Waseem Ahmed, accountant member and Keshav Dubey, judicial member of ITAT Bangalore, in a recent judgement refused to condone a delay of about 4 years in an unexplained cash deposit case after the taxpayer explained he only got to know about this tax notice while applying for visa for overseas travel.
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Tuesday, September 1, 2026
Missed August 31 ITR deadline? Know what ITR 3 and ITR 4 filers can do now
ITR deadline: By the end of August 31, 2026, over 7.8 crore individuals completed their income tax return submissions. Those who did not file on time have until December 31, 2026, to submit a belated ITR, incurring possible late fees. Notably, failing to meet this deadline also prevents taxpayers from opting out of the new tax regime, with business income earners unable to revert to the old regime post-deadline.
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from Tax-Wealth-Economic Times https://ift.tt/SuGv8Vg
Can NRIs gift money to an HUF and save tax? Check these income clubbing and tax rules before transferring funds
NRIs have the opportunity to gift money to their Hindu Undivided Family (HUF) without incurring immediate tax obligations. However, it's important to note that any income generated from these gifted amounts will be taxable for the NRI donor. The HUF must diligently keep records of all transactions as this documentation is essential in proving the legitimacy and source of the gift, ensuring NRIs avoid potential tax disputes in the future.
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from Tax-Wealth-Economic Times https://ift.tt/q4L3tvb
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