VDA INCOME TAX RETURN
Brother got Rs 10 lakh cash from two sisters, tax dept had doubt and sent notice; he fought back and won case in ITAT Agra
An Agra man successfully appealed a tax ruling that deemed gifts from his sisters as unexplained cash. The Income Tax Appellate Tribunal ruled that the gifts were genuine and properly documented. The tribunal emphasized that the tax department's failure to scrutinize the donors should not penalize the assessee. The appeal was allowed, treating the gifts as explained income.
Lock in stability before rate cuts: Jiraaf’s Saurav Ghosh on why AAA bonds deserve a place in every portfolio
Investors are eyeing AAA-rated corporate bonds for stable returns as India's interest rates stabilize. These bonds offer high credit quality and predictable income, outperforming fixed deposits. Experts suggest 2025 could be a key year for fixed-income investments. Investors should check credit ratings, issuer track records, and tax implications before investing. Platforms registered under SEBI's framework ensure secure transactions.
Edelweiss Mutual Fund’s Altiva Hybrid Long-Short SIF mobilises Rs 320 crore
Edelweiss Mutual Fund’s Altiva Hybrid Long-Short SIF raised Rs 320 crore, reflecting strong investor confidence in its multi-strategy, tax-efficient approach. The fund combines equity arbitrage, fixed income, and special situations to deliver consistent, low-volatility returns with flexible subscription and redemption options.
Father and son jointly sell ancestral land for Rs 13 crore; father gets tax notice; they file appeal in ITAT Pune and win case
A father and son sold ancestral land for Rs 13 crore, but the buyer's TDS error led to a tax notice for the father. The ITAT Pune ruled in their favor, stating procedural lapses shouldn't deny substantive rights. The father was granted full TDS credit, preventing the revenue from unjustly enriching itself. Read more.
ITR portal update: Now view if and when an I-T official saw or reviewed your tax notice submissions, know how it benefits taxpayers
The Income Tax Department now shows when officials view your tax notice submissions online. This new feature confirms your documents have been seen. It helps taxpayers monitor progress and prevents claims of non-consideration. This move enhances transparency and accountability in the faceless tax system. It also aids in tracking officer performance and improving efficiency.
Will you have to pay Medical Surcharge next year? How much is IRMAA, and how to avoid or reduce it?
The Social Security Administration (SSA) bases Medicare premiums on tax returns from two years earlier, meaning your 2024 income will determine if you owe IRMAA in 2026.
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As Gujarat High Court orders to extend ITR filing due date for audit cases, here are the key takeaways from case
The Gujarat High Court has directed the Central Board of Direct Taxes to extend the Income Tax return filing deadline for audit cases. It has asked to extend the deadline to November 30, 2025. This decision follows a case filed by the Income Tax Bar Association. In its order, the Gujarat High Court emphasised the statutory link between audit report and return filing dates.
Complete guide to saving money on taxes in 2025: Easy tips for retirement, health, home, education, children, and more
You can save money on taxes by using retirement accounts, health savings accounts, and education credits. Parents can get benefits for children and elderly dependents. Home office, job search, moving, and donations can also reduce taxes. Green energy and hybrid car credits help too. Filing free and smart planning lowers your tax bill every year.
Income tax disputes stuck in endless loop: Faceless CIT (A)s are issuing repeated notices but no final judgement, preventing taxpayers from taking further action
Launched to boost transparency, India's Faceless Appeal Scheme now faces challenges with significant pendency and the repetitive issuance of identical notices. This practice is eroding taxpayer confidence despite the scheme's digital intent. Fine-tuning execution through technological checks and clear guidelines is crucial to restore faith in the system. Read more.
GSTR-9 annual return FY 2024-25: Key change in reporting Table 6 explained
A significant change has been introduced in the GSTR-9 annual return form. This update, effective for FY 2024-25 with a December 31, 2025 deadline, introduces a new table for reporting input tax credit from the previous year. This aims to enhance clarity and reduce notices. The article also addresses frequently asked questions regarding GST rates applicable from September 22, 2025.
Income tax refunds fall sharply owing to new fraud checks
An official explained that all income tax returns (ITRs) claiming refunds above a specific threshold are subjected to new additional checks. The threshold for these enhanced reviews varies depending on the category of taxpayers.
Direct tax collection Increases 6.3% to ₹11.9 lakh cr in FY26 so far
India's net direct tax collections reached ₹11.89 lakh crore between April 1 and October 12, marking a 6.33% year-on-year increase. Despite a 15.98% drop in refunds issued, gross tax collections saw a 2.36% rise to ₹13.92 lakh crore. The government has set a net direct tax revenue target of ₹25.2 lakh crore for FY26.
GST annual return using form GSTR-9 has been enabled for filing for FY 2024-25 on the GST portal
The GST portal has enabled filing of the GSTR-9 annual return and GSTR-9C reconciliation statement for FY 2024-25, with a deadline of December 31, 2025. Taxpayers can now access online and offline filing options for these forms. GSTR-9 is mandatory for turnovers exceeding Rs 2 crore, while GSTR-9C is required for turnovers above Rs 5 crore.
Up to 8.15% FD rate for senior citizens investing for three years; Here’s the full list of banks
Senior citizens can now invest in fixed deposit and get interest rates as high as 8.15% for a three-year term, with Utkarsh Small Finance Bank leading the pack. Other banks like Jana and Ujjivan also offer competitive rates. Remember, TDS is deducted if annual FD interest exceeds Rs 1 lakh, but Form 15H can help eligible individuals avoid it. Know how.
I have inherited Rs 1 crore, do I need to pay tax on this before investing?
I have inherited Rs 1 crore in fixed deposits and bank balance. Are these amounts considered ‘income’ under the Income Tax Act?
Homebuyer was denied Rs 10 lakh capital gain tax exemption by Income Tax dept for not depositing unutilised land sale gains in CGAS on time, he wins case in ITAT Chennai
A homebuyer successfully claimed a Rs 10 lakh capital gains tax exemption. The tax department had initially denied this benefit. The ITAT Chennai ruled in favour of the homebuyer, stating that non-deposit of unutilised sale proceeds in the Capital Gains Account Scheme before the ITR due date is not fatal.
Tax shock or relief? IRS unveils 2026 brackets — check where you land now
Tax brackets 2026: Federal income tax for 2025 and 2026 features seven brackets ranging from 10% to 37%. The U.S. employs a progressive tax system where higher income levels are taxed at higher rates. Understanding your taxable income and filing status is crucial for determining your specific tax bracket and effective tax rate.
Taxpayer fights and gets big relief against Rs 2.28 crore income tax notice; ITAT Ahmedabad reduced it to only Rs 63,000
A person faced a Rs 2.28 crore tax notice for unexplained income. After filing an ITR declaring Rs 3.83 lakh, the tax department added the large sum. However, ITAT Ahmedabad significantly reduced the unexplained income to just Rs 63,000, ruling most transactions were satisfactorily explained. Know the full details of this case.
Binance wallets decrypted—taxman moves in on evaders
India's tax authorities are targeting over 400 high-net-worth individuals for evading taxes on their cryptocurrency profits from Binance. Many failed to disclose digital assets held on the offshore exchange, believing they could escape the substantial tax liabilities. The Income Tax department is now actively tracing these undeclared trades.
Offshore Binance wallets under scanner as I-T dept acts against undisclosed crypto profits
Indian tax authorities are targeting over 400 individuals for evading taxes on crypto trades conducted on Binance. These individuals allegedly hid their profits from digital assets parked in offshore wallets, failing to disclose them in their income tax returns. The Central Board of Direct Taxes has directed investigation wings to report actions by October 17.
NITI Aayog bats for reforms in I-T Act with focus on decriminalisation
NITI Aayog proposes significant reforms to the Income Tax Act, 2025, including decriminalizing 12 minor offenses and reducing mandatory minimum sentences. The aim is to foster a more predictable and less coercive tax administration by shifting the burden of proof to tax authorities and emphasizing trust-based governance.
NITI Aayog proposes direct tax reforms; focuses on decriminalisation and trust-based governance
In its Tax Policy Working Paper Series - II: Towards India’s Tax Transformation: Decriminalisation and Trust-Based Governance, released on Friday, the Aayog said decriminalisation, rationalisation of punishments, and emphasis on proportionate sanctions will collectively align India’s income-tax law with the vision of a fair, accessible, and modern compliance regime.
Best tax saving mutual funds or ELSS to invest in October 2025
Tax saving mutual funds or ELSSs invest in stocks. Therefore, they have a very high risk. You should be aware of this aspect, especially if you are a first-time investor in equity mutual funds. Compared to your usual investments like Public Provident Fund or National Savings Certificate, etc, ELSSs do not offer guaranteed returns. You may even suffer losses in a bad market.
2026 IRS tax brackets and deductions released: Will US pay less now? Check how much you’ll owe
The IRS has unveiled new federal income tax brackets and standard deductions for 2026, adjusting income thresholds to combat inflation and 'bracket creep'. Married couples filing jointly will see a higher standard deduction of $32,200, while single filers get $16,100. These changes aim to offer some financial relief to Americans next year.
Taxpayer wins case in ITAT Mumbai: Rs 1 crore tax demand quashed after TDS mismatch in Form 26AS
A Mumbai taxpayer successfully challenged a Rs 1 crore tax demand at ITAT Mumbai after Form 26AS failed to reflect TDS credit. Despite paying taxes, the demand arose due to the deductor's failure to deposit or report TDS. ITAT ruled that credit cannot be denied solely based on Form 26AS, emphasizing Section 205 of the Income Tax Act.
Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatory
Traders declaring business or F&O income below 6% of their turnover may face a mandatory tax audit. This rule applies even if turnover is below certain thresholds. If total income exceeds the basic exemption limit, a tax audit becomes compulsory. Not obtaining a required audit carries risks for the taxpayer. This measure aims to ensure accurate income declaration.
Taxpayer deposits Rs 20 lakh in NRE bank account, skips ITR; income tax dept issues notice but he wins in Gujarat High Court for this reason
An Indian expatriate successfully challenged an income tax notice for Rs 20 lakh deposited in his NRE account. The Gujarat High Court ruled in his favor, stating the income was from overseas savings and exempt under Section 10(4)(ii). The court found the tax department failed to objectively consider the taxpayer's explanation and tax residency certificate. Read more.
Many property sellers have to pay 3.5 times more TDS and TCS due to issues with Income Tax TDS, TCS rules; Five such I-T rules need overhaul
Income Tax on property: There is a problem with the Income Tax law due to which in immovable property sale cases, Taxpayers especially NRIs may face both TDS and TCS depending on how the sale proceeds are handled. The solution to this problem is lower/nil TDS and TCS certificates. However, these procedures increase compliance cost and complexity.
53% interest to be paid by Income Tax dept to an individual’s tax refund of Rs 6.42 lakh; Delhi High Court order
The Delhi High Court has ordered the Income Tax Department to pay Mr. Goel Rs 3.55 lakh in interest on a Rs 6.42 lakh tax refund. This significant interest, amounting to 53% of the refund, is for multiple assessment years and must be disbursed within eight weeks. The court's directive follows Mr.
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