Rs 5.31 lakh income tax refund denied as taxpayer did not claim it in the original ITR; he approaches ITAT Delhi and wins the case to get tax refund with interest

Rs 5.31 lakh tax refund denied as it was not claimed in the original ITR but in the subsequently filed Section 148 ITR; ITAT Delhi orders the tax dept to issue the refund with interest.

from Tax-Wealth-Economic Times https://ift.tt/XGbL6cw

Missed reporting of overseas bank accounts, ESOPs, and foreign assets in Schedule FA of ITR? FAST-DS offers a chance to come clean

There is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable property, where aggregate value does not exceed Rs 20 lakh. Such taxpayers should first determine whether any penalty actually arises before opting for FAST-DS.

from Tax-Wealth-Economic Times https://ift.tt/miusP5C

Freelancers filing ITR? Don't get these 5 things wrong: Form, expenses, 44ADA, foreign income, and more

Freelancers preparing for AY 2026-27 have a new ITR submission deadline, offering relief to many. Understanding tax audit requirements is essential and varies based on turnover, with distinct reporting dates. Selecting the appropriate ITR form such as ITR-3 or ITR-4 plays a crucial role in accurately reporting income. Eligible business expenses can be claimed by freelancers, which helps minimize their tax burden, while income from foreign clients needs clear disclosure.

from Tax-Wealth-Economic Times https://ift.tt/H0XsWPO

Employee got Rs 30 lakh salary after job switch, forgot to file ITR, Income Tax dept imposed Rs 3.74 lakh penalty; he fought and won the case in ITAT Delhi

Employee switched job and got Rs 30 lakh salary on which TDS was deducted, forgot to file ITR, Tax dept sent notice and imposed Rs 3.74 lakh penalty, he fights and wins case in ITAT Delhi

from Tax-Wealth-Economic Times https://ift.tt/V7FwTZx

Plant 500 trees and explain Rs 11.22 crore additional income: A rare direction from ITAT Chandigarh asks taxpayer with Rs 1.79 lakh income shown in ITR

This Haryana man's case was picked up for scrutiny, and during the proceedings the Assessing Officer found large cash deposits, unsecured loans worth crores, and discovered that the Rs 3 lakh agricultural income wasn’t substantiated by supporting evidence. Read on to know what happened next, and what has the ITAT ordered.

from Tax-Wealth-Economic Times https://ift.tt/74jZmTK

Unsuspecting landowner got income tax notice as his land was sold for Rs 6.82 crore cash by someone via forged sale deed; he fights back and wins tax case in ITAT Ahmedabad on this ground

For Rs 6.82 crore cash notorious land grabbing gang sold land via forged sale deed with forged signature of landowner; however landowner got tax notice for not reporting sale of land; ITAT Ahmedabad cancels tax notice on this ground. Read the article.

from Tax-Wealth-Economic Times https://ift.tt/2yEHSf1

8 income tax notices that salaried employees can get after filing ITR; know what they mean and how to respond

Employees who are on a salary may find themselves receiving tax notices following their income tax return filings. These notices typically point out discrepancies requiring immediate attention from the taxpayer. It is essential to understand the context of each notice to ensure proper compliance and effective dispute resolution. The Income Tax Department sends out these notifications for clarification and mistake correction.

from Tax-Wealth-Economic Times https://ift.tt/uLA7axF

Foreign Asset Disclosure Scheme 2026: From budget proposal to rollout - what residents and NRIs need to know

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implementation. This article explains its two categories, tax and fee implications, eligibility for resident and present non-resident taxpayers, the ₹20 lakh threshold, and key considerations for reviewing past foreign-asset reporting lapses under the Income-Tax Act, 1961 and the Black Money Act, 2015

from Tax-Wealth-Economic Times https://ift.tt/0XL1AKP

Income tax dept has identified suspicious entities that sent money abroad, launches verification drive; Know what to do

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad; Know what to do

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

Succession Planning: 8 key tax considerations you should take into account

Succession planning involves connected legal and tax events, not just death. Income earned before death must be reported by the deceased's representative. Income arising after death is taxable to the executor or administrator. Individual and HUF property tax treatments differ significantly based on acquisition. Proper record-keeping is essential for calculating capital gains and tax liabilities.

from Tax-Wealth-Economic Times https://ift.tt/GpKHqN5

SBI's error in depositing TDS cost landlord Rs 2.7 lakh in TDS credit; Landlord fights in ITAT Agra and wins the case

SBI paid Rs 40.62 lakh rent to three landlords but erroneously reported entire TDS against one landlord's PAN, leading to tax dept denying Rs 2.7 lakh TDS credit as landlord only declared 1/3rd rent in ITR; Landlord fights in ITAT Agra and wins case; Know why

from Tax-Wealth-Economic Times https://ift.tt/Agi7hLq

NRI bought life insurance policy in Dubai from a foreign insurer, got maturity proceeds after returning to India, his claim for tax exemption was denied; he won the case in ITAT for this reason

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on maturity proceeds from a Dubai life insurance policy. The ITAT ruled that foreign insurer policies are not automatically subject to the Black Money Act, especially when premiums originate from non-taxable foreign earnings. This landmark decision offers clarity for NRIs and returning NRIs.

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

Inherited mother's land, converted it into business stock, and invested over Rs 5 crore in a new home; ITAT Surat grants Section 54F tax exemption relying on a 1983 CBDT circular; Know why

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore claimed Section 54F tax exemption; tax dept denies it; Here’s how a 1983 CBDT circular (No. 359 dated May 10, 1983) helped him win the case in ITAT Surat. Read the article.

from Tax-Wealth-Economic Times https://ift.tt/7RD1uAg