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The Latest Breaking News from Income Tax Department

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…

The Economic Times

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.

The Economic Times

ITR filing deadline FY 2025-26: Due dates, penalties, and what happens if you miss July 31 deadline

Taxpayers will file Income Tax Returns for FY 2025-26 under the Income-tax Act, 1961. The due date for most individuals is July 31, 2026, while others have later deadlines. Missing the initial deadline allows filing a belated return until December 31, 2026. Late filing incurs a fee of Rs 5,000…

The Economic Times

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Name appearing in builder's records showing cash payment: Will you need to pay income tax for such property purchase? Here’s what ITAT said

Can the Income Tax Department tax you based only on papers found during a builder's search? A recent ITAT ruling explains when third-party documents are not enough and the important rights every property buyer should know.

The Economic Times

Cost Inflation Index: How it can help you file your income tax return

The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations.

The Economic Times

ITR filing 2026: Step-by-step guide to filing ITR-2 online on the income tax portal

Individuals and HUFs not eligible for ITR-1 can file ITR-2 online. This guide details the necessary documents and steps for submission. The e-filing portal requires filling specific schedules before final submission. Pre-filled data in Part A General needs verification and potential profile updates. E-verification must be completed within thirty days…

The Economic Times

ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respond

As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why taxpayers receive scrutiny notices, how they should respond, the consequences of non-compliance and under-reporting of income, the relief available under Section 270AA, and the key compliance lessons for…

The Economic Times

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Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal

Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns.

The Economic Times

Fake income tax emails target Indians: Kaspersky warns of ‘SilverFox’ hacker attack

Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the SilverFox hacker group. These malicious emails, disguised as official Income Tax Department notices, aim to trick users into downloading malware. The attackers use a multi-stage approach, deploying backdoors like ValleyRAT and ABCDoor to gain remote access…

The Economic Times

ED arrests retired IAS officer Tuteja in Chhattisgarh liquor 'scam' case

Enforcement Directorate arrests retired Chhattisgarh IAS officer Anil Tuteja in ₹2,000 crore liquor scam money laundering case.

The Hindu

IT raid on Bidar DCC Bank is politically motivated: Eshwar Khandre

A day after Income Tax Department Officials raided the Bidar District Central Cooperative (DCC) bank, headed by Forest Minister Eshwar Khandre’s brother Amar Khandre in Bidar, the Minister alleged that the raid was “politically motivated”.

The Hindu

I-T searches at four places in Tiruchi

Income Tax Department officials conducted searches at four places here on Saturday

The Hindu

"...Anndataon ka apmaan has been the strategy of PM Modi": Jairam Ramesh

Congress General Secretary in-charge Communications, Jairam Ramesh on Thursday slammed the Bharatiya Janata Party (BJP) and said that ''Chanda dataon ka samman aur anndataon ka apmaan', has been the strategy of PM Modi. Read further on Dynamite News.

Dynamite News

Congress moves Delhi HC seeking stay on IT recovery proceedings

The Indian National Congress (INC) on Monday moved the Delhi High Court seeking a stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax. Read further on Dynamite News:

Dynamite News

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Dynamite News

Assam: Income Tax department deploys teams to curb use of black money in upcoming Lok Sabha polls

The Investigation Directorate of Income Tax Department, North East Region, has deployed monitoring teams in the form of a control room cum complaint monitoring cell in Guwahati. Read further on Dynamite News:

Dynamite News

Tribunal reserves order on Congress plea seeking stay against IT recovery proceedings, freezing bank accounts

ITAT on Thursday reserved its order on a plea by the Congress party, which has sought a stay against Income Tax Department proceedings of recovery and freezing of their bank accounts. Read further on Dynamite News:

The Hindu

Black day for democracy, Congress leader says of the freeze on the party’s bank accounts

Criticism of BJP government freezing Congress's bank accounts linked to Supreme Court ruling on electoral bonds.

The Hindu

ED alleges another scam in poll-bound Chhattisgarh with a face value of ₹175 crore

ED probes money laundering angle in alleged Custom Rice Milling Scam in Chhattisgarh, claims ₹175 crore bribes generated for 'higher powers'. Ex-MD of MARKFED and office-bearer of local rice millers' association accused of increasing special incentive from ₹40 to ₹120 per quintal, collecting kickbacks of ₹175 Crore. ED conducted search…

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The Hindu

Supreme Court notice to D.K. Shivakumar on CBI plea to probe disproportionate assets case

The Supreme Court on Monday refused to stay a Karnataka High Court decision to freeze a Central Bureau of Investigation (CBI) probe against Deputy Chief Minister D.K. Shivakumar in a disproportionate assets case without hearing him. The Income Tax Department in 2017 conducted a raid against Mr. Shivakumar, based on…

The Hindu

I-T assessment transfer to Central Circle | Delhi High Court dismisses pleas of Congress leaders Sonia Gandhi, Rahul, Priyanka

The Delhi High Court dismissed petitions by Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra against the Income Tax Department’s decision to transfer their assessments to the Central Circle instead of an ordinary assessment in a matter related to arms dealer Sanjay Bhandari.

The Hindu

Income Tax checks underway at real estate firm G Square’s offices in T.N.

The Income Tax Department is conducting checks at the offices of real estate firm G Squares in Tamil Nadu. Read more about the investigation on The Hindu.

The Times of India

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Dynamite News

BJP And Congress Vis-a-Vis Over Income Tax 'Survey' At BBC Offices

The Income Tax Department on Tuesday conducted a survey operation at the BBC offices in Delhi and Mumbai as part of a tax evasion investigation. Read further on Dynamite News:

Dynamite News

Rajasthan: Over 2 Crores Recovered By Police From Car In Ajmer

The Ajmer police have recovered Rs 2 crore and 7 lahks in cash from a car during a late-night blockade, police officials informed. Read further on Dynamite News:

The Times of India

IT raids on prominent business family of Kashmir

LUDHIANA: In major action against tax evasion in Kashmir Valley, Investigation wing of the Income Tax Department on Wednesday conducted raid on businesses belonging to a prominent family of Srinagar.

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