Salary earned overseas, deposited in Indian NRE a/c: Why ITAT Ahmedabad quashed tax department’s notice

An NRI man earned Rs 44 lakh salary abroad and deposited it in his NRE account. The Income Tax Department issued a notice, but the Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled in his favor. The tribunal stated that salary earned overseas and credited to an NRE account is not taxable in India. This decision provides significant relief to non-residents.

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Rs 27K income tax liability became Rs 9.44 lakh: Pune taxpayer claims fake deductions of Rs 10.65 lakh; taxman imposes 200% penalty; ITAT upholds fine

A Pune taxpayer faces a hefty Rs 9.44 lakh penalty for misreporting Rs 10.65 lakh in deductions, including fake claims for political donations and medical expenses. The Income Tax Appellate Tribunal upheld the penalty, deeming the misreporting a conscious act rather than a bonafide mistake. This resulted in a 200% penalty on the additional tax liability.

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Made profits in gold or silver? Here’s how to lock in gains and reset cost without raising your tax outgo

Gold and silver funds experienced strong rallies and sharp corrections, creating opportunities for tax harvesting. Investors can strategically use capital losses to offset gains or leverage the LTCG exemption to retain more profits. Careful timing and adherence to tax rules can significantly improve post-tax returns without altering long-term allocations. Tax harvesting can help investors lock in gains, adjust losses, and step up acquisition costs— without changing their long-term precious metals bet.

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Made profits in gold or silver? Here’s how to lock in gains and reset cost without raising your tax outgo

Gold and silver funds experienced strong rallies and sharp corrections, creating opportunities for tax harvesting. Investors can strategically use capital losses to offset gains or leverage the LTCG exemption to retain more profits. Careful timing and adherence to tax rules can significantly improve post-tax returns without altering long-term allocations. Tax harvesting can help investors lock in gains, adjust losses, and step up acquisition costs— without changing their long-term precious metals bet.

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Higher HRA, bigger tax-free perks: How draft Income-Tax Rules 2026 could boost your take-home pay

Budget 2026 introduces significant perquisite rule changes, lowering taxable housing valuations and increasing tax-free limits for education, meals, and gifts. While motor car perquisite values rise for employer-owned vehicles, employee-owned cars see a decrease in taxable value. These adjustments aim to boost employee take-home pay by reducing taxable income components.

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Old regime revival? Do the math first

Meaningful gains under the old regime hinge largely on HRA -- and not everyone may qualify.

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Old regime revival? Do the math first

Meaningful gains under the old regime hinge largely on HRA -- and not everyone may qualify.

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Income tax refund delay scam: As fraudsters target taxpayers with fake tax delay messages, I-T Department issues alert

.The Income Tax Department has revealed that these fraudulent messages often contain minor spelling errors and fake links designed to appear genuine. The I-T Department has asked citizens to verify all tax-related information only through its official website.

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10 tax-free incomes in India: EPF, PPF, gratuity, tax-free bonds & more

Unlock tax savings with these 10 income sources exempt from income tax in India. From agricultural earnings and PPF/EPF returns to life insurance maturity and scholarships, understand how to legally reduce your tax burden.

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High salary earners getting ‘nudge’ notices from Income Tax Dept? Here’s why you received it and what action to take now

High salary earners are receiving 'nudge' notices from the Income Tax Department. These notices prompt employees to correct errors like undeclared property income, crypto gains, and ESOPs. The department is offering a final chance to voluntarily fix mistakes before taking stricter action. This initiative aims to ensure accurate tax declarations and compliance among affluent taxpayers.

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Earning Rs 15–25 lakh? Draft Income Tax Rules 2026 could make the old tax regime more rewarding—here’s how to cut your income tax bill

Draft Income-tax Rules 2026 propose increased allowance limits, potentially allowing taxpayers under the old regime to pay significantly less tax. Calculations suggest substantial savings for salaries of Rs 15 lakh, Rs 20 lakh, and Rs 25 lakh compared to the new tax regime, if these changes are approved.

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Lady wins Rs 83 lakh capital gains tax exemption case: ITAT Mumbai flags officer’s jurisdiction error

A taxpayer successfully challenged an Rs 83 lakh capital gains tax exemption denial in ITAT Mumbai. The Income Tax officer erred by reopening the assessment without specifying the Section 54F exemption as a reason. ITAT Mumbai ruled the officer lacked jurisdiction for this addition, quashing the disallowance based on a Bombay High Court precedent.

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Saving of Rs 1.2 lakh instantly when sending this amount abroad, but should you wait till April 1 for this?

Good news for Indian families! The Union Budget 2026 significantly reduces Tax Collected at Source (TCS) on overseas education and medical remittances from 5% to 2% for amounts exceeding Rs 10 lakh annually. This change, effective April 1, 2026, offers substantial upfront cash flow relief, allowing families to save up to Rs 1.

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