No need to pay income tax if your land is acquired by government giving payout under RFCTLARR Act; Budget 2026 proposal

Budget 2026 has introduced a full income tax exemption for compensation received from the government for land acquired under the RFCTLARR Act, effective April 1, 2026. This move aims to align tax laws with the RFCTLARR Act, removing previous interpretational ambiguities regarding tax-free payouts for compulsory land acquisitions. Read more.

from Tax-Wealth-Economic Times https://ift.tt/7jw6R9l

Full Section 87A tax rebate on LTCG from equity income for AY 2024-25 allowed by ITAT Chennai; know how the taxpayer won

The Income Tax Appellate Tribunal ITAT Chennai has ruled that taxpayers can claim the Section 87A tax rebate on long-term capital gains from equity income for Assessment Year 2024-25. This decision allows a taxpayer to get a Rs 25,000 tax demand deleted. The tribunal stated the rebate applies to total income without distinguishing between normal and special tax rates.

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

Budget 2026 makes TDS/TCS deduction rules mandatory, know how it will help in reducing disputes

Budget 2026 has made CBDT guidelines mandatory for all property TDS and transaction participants. This move aims to prevent disputes and litigation by ensuring income tax authorities and deductors uniformly follow these rules. The amendment to Section 400(2) of the Act, effective April 1, 2026, restores the binding nature of these guidelines, offering legal protection and predictability.

from Tax-Wealth-Economic Times https://ift.tt/tJunhO9

Income Tax Return Due Dates 2026: Month-wise guide for salaried taxpayers, business owners & companies

Budget 2026 has introduced revised income tax return filing dates for specific taxpayer categories. Understanding these new deadlines is crucial to avoid penalties and late fees. The article provides a clear, month-wise guide to help taxpayers identify their due dates, ensuring timely filing and preventing interest charges or delayed refunds.

from Tax-Wealth-Economic Times https://ift.tt/a6TXY9v

Man denied double taxation benefit for tax on salary paid in Singapore as Form 67 not filed within due date; He files case in ITAT Delhi and wins case

An Indian taxpayer successfully challenged the tax department in the ITAT Delhi. The tribunal ruled that foreign investments made in daughters' names were adequately disclosed and justified by the taxpayer's income. Furthermore, the ITAT allowed foreign tax credit on Singapore salary, stating procedural delays in filing Form 67 should not deny relief. The revenue's appeal was dismissed.

from Tax-Wealth-Economic Times https://ift.tt/bj7o3ai

Budget 2026: Superannuated soldiers won’t get I-T relief on disability pension

The Budget document proposes a specific exemption for disability pension paid to members of the armed forces, including paramilitary forces, covering both the service and disability components, provided the individual has been invalided out of service due to a bodily disability attributable to, or aggravated by, military, naval or air force service.

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

Man sets-off Rs 5.18 crore short term capital loss from shares against Rs 5.21 crore LTCG; tax dept sent notice; he wins case in HC

A taxpayer has won a significant victory in the Bombay High Court. The court allowed the set-off of short-term capital loss against long-term capital gains. The tax department's addition of Rs 5.43 crore as unexplained cash credit and undisclosed long-term capital gains was deleted. The High Court emphasized consistency, noting similar relief granted to the taxpayer's father and brother.

from Tax-Wealth-Economic Times https://ift.tt/i1oPcLp

Tax dept denies Rs 73 lakh TDS credit as taxpayer being unaware did not claim it in ITR; ITAT Mumbai gives relief to taxpayer

The Income Tax Appellate Tribunal Mumbai has ruled in favour of a taxpayer. The tribunal stated that the tax department must provide TDS credit shown in Form 26AS. This decision came after a taxpayer missed claiming Rs 73 lakh TDS due to seller's non-disclosure. The tribunal highlighted the department's statutory and constitutional duty to grant credit, even with procedural errors.

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

Lower TCS on overseas tour package, education and medical purposes

Significant tax relief is on the horizon for overseas travel, education, and medical expenses. The government plans to slash the TCS rate on tour packages to a flat 2%, removing existing thresholds. Furthermore, remittances for education and medical needs under the Liberalised Remittance Scheme will also see a reduction to 2%.

from Tax-Wealth-Economic Times https://ift.tt/8ZyU0Su

Man sold farm land for Rs 5 crore and buys new land in wife’s name, gets tax notice; Why ITAT Delhi denied tax exemption

A man who sold agricultural land for Rs 5 crore and reinvested the gains into a new plot in his wife's name was denied capital gains tax exemption under Section 54B. The Income Tax Appellate Tribunal (ITAT) Delhi upheld this denial, citing a Punjab and Haryana High Court ruling that disallows deductions when the new land isn't purchased in the assessee's own name.

from Tax-Wealth-Economic Times https://ift.tt/KJwfE1P

From Digital to Intelligent: India’s Tax Confidence Takes the AI Leap

While Budget 2026 may further accelerate India’s AI journey, Tax leaders can stay ahead to turn Tax complexity into insights, clarity and control

from Tax-Wealth-Economic Times https://ift.tt/gQZzD5e

UAE residents investing in Indian mutual funds: Key Indian tax rules you must follow to claim India-UAE DTAA benefits

UAE residents investing in Indian mutual funds can claim tax benefits. They must obtain a Tax Residency Certificate (TRC) from the UAE. Filing Form 10F is also crucial if the TRC lacks required details. This helps in claiming exemptions under the India-UAE DTAA. Excess tax deducted at source can be refunded. Following these rules avoids potential tax notices.

from Tax-Wealth-Economic Times https://ift.tt/vnHJE2L

Fruit dealer earns Rs 92 lakh in a year; files no ITR; gets tax notice for unexplained cash credit; he fights back and wins case in ITAT Bangalore

A Bengaluru fruit dealer successfully challenged a tax notice for unexplained cash credit. The Income Tax Appellate Tribunal (ITAT) Bangalore ruled in his favor, stating that tax authorities need more than just a claim of unexplained cash. The tribunal accepted the dealer's business as genuine, allowing his cash deposits to be treated as business receipts.

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