Latest Income Tax News India — IT Department Updates

Latest income tax news including CBDT circulars, TDS rules, ITR filing updates, tax tribunal judgements, and I-T department enforcement.

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Income Tax

ITR Filing 2026 Income Tax Deadlines Every Taxpayer Should Know Indiaheraldcom

Income tax deadlines for ITR filing in 2026 are July 31 and October 31, depending on audit requirements. Missing these deadlines results in penalties and interest.
Income Tax

ITR Filing 2026 What Is The Last Date Taxpayers Must Know These Deadlines News18

The ITR filing deadline for individuals is July 31, 2026, and for audit-subject taxpayers, it is October 31, 2026. Late filing attracts penalties under Section 234F of the...
Income Tax

No Rti Access To Spouses Income Tax Records Rules High Court

The Delhi High Court ruled that income tax returns of a spouse are confidential and not accessible under the RTI Act. This decision reinforces privacy protections for personal...
Income Tax

Dept Attaches Rs 100 Crore Land In Telangana In Alleged Benami Deal Juris Hour

The Income Tax Department attached ₹100 crore worth of land in Telangana, suspecting a benami transaction. This action underscores the department's efforts to combat tax evasion.
Income Tax

Income Pl Transactions Disclosed In ITR Supreme Court Declines Interference With Guj Hcs Quashal Of Reassessment

The Supreme Court upheld the Gujarat High Court's decision to quash reassessment notices related to Income Pl transactions. This ruling reinforces the need for strict adherence...
Income Tax

TDS Us 194c Cannot Fasten Tax Liability On Dissolved Firm If Receipts Already Taxed Itat Deletes 105 Crore Addition Read

The ITAT ruled that TDS liability cannot be imposed on a dissolved firm if the related income has already been taxed, deleting a ₹105 crore addition. This decision offers...
Income Tax

Non Service Of Income Tax Notice Ill Health Of Taxpayer Itat Condones Appeal Filing Delay

condoned a 447-day appeal delay due to taxpayer's ill health and non-service of notice. This highlights the need for proper notification and consideration of taxpayer hardships.
Income Tax

Bt Explainer NRI Tax Filing Key Rules On Global Income Section 44bbd TDS Mismatch Msn

tax filing requires accurate reporting of global income to avoid TDS mismatches and penalties. Section 44BBD addresses income from aircraft operations for non-residents.
Income Tax

How Much Cash Can You Deposit To Prepay Home Loan Principal Without Attracting I T Notice

Cash deposits of ₹10 lakh or more for home loan prepayments can trigger Income Tax scrutiny if not properly explained. Taxpayers must maintain detailed records to avoid...
Income Tax

May 2026 Income Tax Calendar Key Deadlines Taxpayers Must Not Miss A2z Taxcorp Llp

May 2026 Income Tax Calendar requires taxpayers to file Form 10IEA by May 31 to opt out of Section 115BAC. Missing deadlines can lead to penalties and unwanted tax implications.
Income Tax

Compliances Of TDS On Transfer Of Residential Units To Beneficiaries After 01st April 2026 Staff News

under Section 194S now applies to residential unit transfers to beneficiaries from April 1, 2026. This increases compliance requirements and potential penalties for non-compliance.
Income Tax

Key Financial Due Dates For May 2026 GST TDS Pf Esi Income Tax Compliance Guide Saptashwa Tv

May 2026 brings critical financial deadlines for GST, TDS, PF, ESI, and income tax, requiring businesses to act promptly. Non-compliance can result in penalties and legal consequences.
Income Tax

Zero Income Tax Are There Any Countries With No Personal Income Tax Business Today

Several countries do not impose personal income tax, relying on alternative revenue sources. Relocation requires careful assessment of overall tax burdens and compliance with...
Income Tax

Form 125 For Senior Citizens No ITR Filing Understanding The New Income Tax Mechanism Effective April 2026 Juris Hour

Form 125 simplifies income tax for eligible senior citizens by allowing them to avoid ITR filing through TDS by the paying entity, effective April 2026. CAs and CFOs should...
Income Tax

Bansal Wire Industries Delhi High Court Quashes Income Tax Demands Under Clean Slate Theory Scanxtrade

Delhi High Court quashed income tax demands against Bansal Wire Industries, citing the 'clean slate' principle related to Scanxtrade. This decision offers relief to the company...
Income Tax

Itat Mumbai Rejects Reopening And Deletes Rs 1283 Cr Capital Gains Addition

Mumbai rejected the reopening of assessment and deleted ₹1283 crore capital gains addition. The decision highlights the need for valid reasons and proper procedure in...
Income Tax

Transactions Where PAN Is Mandatory In India Full List After Form 97 Replaces Form 60

is now mandatory for more transactions in India after Form 97 replaced Form 60. This change increases compliance obligations and aims to reduce tax evasion.
Income Tax

Notice Not Sent On Email Id Registered At IT Portal Itat Condones Delay In Filing Appeal

The ITAT condoned an appeal delay because the notice wasn't sent to the registered email ID. This highlights the need for accurate contact information on the IT portal.
Income Tax

Illegal Mining Fines Outside TCS Scope Rules Supreme Court

The Supreme Court ruled TCS doesn't apply to illegal mining fines, reducing compliance burden for mining companies. This clarifies the scope of 'sale of goods' under Section 206C.
Income Tax

Kei Industries IT Raid Income Tax Searches Half A Dozen Locations Including Delhi Share Price Business Upturn

Income Tax Department searches Kei Industries locations in Delhi on May 24, 2026, scrutinizing financial records for potential tax evasion. Non-compliance can lead to penalties...
Income Tax

Advance Tax Alert Who Must Pay Before June 15 And What Happens If You Miss IT Abp News

Taxpayers must pay their first advance tax installment by June 15th to avoid interest penalties. Accurate income estimation and timely payment are crucial for compliance.
Income Tax

Not A Sham Itat Allows Capital Gains Tax Exemption Against Property Bought From In Laws The Times Of India

permits capital gains tax exemption for property bought from in-laws, dismissing 'sham transaction' claims. Taxpayers must maintain thorough documentation for such transactions.
Income Tax

No Income Tax Cash Disallowance On Payment Made To Farmers Itat

The ITAT Delhi ruled that cash payments to farmers are allowable business expenses, exempting them from income tax disallowance under Section 40A(3). This decision eases...
Income Tax

Bank Balance Disclosure Made Mandatory In ITR 4 For Ay 2026 27 Financialexpresscom

filers must now mandatorily disclose bank account balances for AY 2026-27, impacting small businesses and professionals. Non-compliance can lead to penalties under Section 271A.
Income Tax

CBDT Makes Reporting Of Bank Balances Mandatory In ITR 4 For Ay 2026 27 Read Notification

mandates reporting of all bank balances in ITR-4 for AY 2026-27 via Notification No. 16/2026. This increases compliance for small taxpayers and may lead to greater scrutiny.
Income Tax

Section 80c Tax Benefits Which Investments Qualify For Rs 15 Lakh Deduction

Section 80C allows deductions up to ₹1.5 lakh for investments like EPF, PPF, and NSC. Maximizing these investments reduces taxable income and enhances financial planning.
Income Tax

Returns Form 121 Replaces Form 15g 15h Who Is Eligible Where To Download And How To Avoid TDS Explained

Form 121 replaces Forms 15G/15H for TDS exemption claims, effective May 20, 2026. This simplifies compliance for individuals with income below the taxable limit.
Income Tax

Sugam Not So Sugam Dont File ITR 4 Until You Check These 10 New Income Tax Changes

introduces ten changes to ITR-4 for AY 2026-27, including VDA reporting and enhanced deduction disclosures. Non-compliance may lead to penalties and reassessment.
Income Tax

Confusion Over NRI Property Deals Tan Based TDS Remains Mandatory Till September 30 2026 Moneycontrolcom

The reduced TDS rate of 1% on property sales by NRIs has been extended until September 30, 2026, providing continued relief under Section 195 of the Income Tax Act. Compliance...
Income Tax

For Senior Citizens For Fy 2026 27 Updated As Per New Rules 2026

Tax benefits for senior citizens in FY 2026-27 include increased deductions under Section 80TTB and relaxed advance tax rules. CAs and CFOs must update tax strategies to ensure...
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TaxIntelHub provides the latest income tax news from India including CBDT notifications, TDS/TCS changes, advance tax deadlines, ITAT judgements, and I-T department search and seizure actions. Updated daily.

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