Rs 13 lakh cash payment for credit card bill triggers tax notice; man wins case after ITAT accepts ‘family gift’ explanation

A Mumbai man faced a tax notice for using Rs 13 lakh cash to pay his credit card bill. He explained the cash as gifts from his wife, father, and mother. The Income Tax Appellate Tribunal Mumbai accepted his explanation for a significant portion of the amount. The tribunal ruled in his favor, partially deleting the unexplained cash addition.

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Used meal card benefits? Form 12BA deadline alert: Why salaried employees must collect it by April 30 for filing ITR for for AY 2026-27

Salaried employees need to collect Form 123 from employers by April 30, 2026. This form details perquisites like meal card benefits. It is crucial for filing Income Tax Returns for Assessment Year 2026-27. Employers must issue this statement for employees earning over Rs 1.5 lakh annually. This ensures accurate reporting of all benefits received.

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Wipro is buying back shares at Rs 250. What your tax bill looks like depends on this factor

Wipro's share buy-back offers Rs 250 per share, a premium over market price. New tax rules effective April 1, 2026, treat buy-back proceeds as capital gains. This makes tendering shares more tax-efficient for both promoters and non-promoters compared to selling on the open market.

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Failed to report US stocks gained via ESOP? Use this one-time Amnesty scheme; Know how it works

A one-time amnesty scheme, the FAST-DS, has been introduced to help Indian residents and NRIs resolve past non-compliance with reporting foreign assets, including ESOPs. This scheme aims to reduce penalties and litigation under the Black Money Act, offering relief for inadvertent reporting errors and missed disclosures.

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Income tax refund rules change from April 2026: Check these 2 important updates for Tax Year 2026-27

Two significant changes to income tax refund rules are effective from April 1, 2026, impacting Tax Year 2026-27. The Finance Act 2026 clarifies interest computation for past tax years and allows tax refunds to be set off against demands under either the old or new Income Tax Acts, simplifying processes for taxpayers.

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If I gift my Rs 2 lakh to my wife who plans to invest in FD, who will pay income tax on interest earned?

ET Wealth Reader's Query: I am the only earning member of my family. My company has given me a bonus of Rs 2 lakh this year (after deducting TDS), which has been credited to my salary account. If I gift this amount to my wife and she puts it in a fixed deposit, will the interest earned be taxed in my hands or hers?

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No PAN, no purchase allowed - not even with Form 97; PAN is now mandatory for these high value transactions under new tax rules

New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. Form 97 replaces Form 60, but its use is significantly reduced. Transactions like purchasing motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000 now require a PAN.

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EY, FICCI urge govt to reduce GST rate to 9% on hotel rooms priced above Rs 7,500 per night

A joint report by EY and FICCI suggests lowering the GST on luxury hotel rooms to 9%. This move aims to make India a more competitive tourist destination. The report highlights that current taxes and costs make India appear expensive compared to countries like Thailand. Reducing the tax could attract more international visitors and boost the tourism sector.

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Tax on destination wedding outside India: Will income tax apply on gifts in form of cash, property, gold jewellery? Know the rules

Whether it is cash, gold, car, or even a property, if gifted to the bride or the groom on their wedding, no tax would be levied on the gift. Under Section 56(2)(x) of the Income Tax Act, 1961 (Section 92(3) of the Income Tax Act, 2025) gifts received by the bride or groom on the occasion of marriage are completely exempt from tax.

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Alert for CXOs and Directors: Acting as authorised signatory for a foreign company now requires PAN, address & more details under Income Tax Rules, 2026

New Income Tax Rules, 2026 mandate that Indian employees acting as authorised signatories for foreign companies must now provide their PAN, residential address, and other key details. This change aims to enhance compliance and links individuals directly to the foreign entity's tax obligations, potentially increasing scrutiny.

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Meal card reporting when filing ITR: How to do it correctly and claim tax benefits under both the old and new tax regimes

Salaried employees can now claim meal card tax benefits under both old and new tax regimes from Tax Year 2026-27. For AY 2026-27, the benefit is restricted to the old tax regime, with limits of Rs 50 per meal. Proper reporting in ITR and documentation are crucial for claiming these exemptions.

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GSTN launches offline Excel-based utility to boost Invoice Management System for greater accuracy in ITC claims; Here’s how it can help

GSTN has launched a new offline Excel utility for its Invoice Management System (IMS), aiming to boost accuracy in Input Tax Credit (ITC) claims. This tool allows taxpayers to process and upload IMS data offline, enabling bulk actions like accepting or rejecting invoices. Experts believe this will simplify compliance and encourage wider adoption of the IMS.

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Government is considering one-day extension of GSTR-3B filing due date

The GST Network has apologised for technical difficulties hindering GSTR-3B filings for the March 2026 tax period. Many chartered accountants reported portal issues, leading the government to consider a one-day extension for the April 20th deadline to April 21st. Taxpayers faced payment reflection delays and potential late fees and interest due to these persistent glitches.

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Has the GSTR-3B return filing due date for the March 2026 tax period been extended?

Tax professionals are struggling to file GSTR-3B for March 2026. The GST portal is experiencing significant slowdowns, preventing logins and filings. This is causing concern as missed deadlines can lead to severe consequences, including the suspension of GST numbers. An interim fix was previously suggested for a similar issue in February 2026.

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Buying property above Rs 45 lakh without a PAN? You must use new Form 97, says Income Tax Department

The Income Tax Department has introduced a new Form 97, replacing Form 60, for individuals without a PAN card undertaking specific transactions. This includes buying property above Rs 45 lakh, opening bank accounts, and making certain cash payments. The revamped forms aim to simplify compliance, with reduced reporting expected for these declarations.

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Is tax clearance mandatory before foreign travel? What the Income-Tax Act, 2025 says

The introduction of Form 157 and Form 159 under the Income-Tax Rules, 2026 has sparked confusion over whether tax clearance is now mandatory for all Indians travelling abroad. However, a closer reading of Section 420 of the Income-Tax Act, 2025—read with Section 536 and CBDT Instruction No. 1/2004—makes it clear that no such blanket requirement exists.

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India Inc salary restructuring: How new labour codes and income tax rules will impact take-home pay and retirement savings

Salaried employees face uncertainty as new labor codes and tax rules loom. Companies are preparing for changes, but widespread implementation is delayed pending final government notifications. The shift towards a fixed-heavy salary structure, with higher basic pay, may reduce take-home salaries while boosting long-term retirement savings.

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Meal vouchers at Rs 200 per meal: Who gets income tax benefit and how the ‘working hours’ rule applies

The increase in the tax-exempt limit for employer-provided meals to ₹200 per meal under Rule 15 of the Income-Tax Rules, 2026 marks a significant shift from the earlier ₹50 cap. However, the real issue lies not in the quantum of the benefit, but in the interpretation of the rule—particularly the condition that meals must be provided “during working hours.

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Employee fined Rs 10 lakh over lack of ESOP disclosure in ITR; here's why ITAT Chennai cancelled it

An Indian employee faced a Rs 10 lakh penalty for not disclosing foreign ESOPs in his Income Tax Return. The Income Tax Appellate Tribunal, Chennai, has now cancelled this penalty. The tribunal ruled that the omission was accidental and bona fide, especially as it was the first year of the reporting requirement.

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Form 121 for EPF members: EPFO clarifies who needs to file new form instead of Forms 15G, 15H

The Employees’ Provident Fund Organisation (EPFO) has replaced Forms 15G and 15H with a single Form 121, effective April 1, 2026, under the new Income-tax Act, 2025.

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ITR assessment rules change from April 2026: Four key amendments explained

Four key changes to Income Tax Return (ITR) assessment rules will be effective from April 2026 for Tax Year 2026-27. These amendments, introduced in the Finance Bill, 2026, aim to enhance efficiency and transparency in tax assessments. The changes cover tax notices, DIN in communications, assessment completion timelines, and block assessments.

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New Form 141 introduced for TDS filing: 4 existing forms merged into one challan-cum-statement

The Income Tax Department has introduced Form 141, a consolidated challan-cum-statement, merging four previous TDS forms. This new form simplifies TDS filing for various transactions including rent, property purchase, professional payments, and virtual digital asset transfers. It aims to enhance clarity and reduce duplication in reporting.

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Gratuity may rise under New Labour Code, but your income tax bill could too

The Code on Social Security, 2020 expands the wage base for gratuity, potentially increasing payouts, but tax rules under the Income-tax Act, 1961 and the Income-tax Act, 2025 still rely on basic pay plus DA. With the Payment of Gratuity Act, 1972 now subsumed, this mismatch could make part of the higher gratuity taxable—highlighting the need for alignment between labour and tax laws.

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New ITR forms alert: Secondary address field added, what taxpayers must know

New Income Tax Return forms are here for Assessment Year 2026-27. A key change is a new field for a secondary address. Contact details are now primary and secondary. Reporting for representative assessees is simplified. The need to split capital gains based on transfer dates before or after July 23, 2024, has been removed.

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Buckeye Trust ruling: How a single clause drafted without sufficient precision in trust deeds can trigger tax risk and derail estate planning

Whether in trust deeds, corporate agreements or commercial contracts, even a single clause drafted without sufficient precision can significantly alter the legal consequences of an arrangement. in matters of taxation, precision in drafting is not merely good practice but an essential safeguard.

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Sold property for Rs 94 lakh but lost Rs 21 lakh TDS due to buyer’s error; How Form 71 helped seller win relief from ITAT Delhi

A property seller successfully claimed a Rs 21 lakh TDS credit at ITAT Delhi after the buyer mistakenly deposited it in the wrong year. Despite the Income Tax Department's denial, the tribunal ruled that capital gains must be taxed in the year of transfer, allowing credit based on Form 71.

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Buying agricultural land near a city? Key income tax rules you must know

An ITAT ruling clarified that stamp duty valuation doesn't define agricultural land status for income tax. The tribunal emphasized that official revenue records, actual cultivation, and lack of formal conversion are key factors. This decision protects buyers from tax additions based solely on higher urban land stamp duty rates.

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New TDS TRACES 2.0 portal launched by Income Tax Department; know how it helps taxpayers & property buyers

The Income Tax Department has launched the new TRACES 2.0 portal, replacing the old system with an upgraded, user-friendly interface for streamlined TDS compliance. This platform centralizes Form 26AS, AIS, and TDS certificates, simplifying reporting with a single 'Tax Year' concept. While property buyers cannot deposit TDS here, they can use TRACES 2.0

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Top 10 winners get Rs 10,000 each: Income Tax Dept organises quiz on Income Tax Act, 2025 with cash prizes

The Income Tax Department is hosting a quiz on the new Income Tax Act, 2025. This initiative aims to boost citizen awareness of the taxation system. Participants can win cash prizes, with the top ten winners receiving Rs 10,000 each. The quiz runs from March 20 to April 20, 2026.

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New ITR forms for AY 2026-27: NRIs opting for new presumptive income scheme have to make this separate disclosure additionally

New ITR forms for AY 2026-27 mandate Non-Resident Indians (NRIs) opting for the presumptive income scheme to separately disclose gross receipts and presumptive income. This change aims to enhance transparency and facilitate cross-verification of reported income with tax data. The updated forms specifically cater to presumptive taxation provisions under Sections 44B, 44BB, 44BBA, 44BBC, and 44BBD.

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Got money for surrendering tenancy rights? No tax if you reinvest in a residential property; rules explained

Tenants receiving compensation for surrendering tenancy rights can avoid income tax if they reinvest the funds into a residential property. A recent ITAT Mumbai ruling confirmed that tenancy rights are capital assets, and their surrender constitutes a transfer, making the compensation eligible for Section 54F exemption under specific conditions.

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Filing ITR just got easier: This new AI chatbot helps with income tax queries, forms and rules; check details

The Income Tax Department has launched Kar Saathi, an AI chatbot on its revamped portal to simplify tax filing. This tool offers 24/7 assistance, clear explanations of complex tax rules, and step-by-step guidance, aiming to reduce errors and taxpayer reliance on experts. It marks a move towards proactive compliance.

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4 new PAN card forms in FY26-27: Which form to use- 93, 94, 95 or 96? Old vs new

Starting April 1, 2026, new PAN application forms are in effect. Four distinct forms, 93, 94, 95, and 96, cater to specific applicant types including Indian citizens, foreign individuals, and various entities.

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Did you donate to a political party or plan to do so in the future and claim an income tax deduction? New ITR forms require extra disclosure, check what to report

New income tax return forms for Assessment Year 2026-27 demand greater detail on political party donations. Taxpayers seeking deductions under Section 80GGC must now provide the political party's name and PAN. This change aims to enhance transparency and traceability of contributions. Individuals donating through banking channels or UPI should be aware of these updated disclosure requirements.

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Six big TDS & TCS changes for Tax Year 2026-27: From TDS on NRI property to TCS on overseas remittance for education, know all that has changed

New tax rules for Tax Year 2026-27 begin April 1, 2026. Key changes affect TDS on NRI property and TCS on overseas remittances for education. Interest on motor vehicle compensation is now tax-exempt. Small taxpayers get an easier process for lower TDS certificates. TDS on manpower supply is clarified.

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Income Tax Calculator 2026: Compare your income tax liability on Rs 15L, Rs 20L, Rs 30L and Rs 50L CTC under new vs old tax regime

The Income Tax Rules, 2026 introduce significant benefits for salaried employees, including expanded HRA and meal card tax advantages. These changes, effective April 1, 2026, aim to reduce taxable income through optimized salary structuring. The article illustrates tax liabilities for CTCs ranging from ₹15 lakh to ₹50 lakh under both new and old tax regimes.

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US 401(k) and other overseas pension account holders: Forms ITR-1 and ITR-4 are no longer available under the new Indian I-T Act; they must now file ITR-2 or ITR-3

New Income Tax Return forms have removed ITR-1 and ITR-4, requiring US 401(k) and overseas pension account holders to now use ITR-2 or ITR-3. This change aims to streamline reporting of foreign assets and income, aligning with existing disclosure requirements. Taxpayers can still defer tax liability by filing Form 10-EE.

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ITR filing: 4 disclosures you need to be ready with in new financial year

ndia’s tax department has rolled out updated ITR forms for FY 2025–26, introducing tighter disclosure norms while keeping the overall structure unchanged. The changes focus on greater transparency—especially around political donations, F&O trading, and digital payments—while adding minor conveniences like a secondary address field.

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Form 121 replaces Form 15G, 15H for TDS filing: Check who should file, purpose and key details explained

Form 121: A new combined form, now replaces Forms 15G and 15H. This simplifies the process for individuals and senior citizens to declare income below taxable limits. Eligible taxpayers can now use this single form to avoid tax deduction at source on interest income. The revised form offers enhanced user experience with features like auto-population and real-time validations.

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Meal card tax benefit: Do you get it under the new tax regime?

New Income-Tax Rules have clarified meal voucher benefits. The tax-free limit for employer-provided meal vouchers has increased to Rs 200 per meal. This benefit is now available under the new tax regime. The earlier restriction denying this benefit under the new regime has been removed. This change is effective from April 1, 2026.

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First task for FD investors to save TDS in new financial year is filing form 15G/H; Check the annual income that makes you eligible

Fixed deposits are popular in India. However, Tax Deducted at Source on interest income reduces compounding growth. Forms 15G and 15H allow eligible individuals to declare no tax liability. This prevents TDS deductions, keeping interest invested. Over time, this can significantly boost maturity amounts. Submitting these forms annually is crucial for maximizing savings.

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New form for correction in PAN related details: CBDT notifies new online and offline forms for modification in PAN card details; check the guideline and how it works

The Central Board of Direct Taxes has introduced new forms for correcting PAN card details. These forms, PAN CR-01 for individuals and PAN CR-02 for non-individuals, will be effective from April 1, 2026. Both online and offline submissions are permitted. Applicants must provide correct PAN details and a copy of their PAN card. Aadhaar is mandatory for most applicants.

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