Indian Revenue Service (Income Tax).The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in ...

No I-T on new flat received exchange for old under Section 56(2)(x)

The judgment is likely to benefit prospective homeowners who are planning to exchange their old homes for upgraded accommodations in newly developed residential projects

Courts must flag cash deals of ₹2 lakh or more to tax dept, says SC

Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court

Old vs new tax regime: Key factors to help you choose before filing

After successfully filling out the income-tax return, the next step is to verify it. If a return is filed but not verified within permitted time, it shall be deemed as invalid return

India's richest report only a fraction of their wealth, says a new study

They are not just underreporting income; they are reshaping what the income tax system perceives, says study