Wife gets income tax notice after husband sells joint property Rs 14 lakh below market price; she fights back and wins the case in ITAT Kolkata

Wife escaped income tax notice as she proved in ITAT that her husband entirely paid for their joint property which was sold for Rs 14 lakh less price than market value. Read the article to know why the wife won the case in ITAT Kolkata.

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Filing ITR-3 for AY 2026-2027? Here’s 7 aspects to look out for before filing it

The deadline to submit ITR-3 forms for non tax audit business income is set for August 31, 2026. For those requiring a tax audit, the submission date extends to October 31, 2026. Important updates for AY 2026-27 include new reporting obligations for specific non-residents under Section 44BBD, and taxpayers must disclose political party details to claim deductions under Section 80GGC.

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Rs 16 lakh cash seized in income tax raid, tax officer calls it unexplained cash; Taxpayer claims it to be family money, he fights and wins the case in ITAT Mumbai

During an income tax search operation (raid) Rs 16 lakh cash was seized; Man says its family cash; tax officer does not believe him and calls it unexplained cash; he wins case in ITAT Mumbai. Read the article to know how.

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Finance Act 2026: Updated return rules change for taxpayers reporting reduced losses

The Finance Act, 2026, has plugged a significant gap. Earlier, an updated return could not be filed if unaccounted income merely reduced a reported loss and the corrected return remained a loss return. The amendment now permits such loss reduction updated returns retrospectively from 1 March 2026.

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Who needs to file ITR by August 31, 2026 for AY 2026-2027? Check what happens if ITR filing deadline is missed

ITR Deadline: The deadline for filing Income Tax Returns (ITR) for taxpayers with non-audit business or professional income is August 31, 2026. This due date was extended from July 31st to August 31st pursuant to an amendment in the Finance Act, 2026 in Budget 2026.

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Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT Delhi

Indian man working in Singapore gets $3.14 lakh from redemption of units of Bermuda focussed investment fund; Tax dept deems it black money and imposes Rs 1.8 crore penalty and tax; he wins case in ITAT Delhi. Read the article.

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Retiring early? Know how much tax exemption can employees claim for VRS

You can claim full tax exemption on VRS if the scheme was launched under special framework; Know how it works for employees claiming VRS.

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Tax notice in a deceased person's name? Don't ignore it; here's what legal heirs should do

Did someone close to you leave behind unresolved tax responsibilities? Explore how heirs can address income tax notices, file overdue returns, and handle outstanding dues. Familiarize yourself with the circumstances that make a notice valid, your duties, and strategies to shield yourself from personal liability. Keep tax issues from becoming a lasting burden after a loved one's passing.

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Rs 2.25-crore notice under Black Money Act to Delhi couple over Singapore, British Virgin Islands assets: ITAT Delhi gave full relief to taxpayer, know why

Tax officer sent black money notice to Pitampura based couple and added Rs 2.25 undisclosed money from Singapore and British Virgin Islands to their income but ITAT Delhi cancels these additions. Know how this couple won the black money case.

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Have undisclosed foreign assets or income? Know the extra tax cost if you miss FAST Scheme 2026's December 31 deadline

India's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This voluntary disclosure window closes on December 31st, 2026, offering significant benefits. Taxpayers can regularize undisclosed foreign assets and income by paying a specified tax and penalty. Failure to declare by the deadline will result in harsher penalties under the Black Money Act. This scheme is crucial for individuals with unreported overseas investments and income.

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August 31 ITR filing deadline: ITR-3 or ITR-4? Which form you should choose while filing your income tax return

Taxpayers engaged in business activities must submit either ITR-3 or ITR-4 by the deadline of August 31, 2026. While ITR-4 simplifies the process through presumptive taxation, ITR-3 demands a more detailed presentation of accounts.

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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.

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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.

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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.

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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

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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.

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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.

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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.

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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

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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

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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.

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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

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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.

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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.

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ITR filing 2026: How freelancers and F&O traders should declare their income

Earning income from futures and options trading or other side hustles? Cumbersome compliance, reconciliation and disclosures mean taxpayers should not wait until 31 August to file.

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Big relief to taxpayers with undisclosed foreign assets: CBDT notifies Foreign Assets of Small Taxpayers disclosure scheme rules; Know who can use it by December 31, 2026

Good news: Save huge tax penalty as CBDT notifies Foreign Assets of Small Taxpayers disclosure scheme rules; Know who can use it by December 31, 2026. Know how much tax you need to pay.

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NRI used NRE account to buy Rs 79 lakh property, got ‘unexplained cash’ tax notice; ITAT Ahmedabad grants full relief

NRI used money from his NRE bank a/c to buy property for Rs 79 lakh, files no ITR; tax dept sent notice for unexplained cash; he wins case in ITAT Ahmedabad

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Property dealer deposits Rs 54 lakh cash in bank, files no ITR, gets tax notice, does not respond, wins case in ITAT Delhi; Know why

Property buyers gave Rs 54 lakh to property dealer who deposited it in his own bank a/c; dealer gets tax notice, he fights and wins case in ITAT Delhi; Know why

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Income tax for senior citizens: No salary after retirement? These 7 incomes can still attract tax; know what is exempt

Retirement is not synonymous with tax freedom. Your pensions, interest income, rental earnings, and capital gains may still incur taxes. It's crucial to identify which income streams are subject to taxation and which advantages remain untaxed to prevent errors and manage your finances wisely. Learn strategies to legally minimize your tax responsibilities after retirement and bolster your financial stability.

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Need help with ITR filing? Check the ITR filing charges across various websites for AY 2026-2027 for students, salaried persons, pensioners and NRIs

Individuals can compare income tax return filing charges across several platforms. The deadline for filing is July 31, 2026, for many taxpayers. AI-assisted self-filing options are available at lower costs. Expert-assisted plans offer comprehensive support for complex income situations. These services cater to students, salaried individuals, pensioners, and NRIs.

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REIT, InvIT investors can benefit if trust switches income tax regime: Know how effective tax rate of 34.94% under old tax regime comes down to 28.60% under new tax regime

Effective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders can benefit if trusts' switch tax regime. REIT, InvIT unitholders can gain from new tax regime.

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Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITAT

Buyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know how the buyer won case in ITAT Mumbai. Read the article

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How should my NRI children disclose gifts received from relatives in ITR-2?

ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax department has also not responded to the grievance lodged on its portal regarding this issue. Kindly guide us on how such gifts should be reported in the ITR so that they can file their returns.

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Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reason

Chennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differential amount; ITAT Chennai gives him relief; Know why he won the case in ITAT Chennai.

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Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT Ahmedabad

Family member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedabad; Know how Google earth photos and Revenue Records helped him win. Read the article.

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6 reasons you may get income tax notice even after meeting July 31 ITR filing deadline

Filing your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between reported earnings and the data the department holds. Additional sources of income, misreported TDS or TCS credits, and large cash transactions lacking corresponding declared income can trigger further scrutiny.

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Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejected

Due to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine deduction cannot be denied merely because it was reported under an incorrect schedule in the ITR

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Good news for investors: No income tax on dividends received from REITs and InvITs in this case, Lok Sabha passes the bill; Check the details

The Lok Sabha passed a bill amending tax laws on August 6, 2026. This amendment benefits REIT and InvIT investors by exempting dividend income. Special Purpose Vehicles can opt for a new tax regime with a higher surcharge. This decision requires careful evaluation of the entire structure's tax efficiency. The choice between tax regimes depends on individual financial profiles and commercial objectives.

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Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains why

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore.

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Can you get income tax notice for making digital payments through UPI, NEFT, RTGS, and IMPS? Know when it can be triggered

Digital transactions like UPI and NEFT can trigger income tax notices. These notices arise when transactions do not match your declared income. The Income Tax Department cross-verifies financial data from various sources. Taxpayers should regularly check their Annual Information Statement and reconcile records. Maintaining transaction records and accurately reporting income prevents unnecessary scrutiny.

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Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT Mumbai

Wife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai rules that a property transaction between spouses does not become sham merely because they are related. Know how she won the case in ITAT Mumbai.

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NRI selling property, shares or gold in India? Here's how you can manage your capital gains tax in a better way

Selling Indian investments triggers capital gains tax for NRIs, with rules varying by asset type. Property sales offer significant tax reduction opportunities through reinvestment and documentation. Agricultural land taxation depends on its location, with rural land generally exempt from tax. Listed shares and mutual funds have specific tax treatments and exemptions for long-term gains. Careful planning and seeking expert advice are crucial before selling any Indian asset.

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ITR refund 2026: Filed income tax return within July 31, 2026 deadline? Here’s when you may get your tax refund

Taxpayers who filed their income tax returns by the July 31 deadline are now awaiting refunds. The Income Tax Department processes refunds after successful e-verification of the filed returns.

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ITAT Mumbai cancels income tax notice over Rs 8 crore compensation to tenants without their consent; rejects I-T department's contingent liability claim

Builder's hired firm wanted to pay 56 tenants additional Rs 8 crore to vacate land; Tax Dept sent notice citing this payment as contingent liability; ITAT Mumbai cancels tax notice and rejects tax dept's contention. Know the full details of what happened in this case.

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Lady reported Rs 22.94 lakh LTCG after Rs 92 lakh land sale, faced tax notice; Gujarat HC ruled in her favour after 9 years fight; Know why

Lady got tax notice after selling land for Rs 92 lakh and reporting Rs 22.94 lakh LTCG in ITR; Know how Section 55A(a) helped her win case in Gujarat HC after 9 years fight. Read the article to know the details.

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Man was denied Section 54F income tax exemption as builder delayed villa construction by 4 years; Telangana HC grants relief, says taxpayer can't suffer for builder's fault

Builder delayed villa's construction by 4 years, thus tax dept denied Section 54F tax exemption to homebuyer; Telangana HC says homebuyer can't be penalised for builder's fault and gives him 54F tax exemption. Know how homebuyer won Section 54F tax exemption case in Telangana High Court.

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