Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax notices

NRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of shares from a son to his father is not regarded as a transfer for capital gains purposes in the hands of the donor, the reporting of such off-market transactions in the Annual Information Statement (AIS) often creates uncertainty. Experts explain AIS, tax rules and how to avoid notices.

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Need help with ITR filing? Check the ITR filing charges across various websites for AY 2026-2027 for students, salaried persons, pensioners and NRIs

Individuals can compare income tax return filing charges across several platforms. The deadline for filing is July 31, 2026, for many taxpayers. AI-assisted self-filing options are available at lower costs. Expert-assisted plans offer comprehensive support for complex income situations. These services cater to students, salaried individuals, pensioners, and NRIs.

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ITR filing: Received Section 143(1) intimation with tax demand? Respond within 30 days or risk being treated as an ‘assessee in default’; know how to do it

Taxpayers must respond to Section 143(1) intimations with tax demands promptly. Failure to respond within thirty days can lead to penalties. Interest accrues on unpaid demands after the stipulated period expires. Ignoring these notices may result in being classified as an assessee in default. This classification empowers the tax department to initiate recovery proceedings.

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New tax regime: Save up to Rs 65,500 in tax through your employer's NPS contribution; here's how to claim it

Section 80CCD(2) provides a tax deduction for employer contributions to NPS. This benefit remains available under the new tax regime for salaried individuals. Private sector employees switching to the new regime find this deduction particularly attractive. Employer contributions lower taxable income and build retirement savings simultaneously.

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Rs 5.26 lakh capital loss carry forward was claimed in original ITR but a lesser claim was denied in revised ITR; Taxpayer fights back and wins in ITAT Bangalore

Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore.

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ITR filing: Claimed capital gains exemption? The 3-year tax trap that may trigger income-tax notices

Many taxpayers wrongly believe that capital gains deposited in the Capital Gains Account Scheme (CGAS) become taxable only on withdrawal. This article explains the overlooked three-year rule under Sections 54 and 54F, why it leads to income tax notices and the key compliance checks taxpayers should undertake while filing their ITR for AY 2026-27

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Foreign income taxation: Employees, investors, freelancers check check these aspects to prevent double taxation on same foreign income while filing ITR for AY 2026-2027

Indian taxpayers earning global income face potential double taxation concerns. India's tax treaties offer relief through credits or exclusive taxing rights. Taxpayers must accurately report foreign income and overseas assets to authorities. Claiming foreign tax relief prevents unnecessary tax burdens and compliance issues. Understanding treaties and documentation is key for cross-border tax matters.

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INR exchange rate while filing ITR to report foreign assets: Use this reference rate to convert foreign currency into INR as prescribed under income tax rules

Indian taxpayers must report foreign assets in their Income Tax Returns for AY 2026-27. Foreign currency amounts require conversion to Indian Rupees using SBI's TTBR exchange rate. This specific rate is mandated by the Income-tax Rules for accurate reporting. Taxpayers should use the TTBR rate applicable on the relevant date of acquisition or closing year. Retaining records of the adopted exchange rate is crucial for compliance and avoiding reporting errors.

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ITR filing 2026: CBDT takes these steps to prevent portal glitches before July 31 deadline

ITR filing 2026: The government has addressed concerns regarding the income tax e-filing portal's performance. While usage has increased, the portal has largely remained stable, according to officials. The managed service provider, Infosys, has faced contractual penalties for project delays and outages.

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Foreign shares, overseas bank accounts, and three other disclosures you must make in Schedule FA of the ITR for AY 2026-2027

Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act.

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ITR-4 or ITR-3? Know which ITR form to file under presumptive taxation scheme and the documents required

Taxpayers using the presumptive taxation scheme must select the correct Income Tax Return form. Generally, ITR-4 is suitable for individuals and HUFs with income up to fifty lakh rupees. However, certain conditions like foreign income or losses necessitate filing ITR-3. Essential documents include PAN, Aadhaar, bank details, and tax payment proofs. Ensuring an active PAN and validated bank account is crucial for filing.

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ITR filing: How Bitcoin, NFTs, airdrops, gifted crypto, and overseas wallets are taxed in India and how to report them

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percent TDS. Specific provisions govern the taxation of cryptocurrencies and non-fungible tokens. Airdrops and staking rewards are taxed as income upon receipt. Non-disclosure of overseas holdings can invite severe penalties and prosecution.

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Employee wrongly reported Rs 65.21 lakh VRS payout in ITR, lost tax relief; ITAT Pune rules the amount is not taxable and grants him relief

Employee got Rs 65.21 lakh as VRS after company shut plant, but wrong ITR reporting led to tax dispute; ITAT Pune rules in his favour and gives him relief from tax. Know how this empoyee won the case in ITAT Pune.

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