Introduction Taking cash for a property sale can lead to a penalty equal to the full cash amount. That is how Section 271D works. But a recent order of the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, shows that the department must also follow the correct procedure before it levies such a penalty. In Lakkaraju …
A simple look at two common TDS rules under both the old and new tax law If you run a business, rent out property, or work as a professional, you’ve likely dealt with TDS on rent or on professional fees. These two rules affect almost everyone from a small shop owner paying rent, to a …
October is the right time to start thinking about your December advance tax payment. Many taxpayers only remember advance tax when a notice or an interest demand arrives at the time of filing the return. By then, it is too late to avoid the extra cost. In this blog, we explain the December 2026 instalment, …
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The Government has introduced the Foreign Assets of Small Taxpayers Disclosure Scheme Rules, 2026 to provide a specific mechanism for certain taxpayers to disclose eligible undisclosed foreign assets or foreign income and comply with the applicable tax requirements. The rules were notified by the Central Board of Direct Taxes (CBDT) on 14 August 2026 and …
Every filing season, the same errors appear across hundreds of income tax returns, not because taxpayers are being careless, but because certain aspects of the ITR are genuinely easy to get wrong, especially when filing is done in a hurry or without cross-checking underlying records. Some mistakes lead to a demand notice. Some lead to …
If you received an income tax notice under Section 143(2) in the last few weeks, you are not alone. Thousands of taxpayers across India, including many in Gurgaon and Delhi NCR, have received these notices in June 2026. There is a clear legal reason behind this sudden wave, and understanding it will help you respond …
If you sold shares, redeemed mutual funds, or sold a property during FY 2025-26, you have capital gains to report in your ITR for AY 2026-27. Many taxpayers assume the tax on these gains is simple. It is not. The rate of tax depends on what you sold, how long you held it, and when …
One of the most common misconceptions among salaried employees in India is the belief that once their employer has deducted tax at source and deposited it with the government, their income tax obligation for the year is fully settled. The Form 16 arrives, the tax has been paid, and the ITR is just a formality. …
Tax reassessment cases often turn on complex questions of valuation, evidence, and interpretation. But sometimes the most powerful argument a taxpayer can make has nothing to do with the merits of the addition itself, it’s about whether the tax department followed the correct internal process before reopening the case at all. A recent ruling from …
Filing an Income Tax Return as a Non-Resident Individual (NRI) involves a distinct set of rules compared to resident taxpayers — from determining residential status itself, to selecting the correct ITR form, to applying the right tax slabs and surcharge structure. This guide covers everything NRIs need to know for FY 2025-26 (Assessment Year 2026-27). …
