Received cash, property or shares as gifts? You may have to pay tax as per ITR reporting rules in these cases

Gifts from specified relatives are fully exempt from income tax. Non-relative cash gifts exceeding fifty thousand rupees become taxable. Immovable property gifts are taxed based on stamp duty value. Specified movable assets received without consideration are also taxable. Taxpayers must report taxable gifts under 'Income from Other Sources'.

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Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

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Filed your ITR but did not get your income tax refund? Here's how to check your ITR status online and resolve common delays

Taxpayers can check income tax refund status online via the e-filing portal. Common statuses like 'Refund Issued' and 'Refund Failed' require specific actions. Delays often stem from incorrect bank details or unverified returns. Mismatches in AIS and Form 26AS can also cause processing issues. The department may adjust refunds against outstanding tax demands after intimation.

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ITR 2026: Increased disclosure requirements for overseas investments and foreign assets—are Indian taxpayers ready?

Indian taxpayers face new disclosure rules for foreign assets and investments. Global information exchange frameworks necessitate accurate reporting of overseas income. Schedule FA in ITR requires detailed reporting of foreign assets held. Non-compliance can lead to significant penalties and scrutiny from tax authorities. Accurate reporting ensures transparency and reduces potential tax disputes.

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What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing before the deadline ensures tax compliance and avoids additional costs.

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The Rs 7.50 lakh myth: Why employer's NPS contribution must be included in salary for claiming deduction under Section 80CCD(2)

As the due date for filing ITRs for AY 2026-27 approaches, many salaried taxpayers are finding that the ITR utility does not allow deduction under Section 80CCD(2) unless the employer's NPS contribution is first included in salary. This article explains why the ITR utility is designed to work this way by examining the relevant provisions of the Income-Tax Act, 1961 and dispelling some common misconceptions.

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Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time

Filing income tax returns early increases the likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance.

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GST Tax officer can allege fraud first and prove it later, rules Madras High Court; Why this matters to every taxpayer

GST officers can now issue fraud notices with a reasonable basis. Proof of fraud is not required at the initial notice stage. Businesses must respond seriously to scrutiny and audit queries. Silence during investigations can be construed as suppression of facts. The ruling shifts the battleground to the reply stage for taxpayers.

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Income tax penalties explained: Under-reporting, not furnishing ITR, and more -Defaults and penalties under different sections

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 111th part of this series, Riju Mehta lists some of the penalties you may be liable to pay.

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How to check Annual Information Statement (AIS) before filing ITR: Step-by-step guide

Taxpayers must review their Annual Information Statement before filing their Income Tax Return. This statement details financial transactions linked to a taxpayer's PAN for a specific year. Information is dynamically updated throughout the year as reports are processed by various entities.

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NRI sells his Bangalore property for Rs 2.63 crore, declares Rs 16.33 lakh LTCG, gets tax notice; he fights and wins partial relief from ITAT for this reason

Sold property for Rs 2.63 crore and reported Rs 16.33 lakh LTCG, claimed home loan interest, travel, water, electricity and brokerage as expenses; Tax dept denied the expenses; ITAT Bangalore allows partly allows his expenses claim. Know why did the NRI win the tax case in ITAT Bangalore.

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Confused about ITR forms? Check the right ITR for salaried, pensioners, students and other taxpayers

Salaried individuals, pensioners, and students must select the appropriate ITR form for AY 2026-2027. Taxpayers not requiring an audit can use ITR-1, ITR-2, or ITR-3 for their filings. The due date for filing income tax returns is July 31, 2027. Certain transactions necessitate filing an ITR even below basic exemption limits. Understanding these guidelines ensures accurate tax compliance for all individuals.

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Forgot your Income Tax e-filing password? Here's how to reset it without access to your registered mobile number

Taxpayers can reset their Income Tax e-filing portal passwords without a registered mobile number. Options include using a Digital Signature Certificate or net banking facilities. If these are unavailable, an email request with necessary documents can be sent.

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