Income-tax

Mumbai ITAT allowed a taxpayer’s Section 54 exemption on investments in multiple residential properties for AY 2013-14, when the law referred to “a residential house”. The Tribunal also allowed ₹20.44 lakh spent on civil and electrical work to make the newly purchased flat habitable.

The Income Tax Rules, 2026 have raised the annual tax-free limit on employer-provided gifts, vouchers and tokens from ₹5,000 to ₹15,000. The benefit is available as an aggregate annual limit, not separately for each occasion.

Advance tax deadline September 15, 2026 is approaching. Taxpayers with income from interest, rent, dividends, mutual funds, shares or freelance work may need to pay advance tax if their remaining tax liability exceeds ₹10,000.

Delhi ITAT invalidated a ₹8.71 crore income tax reassessment notice issued to a deceased taxpayer, stressing the need for valid notices, legal heir proceedings and compliance with limitation periods.

Salaried taxpayers should start preparing now for ITR filing for Tax Year 2026-27. Maintaining tax documents, tracking investments, checking AIS and Form 26AS, reviewing deductions and comparing tax regimes can help avoid last-minute errors.

The NUDGE campaign has led to 1.32 crore updated tax returns, enhancing tax compliance and efficiency. Here's how the income tax department is improving compliance among taxpayers.

Filed your ITR but the income-tax refund has not reached your bank account? Here are six things to check if the refund is delayed, failed or marked as issued. From checking your refund status and bank-account validation to requesting a refund reissue, here’s what taxpayers should do next.

Income Tax Dept seized gold, diamonds and 11.2 kg silver from a Mumbai woman’s home and bank lockers. ITAT Mumbai deleted ₹11.23 lakh tax addition after accepting her explanation of marriage gifts and inheritance.

Taxpayers with business or professional incomes face different ITR deadlines. Tax audit reports are due by September 30, 2026, with penalties applicable for late submissions. Details here.

A Bengaluru taxpayer faced a ₹1.23 lakh tax demand after his consultant mistakenly filed Form 10-IEA for the old tax regime. ITAT Bangalore accepted the new regime chosen in his ITR and directed the tax authorities to recompute his liability.