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The Latest Breaking News from the Income Tax Department

Salaried employee earning Rs 68 lakh donates Rs 12 lakh to political party, claims tax deduction; I-T dept denies it; he contests but loses in ITAT Ahmedabad

Employee with Rs 68 lakh salary donated Rs 12 lakh to political party for Section 80GGC tax break; ITAT Ahmedabad upholds tax dept's order denying such deduction. Know why this salaried employee lost the case in ITAT Ahmedabad. Keep reading.

The Economic Times

What happens if you miss July 31, 2026, ITR filing deadline? Why you should not miss this due date

The belated Income Tax Return filing deadline for AY 2026-27 is December 31, 2026. Missing this date can result in losing tax refunds and incurring penalties. Late filing fees of up to Rs 5,000 will apply to delayed submissions. Failure to file can impact loan and visa applications significantly. Filing…

The Economic Times

Will filing your ITR early get you a faster income tax refund? Here's what really determines the processing time

Filing income tax returns early increases processing likelihood but does not guarantee faster refunds. Successful e-verification and matching tax records are crucial for timely refund processing. Pre-validating bank accounts and avoiding complex disclosures expedite the refund process. Mismatched information and unverified returns can significantly delay refund issuance. Accurate details and…

The Economic Times

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Have foreign income or assets? AIS to soon show foreign assets and income details shared by foreign countries

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know…

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

Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake

Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional…

The Economic Times

Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases

ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the…

The Economic Times

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Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this

The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or…

The Economic Times

Do taxpayers need to file two ITRs for FY 25-26 income? I-T Department explains

AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.

The Economic Times

Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing

Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so…

The Economic Times

What crypto investors need to know for tax season 2026

India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including transaction-by-transaction entries in Schedule VDA and cross-referencing with exchange data, are crucial. Failure to comply accurately can lead to significant penalties, making diligent record-keeping essential for all participants.

The Economic Times

Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai

An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of…

The Economic Times

Want to exchange old gold for new jewellery? Beware of these taxes

Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported…

The Economic Times

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

The Economic Times

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Newslaundry

Why the BCCI, one of the world’s richest sports bodies, answers to no one

The Board of Control for Cricket in India (BCCI) is one of the wealthiest sports governing bodies in the world. But for years, one simple question has remained unanswered: why is the BCCI not accountable to the public, which funds, watches, and sustains the game it controls?

The Economic Times

Rs 400 crore agricultural income but no land: CBDT digs up names of rich ‘farmers’ without farms

Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individuals claimed exemptions worth thousands of crores without owning any land. These claims were used to evade taxes and legitimize black money. The Income Tax Department used advanced data analytics and satellite imagery to identify these…

The Economic Times

Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

The Economic Times

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.

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The Economic Times

Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27

Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxes' Central Action Plan for 2026-2027 outlines a roadmap for a more taxpayer-centric and technology-driven tax administration. This plan aims to streamline processes, enhance efficiency, and improve overall taxpayer services,…

The Economic Times

New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official

Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance.

The Economic Times

Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include

The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners.

Newslaundry

I-T dept cracked down on non-profits with a law that didn’t apply. Tribunals kept saying no

Imagine being fined for jumping a red light – on a road where the traffic light was installed only after you drove past. That, in essence, is what India’s Income Tax Department has been doing to dozens of non-profit organisations across the country.

Dynamite News

Income Tax seize Rs 26 crore cash after raids against Nashik-based jewellers

The Income Tax Department has launched searches on Maharashtra's Nashik-based Surana Jewellers in response to alleged undisclosed transactions by its proprietor. Read further on Dynamite News:

The Hindu

Income Tax Department officer duped of ₹48.9K in online reward points fraud

A 48-year-old IRS officer with the Income Tax Department lost ₹48,902 to an online reward points fraud.

The Hindu

₹1 crore seized from panchayat president’s house near Tiruchi

The district election officials have seized ₹1 crore from the house of a panchayat president on Friday night and intimated the Income Tax department about the same

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