Online gaming money tax dispute: GST to be charged on full value of the deposit, rules Supreme Court, know how it impacts the players

The Supreme Court has settled India's online gaming tax dispute. GST will now be charged on the full value of player deposits, not just the operator's commission. This ruling impacts online rummy, fantasy sports, and casinos. The court confirmed the tax is on the entire stake, regardless of skill. This decision brings clarity to the industry after years of litigation.

from Tax-Wealth-Economic Times https://ift.tt/QaRsqU6

Can you sell household items worth more than Rs 2 lakh in cash?Check the tax rules

A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs 2 lakh threshold.

from Tax-Wealth-Economic Times https://ift.tt/BR9VU4a

ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27

India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sources being integrated into the Annual Information Statement (AIS) and used to cross-check taxpayer disclosures. In this environment, filing an accurate and complete ITR is essential to avoid refund delays, tax demands, penalties, compliance alerts and notices.

from Tax-Wealth-Economic Times https://ift.tt/Y5RnmPb

Paying rent above Rs 50,000? Failure to deduct TDS can make you an assessee in default; know what to do

Tenants paying over Rs 50,000 monthly rent must deduct TDS. This applies to individuals and HUFs not requiring tax audits. The TDS rate is 2% on gross rent. Tax is deducted in the last month of tenancy or financial year. Tenants deposit TDS via Form 26QC and issue Form 16C to landlords. Failure to comply incurs interest and penalties.

from Tax-Wealth-Economic Times https://ift.tt/cYmtGik

Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27

The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2).

from Tax-Wealth-Economic Times https://ift.tt/1zyWBCZ

Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration

A Delhi man sold unlisted shares for Rs 7.88 crore and bought a house for Rs 5.65 crore. He declared low income but claimed capital gains tax exemption. The Income Tax Appellate Tribunal Delhi ruled in his favour. The tribunal clarified rules on using sale proceeds and owning residential property. This judgement offers relief to taxpayers.

from Tax-Wealth-Economic Times https://ift.tt/qmlncbG

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of the NRI, finding his explanation of the funds' origin satisfactory.

from Tax-Wealth-Economic Times https://ift.tt/FqQP0bf

Waiting for Form 16? Here’s when employers may issue it for AY 2026-27 ITR filing

Salaried employees await Form 16 for Assessment Year 2026-2027. Employers must issue this crucial tax document by June 15, 2026. This form simplifies Income Tax Return filing. Those without Form 16 can still file using salary slips, Form 26AS, and bank statements. The deadline for filing ITR for this period is July 31, 2026.

from Tax-Wealth-Economic Times https://ift.tt/l8D03Es

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to discrepancies and potential tax notices.

from Tax-Wealth-Economic Times https://ift.tt/i1cxhXT

Maximum 39% marginal rate of income tax applicable for these individuals in Tax Year 2026-2027

Individuals and certain entities will face a maximum 39% income tax rate under the new tax regime for Tax Year 2026-2027. This Maximum Marginal Rate applies to specific income categories to prevent tax avoidance. The new regime streamlines surcharges, capping them at 25%. However, exceptions exist, potentially leading to higher rates in specific AOP or BOI scenarios.

from Tax-Wealth-Economic Times https://ift.tt/dB56gzw

ITR filing 2026: 5 benefits of filing income tax return besides paying taxes

Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future taxes. Many countries require it for visa applications.

from Tax-Wealth-Economic Times https://ift.tt/LqiSIKQ

Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void if the individual becomes a Non-Resident.

from Tax-Wealth-Economic Times https://ift.tt/Ao6yNRx

Pension is salary, family pension is not: Key tax rules pensioners must know before filing ITR for AY 2026-27

Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to confuse the two while filing returns. As AY 2026-27 return filing gathers pace, pensioners must understand the correct tax treatment, deductions, TDS provisions and compliance reliefs available to avoid errors and unnecessary notices.

from Tax-Wealth-Economic Times https://ift.tt/y1UEgFt