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YOU WONT BELIEVE: 4 | Mind Blowing Facts

Advance tax deadline of September 15, 2026: What will be the consequences if you miss the due date?

The second advance tax instalment deadline is September 15, 2026. Failure to pay by this date incurs penal interest charges. Advance tax is income tax paid in instalments during the financial year. Individuals with a tax liability exceeding Rs 10,000 must pay advance tax. Penal interest under Sections 234B and…

The Economic Times · Sep 15

Indian moves to US for job, forgets to file ITR, Income Tax Dept imposes Rs 8.29 lakh penalty; ITAT Jaipur cancels penalty and gives full relief

Indian employee working in US imposed with Rs 8.29 lakh penalty for missing to file ITR after moving to US; ITAT Jaipur cancels penalty and gives full relief. ITAT Jaipur’sSMC bench who heard this case composed of Annapurna Gupta, accountant memberand Kuldip Singh, judicial member.

The Economic Times · Sep 14

Home Loan Prepayment: Should You Cut the EMI or the Tenure to Save More Interest?

Why the choice matters more than the prepayment itselfMaking a lump-sum prepayment on a home loan is one of the highest-return financial moves available to a salaried Indian borrower. On a ₹50 lakh loan at 8.5% over 20 years, the total interest outgo is roughly ₹58 lakh, more than the…

Times Life · Sep 13

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Rs 6.42 lakh travel expense disallowed as business expenditure over use of wife’s credit card; businessman contests tax order, wins relief in ITAT Mumbai

Rs 6.42 lakh foreign travel expenditure disallowed from business income as businessman used wife’s credit card to pay for it; ITAT Mumbai gives relief to taxpayer. Challa Nagendra Prasad, Judicial Member and G.M. Doss, Accountant Member of ITAT Mumbai heard this case.

The Economic Times · Sep 12

Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?

Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, remains available for Tax Year 2026-2027. Unused portions of the exemption limit can offset special-rate capital gains after normal income is accounted for. Non-residents, firms, and companies…

The Economic Times · Sep 12

FD rate up to 8.5% for senior citizens investing for five years; know the list of banks

Select small finance banks offer senior citizens fixed deposit rates up to 8.5 percent. Suryoday Small Finance Bank provides 8.5 percent interest on five-year fixed deposits for seniors. Jana Small Finance Bank offers 8 percent interest on similar fixed deposit terms. Banks deduct TDS on FD interest exceeding one lakh…

The Economic Times · Sep 12

Rs 1.17 crore interest income of minor child: Father faces Rs 12.83 lakh penalty; ITAT Delhi cancels it

Satbeer Singh Godara, judicial member and Amitabh Shukla, accountant member of ITAT Delhi, in a recent judgement ruled that a father can’t be slapped with Rs 12.83 lakh penalty under Section 270A if his ITR-reported income matches the assessed income and the only point of contention is the tax benefit…

The Economic Times · Sep 11

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Mumbai’s ‘Special 26’ twist: Sacked driver, 2 I-T officials stage fake raid for Rs 1 crore

A sacked driver and two Income Tax officials attempted a fake raid. They demanded one crore rupees from a former employer's Mumbai office. The company owner foiled the extortion attempt by asking for authorization documents. Police have arrested ten individuals, including the two serving Income Tax officials. Investigations are ongoing…

The Economic Times · Sep 11

Rs 1.09 crore remittance sent home by an Indian working in Kuwait, but he didn't file ITR, received income tax notice; gets relief in ITAT Ahmedabad

Indian man working in Kuwait oilfields, got his salary in National Bank of Kuwait, remitted Rs 1.09 crore back to family in India, files no ITR, got an unexplained money tax notice u/s 69; he partially wins case in ITAT Ahmedabad

The Economic Times · Sep 10

Rs 2.42 lakh FD investment and Rs 1.06 lakh cash deposits, no ITR filed, got income tax notice; senior citizen wins case in ITAT Jaipur after 9-year fight

No ITR filed, yet Rs 2.42 lakh FD investment, Rs 1.06 lakh cash deposits triggers tax notice for senior citizen; she wins case in ITAT Jaipur after 9 years fight. Know how Mrs Devi won the case in ITAT Jaipur.

The Economic Times · Sep 10

Voters in six states to decide eight income or wealth tax ballot measures in 2026

In 2026, voters in six states will decide—or have already decided—nine statewide ballot measures related to income or wealth taxes. On August 4, voters defeated Missouri Amendment 5, which would have required reductions in the individual income tax until the tax was eliminated in the state. The remaining eight measures…

Ballotpedia · Sep 9

Rs 34 lakh F&O trading loss: Income Tax dept calls it speculative, ITAT Delhi treats Rs 25 lakh as business loss

Taxpayer lost Rs 34 lakh in F&O trading but reports it as business loss; Income Tax dept treats it as speculative loss; ITAT Delhi treats Rs 9 lakh as speculative and the rest as business loss. The ITAT Delhi bench comprised of Sudhir Kumar, Judicial Member and Manish Agarwal, Accountant…

The Economic Times · Sep 9

Landlord deposited Rs 14.96 lakh cash during demonetisation, got tax notice: ITAT Bangalore grants relief

Landlord took rent in cash, deposited Rs 14.96 lakh cash during demonitisation period; got Income tax notice, he wins case in ITAT Bangalore. The ITAT Bangalore bench which heard this case comprised of Waseem Ahmed, an accountant member and Keshav Dubey, a judicial member.

The Economic Times · Sep 8

Income Tax Dept seized gold, diamonds and silver in a tax search operation from lady’s house and bank locker; she wins case in ITAT Mumbai

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker

The Economic Times · Sep 7

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The Economic Times · Sep 7

Gurgaon RWA sought charitable trust registration with rental and maintenance income; ITAT Chandigarh rejected RWA’s appeal for this reason

RWA earned rent by letting out common areas and collected maintenance from residents and seeked charitable trust registration; ITAT Chandigarh rejects RWA’s appeal. Laliet Kumar, a Judicial Member and Manoj Kumar Aggarwal, an Accountant Member of the Income Tax Appellate Tribunal (ITAT) Chandigarh gave this judgement.

Times Life · Sep 6

How Salaried Indians Can File Their ITR Without a Last-Week Panic Over Documents and Deductions

Start With Form 16, Everything Else Follows From ItForm 16 is the one document your employer is legally required to give you by June 15 each year, and it does most of the heavy lifting for a salaried ITR. Part A of Form 16 shows the TDS your employer deducted…

Evening Standard · Sep 5

Malcolm Offord pledges to review ‘nuts’ income tax system in Scotland

Lord Offord was addressing members on the final day of the Reform UK conference in Birmingham.

Evening Standard · Sep 5

Robert Jenrick pledges tax cut amid row over Reform donations

Reform said the plan would save the average taxpayer £500 a year and take 2.9 million people out of income tax altogether

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The Independent UK · Sep 5

Reform to promise tax cut for millions as donations row rumbles on

Reform said the plan would save the average taxpayer £500 a year and take 2.9 million people out of income tax altogether

The Economic Times · Sep 4

Rs 25 lakh cash deposited in bank, income tax officer sends notice for unexplained cash u/s 69; Taxpayer wins case in ITAT Bangalore, here's why

Employee deposits Rs 25 lakh cash in bank; tax officer sends notice for unexplained cash u/s 69; Employee wins case in ITAT Bangalore; Know how. This judgement was given by Keshav Dubey, a judicial member and Waseem Ahmed, an accountant member of ITAT Bangalore

The Economic Times · Sep 4

Bengali Hindu landlord’s Rs 1.89-crore rental income faced tax dispute over HUF status: Why ITAT Delhi gave relief

Bengali Hindulandlord earns Rs 1.89 crore rental income in Delhi, reports it in his HUF’sITR; Income Tax dept rejects it on the ground that Dayabhaga Hindu can’t have an HUF, landlord wins case in ITAT Delhi

The Economic Times · Sep 4

Gamer invested Rs 2.61 crore to play online rummy and poker games; loses net Rs 28 lakh, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this…

Ballotpedia · Sep 4

Colorado voters will decide on a graduated income tax initiative that competes with an income tax cap measure in November

On Nov. 3, 2026, voters in Colorado will decide on a ballot initiative that would establish a graduated income tax.

The Economic Times · Sep 4

Employee showed Rs 9.6 lakh EPF interest in ITR by mistake, got income tax notice: He fought and got full relief in ITAT Mumbai

Income Tax Dept sent tax notice for Rs 9.6 lakh EPF interest which employee never received but erroneously shown in ITR as received; he fights and wins case in ITAT Mumbai. This judgement was delivered by Challa Nagendra Prasad, the Judicial Member, and Makarand Vasant Mahadeokar, the Accountant Member of…

The Economic Times · Sep 4

REITs and InvITs: Despite tax-free dividends, non-resident investors may need to file ITR to claim a refund of TDS

The Taxation and Other Laws (Amendment) Act, 2026 addresses existing dividend tax discrepancies for unitholders by granting unconditional exemptions. Despite this, the established withholding tax regulations for BTs have not been modified, leading to possible inconsistencies. Non-resident investors may need to submit tax returns to retrieve withheld taxes, highlighting the…

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