Dubai-based taxpayer gets I-T notice for unexplained investment in Rs 2 crore Mumbai property; he fights back and gets relief from ITAT Mumbai

Man returns to Mumbai with Rs 2 crore savings after working in Dubai, United Arab Emirates (UAE) for 20 years to buy property; tax dept sends notice for unexplained property investment; he wins case for this reason.

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Income Tax Department cracks down on taxpayers claiming refunds against donations to fake political parties, charities

The Income Tax Department is taking action against taxpayers who filed returns with fake deductions. Investigations revealed intermediaries helped people claim fraudulent refunds by donating to fake political parties and charities. The department is using data analytics to identify suspicious claims. A Nudge campaign is underway, urging taxpayers to correct their filings before enforcement action.

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Why Income Tax Act 2025 still criminalises small mistakes and why India needs a more trust-based approach

India's tax system is set for a major overhaul with the Income-tax Act, 2025. The Finance Bill, 2026, should consider decriminalizing minor tax offenses. This move if made can help reduce taxpayer worry and streamline enforcement. Serious crimes like tax evasion will remain criminal. Reforms will balance revenue protection with taxpayer trust.

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How can I save LTCG tax on my inherited houses and old equity shares?

ET Wealth Reader's Query: I own two residential properties in India. One was partly inherited and partly gifted to me two years ago. The second property, purchased around 15 years ago, is jointly owned by me. I seek your advice on how to avail exemption from LTCG tax under these conditions.

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Filed ITR-1 or ITR-4 but now can’t find schedule foreign assets information in revised form, here’s what you should do

Many taxpayers face issues with missing foreign asset and income details in revised Income Tax Returns. If a taxpayer has any assets outside of India, such as immovable property, bank accounts, investments, or other assets, or earns income from foreign sources, careful attention must be paid during the Income Tax Return filing process.

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Karta repays more than advance taken, I-T sends tax notice, but ITAT Mumbai rules in favour of HUF

The Mumbai branch of the Income Tax Appellate Tribunal has issued an important ruling, stating that any surplus loan refunds received by a Hindu Undivided Family (HUF) from its Karta are classified as capital receipts and therefore free from income tax obligations. This decision clearly indicates that the classification holds firm, even if the funds are employed in trading activities.

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ITR refund delay explained: Reasons why your tax refund is delayed this year and how to check status

Many taxpayers are experiencing delays in receiving their income tax refunds due to common filing errors. These include failing to verify ITRs within 30 days, not addressing defects, or having unvalidated bank accounts. Additionally, missed responses to departmental intimations regarding adjustments or outstanding demands can also lead to significant refund hold-ups.

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60% gains from cryptocurrency investment in one Indian state as Rs 1,100 crore TDS collected in 3 years

India's Income Tax Department is collecting substantial revenue from cryptocurrency transactions. Over Rs 1,100 crore in tax has been gathered in the last three financial years. Maharashtra alone contributed 60% of this amount. The government has also taken action against crypto exchanges, uncovering over Rs 1,000 crore in undisclosed income related to virtual digital assets.

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Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this

The Finance Ministry said that new Income Tax Return forms will be released before the financial year 2027-28. This follows a query in Lok Sabha regarding the issuance timeline. The ministry is working on consolidating and simplifying these forms and consultations with experts are underway to ensure user-friendliness and reduce taxpayer burden, says the minister.

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Taxation of equities: The FIFO strategy smart investors use to cut capital gains tax and save more on equity profits

Why FIFO and your demat strategy matter: smart choices can preserve big gains.

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Advance tax due date December 15: Which incomes qualify and who can pay advance tax in the next quarter?

Taxpayers can pay advance tax payments for specific incomes in FY 2025-26 after the income has happened. Capital gains, lottery winnings, and certain business income are eligible. Senior citizens without business income are exempt. Advance tax is mandatory if net tax liability exceeds Rs 10,000 after TDS. Payment deadlines are June 15, September 15, December 15, and March 15.

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ITR tax refund stuck? These 7 common errors could be the reason and how you can fix them

Tax refund delays can often stem from mistakes made by taxpayers. Make sure to double-check your Income Tax Return (ITR) within a month. If you receive any notifications regarding defective returns or proposed changes, respond quickly. Don’t forget to confirm that your bank account is set up for refund deposits. Clear any outstanding demands prior to the refund process.

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Advance tax deadline: Who needs to pay advance tax and what is penalty for missing due date?

Advance tax payments are crucial for individuals with income beyond salary. The third instalment for Assessment Year 2026-27 is due by December 15, 2025. Missing deadlines incurs penalties. Taxpayers can pay online or offline. Understanding these rules ensures timely compliance and avoids interest charges.

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