Income Tax
Latest news, explainers and analysis on Income Tax. Tracking 13 stories on Arth Vani.
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Latest on Income Tax
BreakingTaxpayers Alerted on Undeclared Foreign Assets; July 31 Deadline Nears
The Indian Income Tax (I-T) Department is sending alerts to taxpayers regarding undeclared foreign assets, prompting a review of overseas holdings before the July 31 income tax filing deadline. Taxpayers are encouraged to reconcile discrepancies identified through I-T portal data and SMS alerts to ensure compliance.
BreakingITR Filing Deadline Approaching: Key Facts for Taxpayers
The deadline for filing Income Tax Returns (ITR) is fast approaching. Taxpayers should be aware of crucial details to ensure timely and accurate filing, especially first-time filers.
BreakingIncome Tax Dept Launches Foreign Assets Report: How to Check Your Overseas Holdings
The Income Tax Department has introduced a new 'Foreign Assets Information' report on the e-filing portal to help taxpayers track overseas financial data. This tool allows individuals to verify information received from foreign jurisdictions under automatic exchange agreements before filing their returns.
BreakingITAT Rules: Property Bought With NRI Husband's Funds Not Taxable as Unexplained Income
The Mumbai Income Tax Appellate Tribunal (ITAT) has deleted an ₹80 lakh tax addition, ruling that a taxpayer cannot be penalized for a missing document if the source of funds is otherwise proven. The case involved a woman who purchased property using funds remitted by her NRI husband through official banking channels.
BreakingChoose Your ITR Form for AY 2026-27: A Simple Guide
Selecting the correct Income Tax Return (ITR) form for Assessment Year (AY) 2026-27 depends on your income sources. Understanding these distinctions can help you file accurately and avoid potential issues.
BreakingProperty Sellers: Recalculate Advance Tax After New Cost Inflation Index Release
Individuals who sold property acquired before July 23, 2024, must re-evaluate their tax liabilities following the delayed notification of the Cost Inflation Index (CII). Failure to adjust advance tax payments in upcoming installments could lead to interest penalties under Income Tax rules.
India and Sri Lanka Amend Tax Treaty to Prevent Misuse and Tax Evasion
India has updated its Double Taxation Avoidance Agreement (DTAA) with Sri Lanka to include a new anti-abuse rule. The Principal Purpose Test (PPT) will allow tax authorities to deny treaty benefits if the primary goal of a transaction is to avoid taxes.
BreakingSave Tax on Your Child’s Education: Section 80C and Allowance Benefits Explained
Indian parents can reduce their tax liability by claiming deductions on school tuition fees and specific employer-provided education allowances. These benefits cover both school fees under Section 80C and additional exemptions for hostel expenses.
BreakingConfused Which ITR Form to File? Income Tax Portal Guides You
The Income Tax e-filing portal now simplifies the process of choosing the correct Income Tax Return (ITR) form for taxpayers. It uses eligibility conditions and a guided questionnaire to help users identify the right form and applicable schedules, making tax filing easier.
BreakingForeign Investments to Appear in Your AIS: CBDT Boosts Tax Transparency
The CBDT is integrating foreign investment and overseas financial account details into taxpayers' Annual Information Statement (AIS) within 90 days. This initiative, part of the AEOI framework, aims to enhance tax transparency and simplify compliance for Indian residents with international assets.
BreakingIncome Tax Refund Delayed? Section 245 Notice Means Demand Adjustment
If you've received a Section 245 notice from the Income Tax Department, it means your tax refund might be used to clear an old tax demand. You can check the demand details online and choose to accept or dispute it within the stipulated time.
BreakingITR-2 Filing Guide: Steps for Individuals & HUFs on Income Tax Portal
Individuals and Hindu Undivided Families (HUFs) not eligible for the simpler ITR-1 form can now file their Income Tax Returns (ITR) using the ITR-2 form online. This guide outlines the essential documents and the step-by-step process for submission on the official income tax e-filing portal.
BreakingFiling ITR-2: Mandatory Rules for Indians with Foreign Assets or Overseas Income
Resident Indian taxpayers holding foreign bank accounts, stocks, or properties must file ITR-2 by July 31. Failure to disclose these assets under the mandatory schedules can lead to heavy penalties under the Black Money Act.
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