When do you need a tax residency certificate to claim lower tax rate under DTAA for Tax Year 2026

For Indians earning income from overseas, securing a tax residency certificate is essential to avail benefits under the Double Taxation Avoidance Agreement (DTAA). To acquire this certificate, taxpayers must complete Form 42 online via the income tax e-filing portal. This form necessitates accurate details and supporting documents to confirm residency status.

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Landowner gets Rs 6 crore by selling TDRs received for giving up land for road widening, pays no tax; ITAT Bangalore rules TDR sale taxable as capital gains

For giving up 2,839 sq. metres of land, BBMP gives landowner TDRs which landowner sells to builder for Rs 6 crore; Income Tax Dept sends notice; ITAT Bangalore rules TDR sale attracts capital gains tax

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Good news: If penalty is imposed for misreporting of income or other cases you can apply for waiver of penalty using revised Form 161; Check the details

On October 8, 2026, the Central Board of Direct Taxes introduced a revised Form 161 for taxpayers. This new form allows eligible individuals to apply for a waiver of penalty related to misreported income. Taxpayers must meet specific statutory conditions when applying for this relief through the amended form. The application process requires timely tax payments and cannot involve pending appeals.

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Good news for employees: ITC on group health and life insurance allowed; Know how it helps employees

Now GST input tax credit to emoyers on group insurance; this can mean more life and health insurance coverage for employees; Know how it helps. The reason for this is now employer's cost of buying insurance for its employees can reduce by claiming ITC.

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Do you have to pay tax in India or abroad? Why your residential status is important factor

Individuals earning income abroad must understand their tax residency status according to the Income Tax Act. The Act outlines conditions based on the duration of stay in India for tax purposes. Tax residency rules will apply to financial years beginning from April 1, 2026. Any individual’s residential status requires separate analysis for financial years crossing different tax regimes.

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Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT Chennai

Mr Amirtharaj from Thygarayanagar, got Rs 85.03 lakh cash gifts from his sister’s husband, uncle and other relatives, he deposited this cash in his bank account. After this he got an unexplained deposit tax notice. He wins case in ITAT Chennai; Know how.

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FAST-DS 2026: Have undisclosed overseas crypto assets? Know the ₹1 crore and ₹5 crore threshold rules before you disclose

If you're managing cryptocurrency on international exchanges without disclosing them in India, the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS 2026) could be essential for you. This piece delves into the necessary steps for declaring foreign digital assets and discusses the consequences of failing to disclose crypto investments, highlighting potential tax liabilities and legal safeguards.

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Rs 67 lakh ancestral jewellery declaration in ITR triggers income tax notice of unexplained credit: Here's why lady won at ITAT Mumbai

Wife filed Schedule AL in ITR for first time and got hit with unexplained credit income tax notice for ancestral family jewellery worth Rs 67 lakh; she claimed it’s ancestral and wins relief in ITAT Mumbai.

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Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT Chennai

Mr Amirtharaj from Thygarayanagar, got Rs 85.03 lakh cash gifts from his sister’s husband, uncle and other relatives, he deposited this cash in his bank account. After this he got an unexplained deposit tax notice. He wins case in ITAT Chennai; Know how.

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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.

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NRI child sending money to parents in India: Why a tax-free gift can still trigger an income-tax notice

Parents receiving money from their NRI children in India may enjoy tax exemptions on gifts, but large transactions can attract scrutiny from the Income-tax Department. Understanding when these transfers could prompt questions and how to document them properly is crucial for avoiding potential tax liabilities or notices. Learn about the necessary safeguards and responses to inquiries.

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Dubai NRI bought Rs 2.31 crore property, didn’t file ITR, got income tax notice; she fights back and wins in ITAT on these grounds

Mrs Chudamasa’s counsel argued that the AO had erred in treating Rs 2,31,20,000 as investment made during financial year 2017-18. He submitted that the actual payments during the year aggregated to Rs 1.85 crore, comprising Rs 1.73 crore paid to the builder and Rs 11.86 lakh towards registration charges and legal expenses. Read on to know on what grounds did she win in ITAT Mumbai.

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Tax audit deadline extended: Key checks taxpayers should make before filing income tax return

The CBDT has announced an extension for tax audit and ITR filing deadlines for Assessment Year 2026-27. Taxpayers must now file their returns by November 21, 2026, while the tax audit report is required by October 21, 2026. Accurate reporting and compliance checks are essential to avoid scrutiny from the income tax department. Companies should reconcile tax details and be mindful of additional reporting obligations.

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