Widow gets income tax notice over Rs 60 lakh 'unexplained' cash deposit; she fights back and wins in ITAT Pune - know how

Ms Parve’s counsel argued in ITAT Pune that she is a housewife and never filed her income tax return (ITR) as she had no independent source of income. To support her claims, Ms Parve also filed Form 26AS, an affidavit, the husband’s death certificate, computation sheet, bank statements between 24.08.2015 and 30.09.2015.

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Can income tax officials take your PPF savings for unpaid tax dues? Know what the law says

Dealing with a tax demand? It's essential to grasp how the Income Tax Department can seize dues from different assets, while your PPF account holds particular protections. Funds within a PPF account are shielded from attachment; yet, withdrawing them can put them at risk.

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Own property in UAE? Income Tax Department nudges taxpayers to declare undisclosed assets under FAST-DS 2026, know who needs to act and what they can do

UAE property owners have received communication from the income tax department regarding undisclosed assets. Taxpayers are prompted to assess their foreign assets in relation to their tax status. Those eligible can use the FAST-DS 2026 scheme before the deadline. Failure to disclose such assets may result in severe penalties or taxation. It is important to review and act upon this nudge to avoid repercussions.

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Rs 1.79 lakh US tax credit under India-US DTAA denied over late Form 67 filing; ITAT Bangalore rules in man’s favour

An Indian taxpayer from Bangalore faced a setback when his foreign tax credit was denied due to late submission of Form 67. However, the ITAT clarified that such delays shouldn't negate the entitlement to foreign tax credits. This pivotal decision, which takes into consideration recent legal interpretations on procedural mistakes, will now be forwarded to the Assessing Officer to reassess the claim.

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Retired bank employee claims tax exemption on Rs 9.53 lakh leave encashment, faces income tax notice and wins full relief at ITAT Jaipur

After retiring from the State Bank of India, Chhaju found himself facing a tax exemption cap of Rs 3 lakh on his leave encashment totaling Rs 9.53 lakh. Determined to secure his rightful benefits, he appealed to the ITAT Jaipur, which sided with him and extended full tax exemption. The tribunal admired prior cases that upheld similar claims from fellow retirees, proving advantageous for Chhaju.

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Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT Jaipur

Rs 4.29 crore commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 penalty; he wins tax penalty case in ITAT Jaipur.

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Rs 4.29 crore MCX commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR; Income Tax Dept imposed Rs 25,000 penalty, but he wins case in ITAT Jaipur

Rs 4.29 crore MCX commodity trading turnover, no books of accounts, Rs 3.42 lakh income declared in ITR, Income Tax Dept imposed Rs 25,000 penalty; he wins tax penalty case in ITAT Jaipur.

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Income tax audit report deadline today: How to check whether your CA has uploaded report on e-filing portal

Don’t miss the deadline on October 21, 2026, for filing tax audit reports for Assessment Year 2026-27! Taxpayers can verify their report uploads on the e-filing portal. To complete the filing, they must collaborate with their chartered accountant to fill out Form 3CA-3CD or 3CB-3CD. After completion, the report needs to be accepted and e-verified from the Worklist to guarantee timely filing and acknowledgment receipt.

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Income Tax Rules 2026: CBDT notifies Form 173A to claim exemption on interest, capital gains from government securities

In a significant update, the Central Board of Direct Taxes has rolled out Form 173A, effective from October 19, 2026, under the Income-tax Rules. Taxpayers aiming for exemptions on interest and capital gains from government securities must now provide in-depth information, including their securities holdings and personal ID.

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I have LTCG tax liability of Rs 16 lakh from land sale; should I pay income tax or reinvest to save?

ET Wealth Reader's Query: I am 57. I recently sold a piece of land near Jewar airport, resulting in a long-term capital gains (LTCG) tax liability of around Rs 16 lakh. I am considering two options: reinvesting the proceeds in another property of a similar value to claim the available tax exemption, or paying the LTCG tax and investing the remaining amount in mid-cap mutual funds to grow the corpus further. Since I already have an adequate retirement corpus, would it make more sense to pay the tax and opt for the second alternative?

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Retired employee gets income tax notice over Rs 9.29 lakh leave encashment; ITAT Jaipur cancels it and gives him full tax exemption, here's why

Mr. Gupta, a former employee of the State Bank of India, found himself facing an income tax notice concerning Rs 9.29 lakh in leave encashment. Unfamiliar with tax exemption limits at his retirement, he was initially distressed. However, the ITAT Jaipur later favored him, applying a vital Rs 25 lakh tax exemption for leave encashment retroactively.

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Rs 24 crore cash sales in Form 26AS, Rs 4-crore tax demand: How a five-star hotel cook won his case in Delhi High Court

Mr. Lalit, a cook at Hotel Ashoka, received a surprising income tax notice claiming Rs 4 crore. This notice cited Rs 24 crore in cash sales attributed to him, leading to significant distress. His Form 26AS incorrectly showed these transactions, prompting Lalit to file a complaint regarding identity theft. The Delhi High Court ultimately canceled the tax demand, finding insufficient evidence from the Income Tax Department.

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Transferring immovable property? How TDS compliance is now simpler with new Form 141

With the introduction of Form 141, taxpayers can easily report TDS by combining several earlier forms into one streamlined approach. This update simplifies compliance for reporting transactions relating to rent, property transfers, and virtual digital assets.

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