RBI deducted TDS on full interest on GOI Savings Bonds. How do I avoid double taxation?

ET Wealth Reader's Query: I had purchased GOI Savings Bonds issued by the RBI in 2018. These bonds carried a fixed interest rate of 7.75% per annum. I reported accrued interest yearly in my ITRs using the accrual method, though it never appeared in Form 26AS. Without documents to show yearly accruals, how can I explain this to the tax authorities?

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Rs 7 lakh income, Rs 2 lakh donation to a political party: How fake contributions led to Section 80GGC tax deduction claim rejection

A Mumbai man's Rs 2 lakh donation to a political party for tax deduction backfired. The Income Tax Appellate Tribunal (ITAT) Mumbai disallowed the claim, finding the party engaged in a cash-back scheme. The party, with no verifiable office, allegedly returned donations after deducting a commission, facilitating fraudulent tax claims.

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₹60 Lakh vs ₹1.20 crore: How Budget 2026’s foreign asset disclosure scheme cuts black money act risk for NRIs and residents with overseas assets

Budget 2026’s proposed Foreign Income & Assets Disclosure Scheme offers a calibrated settlement window for NRIs and residents with overseas assets facing exposure under the Black Money Act. By capping liability at ₹60 lakh instead of ₹1.20 crore in eligible cases—and ₹1 lakh instead of ₹10 lakh in technical lapses—the Scheme introduces proportionality, immunity and closure.

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You can lose your home for unpaid property taxes? Know your rights and how to fight back before it’s too late

*Homes can be legally auctioned over unpaid taxes, but the law requires a strict process of notices and appeal windows before that.*Even a small tax default can legally trigger attachment and auction, regardless of the property's market value.*If your property is auctioned, legal remedies exist, courts can overturn sales involving procedural violations, fraud, or undervaluation.*Best protection: pay taxes on time, monitor your municipal account, and verify dues before buying or inheriting property.

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Dubai earnings sent through banking channels, yet tax notice issued: ITAT Ahmedabad rules property purchase can’t be treated as unexplained investment

An NRI working in Dubai since 1993 successfully challenged a tax notice for unexplained property investment in India. The ITAT Ahmedabad ruled that funds remitted through proper banking channels from his Dubai earnings, even for property purchase, cannot be deemed unexplained. This decision offers significant relief to NRIs facing similar tax scrutiny.

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NRIs with big foreign tax payment need to get CA certificate to claim tax credit in their ITRs in India under draft tax rules 2026; Know more

Indians working abroad can claim Foreign Tax Credit (FTC) by filing Form 67. Draft rules propose renumbering it to Form 44, requiring CA certificates for companies and individuals with foreign tax payments over Rs 1 lakh. These changes aim to enhance scrutiny and ensure bona fide claims, potentially increasing compliance costs.

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I am 44 with salary, FD interest and mutual fund gains. How do I decide between the old and new tax regime each year?

ET Wealth Reader's Query: I am 44, earning income from salary, interest on deposits, and occasional capital gains from mutual funds. How should a middle-aged taxpayer evaluate which income tax regime works better each year?

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Claiming HRA? Salaried taxpayers need to disclose their relationship with the landlord in draft income tax rules 2026; know what precautions to take

New draft tax rules for 2026 will require salaried individuals claiming House Rent Allowance to disclose their relationship with their landlord. This applies especially when paying rent to relatives. Taxpayers must ensure genuine rental agreements and proper documentation. Payments should be made through banking channels. Landlords must declare rental income. These measures aim to enhance transparency in rental arrangements.

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Denied Rs 91.45 lakh capital gains deduction after selling a plot, taxpayer challenges Income Tax Department’s order in ITAT and wins case

The Income Tax Appellate Tribunal (ITAT) Pune ruled that investing full capital gains into a new property qualifies for Section 54F exemption, even if the entire sale consideration wasn't deposited in the Capital Gains Account Scheme (CGAS) before filing the ITR. This decision favored a taxpayer from Pune who had sold a plot of land, bought a new property and claimed full tax exemption of the capital gains from the sale of land.

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16 large financial transactions you can’t hide from Income Tax Department: Deposit, withdrawal, cash payments and more

Large financial transactions like cash withdrawals, property sales, and investments are automatically reported to the Income Tax Department via the Statement of Financial Transaction (SFT) mechanism. This reporting occurs even if these details aren't explicitly declared in your income tax return. Specified entities are mandated to submit this information.

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Lady with Rs 3.4 lakh annual income gets a Rs 33 lakh property via gift deed; tax dept sends notice; she wins in ITAT Delhi

The Income Tax Appellate Tribunal (ITAT) Delhi ruled that property received through a Hindu family settlement is not a taxable gift. The tribunal found that the transfer, executed as a formality following a family arrangement, did not constitute a taxable 'transfer' under the Income Tax Act, thereby dismissing the tax department's appeal.

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₹80 lakh cash loan row: Madras HC refuses to force PAN disclosure, sends papers to I-T dept

The Madras High Court has sent case files concerning an Rs 80 lakh cash loan to the Income Tax Department for scrutiny. The court ruled that the lender does not need to disclose his PAN number. This action follows a borrower's request for tax investigation into the large cash transaction. The court's decision aims to curb black money transactions.

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I have taken foreign citizenship. Can I send my mother Rs 5–10 lakh a year in India without FEMA or tax scrutiny?

ET Wealth Reader's Query: I have taken foreign citizenship. I would like to send to my mother living in Delhi amounts of Rs.5-10 lakh annually. Will that invite FEMA/tax scrutiny?

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