#income-tax
Son sells ancestral land for Rs 8 crore, buys 2 more properties; gets income tax notice but wins at ITAT Chandigarh: Know why
A family from Panchkula owned some ancestral land in a village. A member of this family sold his share of the the said land for Rs 8 crore and purchased two more lands and claimed Section 54B and Section 54F tax exemption. However, he got a tax notice.
Class 9 students to study personal income tax: How NCERT is teaching financial literacy at a young age
A chapter outlines step-by-step procedures to compute total tax liabilities using the new tax regime, deliberately omitting references to the old tax regime.
Delhi ITAT ruling: How relative’s airline job cleared businessman of tax penalty on foreign currency found in raid
The case highlights the importance of establishing ownership and the source of cash or foreign currency found during an income tax search through credible, corroborated evidence.
Rs 1 crore foreign asset limit under FAST-DS 2026: What taxpayers must know about undisclosed income
FAST-DS 2026 prescribes detailed rules for valuing foreign assets, but how should undisclosed foreign income be computed for the ₹1-crore limit? This article examines whether such income should be computed under the Income-tax Act and converted into Indian ru…
Centre moves Supreme Court over striking down of Income Tax Section 147A
Government challenges Punjab and Haryana High Court ruling that invalidated the retrospective provision governing tax reassessment powers of jurisdictional officers in India
He moved to the US for a job and forgot to file his India ITR; taxman imposed Rs 8.29 lakh penalty, but ITAT Jaipur cancelled it for this reason
The individual maintained that he had not deliberately attempted to evade tax. His case was that he had simply missed the ITR deadline while dealing with his relocation and new job in the US.
Mumbai businessman’s ₹6.42 lakh work travel claim denied as he used his wife’s credit card; here’s what ITAT ruled
A Mumbai resident's claim for ₹6.42 lakh in business travel expenses was rejected by the tax department due to payments made with his wife's credit card. Here's what happened next.
I-T dept flags up to 20,000 ITRs for ‘swapped provisions’ used to lower net tax liability — What happens next?
The income tax department has identified 15,000-20,000 cases of taxpayers using swapped provisions to reduce taxable income. This involves replacing exemptions to lower tax liability without valid reasons and documents. Details here.
Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legally
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow. This move, facilitated by Section 54F of the Income Tax Act, saw her win an appeal agains…
NRE vs NRO income tax rules: How these NRIs, OCIs can save up to Rs 20,500 on $10,000 FD investment
NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO account interest is taxable in India, NRIs can leverage Double Taxation Avoidance Agreements (DTAAs) to potentially lower their tax burden or claim credits in …
Claude ‘ran like a CA’: Professionals are leaning towards AI to file income tax — Check viral prompt
Working professionals took to social media to share how they used AI to file their income tax returns — From decoding dense tax terminologies to automatically accounting for mid-year employer switches, and more
Supreme Court rejects plea challenging Income Tax break to STs in North East
The Supreme Court has declined to hear a petition questioning the income tax exemption for Scheduled Tribes in certain north-eastern states. The court suggested the petitioner approach the Parliamentary Committee on Petitions or the Finance Ministry. This mov…
Income-tax returns: Are all donations 100% exempted from tax under old regime?
ITR: As the season to file your income-tax returns, we take a look at whether all donations qualify for 100% exemption from tax under the old tax regime, what are the categories, recipients, qualifying limit and more…
Who is a Resident but Not Ordinarily Resident and what are the tax implications?
Most returning NRIs are eligible for RNOR status for nearly two to three financial years, depending on their earlier duration of stay in India. Failing to claim this status properly can result in foreign income being unnecessarily subjected to Indian taxation
Attention taxpayers! Excel utility for income-tax return form ITR-2 enabled — Here's all you need to know
Attention taxpayers! The tax department has today enabled excel utility for income-tax returns for AY2026-27 (FY25-26) for online form ITR-2 on its official e-filing portal. Here's all you need to know…
How are profits from intraday and Futures & Options trading taxed in India? Explained
In India, intraday trading profits are taxed as speculative business income, while Futures & Options trading profits are non-speculative. Here are the income tax rules.
Freelancer tax guide : How to report overseas client income and pay taxes in India
Planning to send money abroad? Here’s what taxpayers should know about new income tax forms 145 and 146
Indians sending money abroad for various purposes must comply with new income tax forms 145 and 146, replacing Forms 15CA and 15CB. Details here.
Income-tax returns: Forms notified, excel utility enabled — All you need to know about ITR-4 Sugam online; see top FAQs
ITR forms for AY27/FY26 have been notified and the tax department has enabled offline preparation via Excel Utility for ITR-1 and ITR-4. Taxpayers can file returns online by 31 July 2026. Here's all you need to know about ITR-4 (Sugam)…
New PAN norms 2026: Where quoting is relaxed and where it’s now mandatory
New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and debit card applications. However, PAN is now mandatory for certain property transactions and annual cash withdrawals exceeding Rs 10 lakh. Form 97 replac…
ITR filing: How NRIs and foreigners are taxed in India and why residential status matters
Tax liability of individuals is influenced more by residential status than citizenship under Indian tax law. NRIs and foreign citizens may be taxed based on their days in India and income nature. Here's what you need to know.
Is tax-exempt income in India also exempt in the US for NRI?
ET Wealth Reader's Query: If an income is tax-exempt in India, is it also exempt in the US for an NRI? For instance, interest on NRE accounts, FCNR deposits, and PPF is tax-free in India—does it need to be reported in the US, and will it be taxed there, inclu…
What NRIs should know about gift received from grandparents
While ITA 1961 did not expressly clarify whether the term covered maternal as well as paternal relatives, there are judicial precedents supporting the view that the expression includes both maternal and paternal lineal ascendants and descendants.
Income-tax rules: Capital gains taxation on digital, paper, physical and inherited gold for Indians and NRIs, explained
Income-tax rules: Here's how capital gains generated from digital, paper (which includes gold ETFs, gold mutual funds and sovereign gold bonds) physical and inherited gold are taxed for residents and NRIs.
ITR filing 2026: How gains from crypto and foreign stocks are taxed in India; what happens if you fail to report it?
Investors in cryptocurrencies and foreign equities in India must disclose profits in tax returns to avoid penalties. Cryptocurrency gains are taxed at 30%, while foreign assets are taxed based on holding periods. Details here.
MS Dhoni emerges as highest individual taxpayer across Bihar-Jharkhand as total collection touches Rs 20,000 crore
The information was shared on Thursday by Principal Chief Commissioner of Income Tax (Bihar-Jharkhand), Dr D Sudhakara Rao, during a media interaction in Ranchi.
Section 80C income-tax relief: Here's how to maximise your ₹1.5 lakh deduction
Taxpayers can rely on Section 80C of the Income-Tax Act to reduce their tax liability through deductions of up to ₹1.5 lakh in a financial year. Here's what steps you can take to maximise your investment options…
Income tax rules for senior citizens in FY27: What’s new and what stays the same
Senior citizens enjoy tax benefits such as higher exemption limits and deductions under the old regime. While the new regime standardizes limits, retirees can still claim deductions under various sections. Form No. 125 simplifies filing for eligible seniors, …
trb-tax-pro 1.1.1
A CA-grade Income Tax calculation engine for India (FY 2025-26) with AIS reconciliation and support for the Income Tax Act, 2025.
Tax saving investments in India: 7 things you need to know
Most Indians overpay income tax simply because they do not plan ahead. The Income Tax Act offers multiple legal ways to reduce your tax bill — through Section 80C, 80D, 80CCD, and more. A salaried person in the highest tax bracket can save up to Rs 46,800 in …