Tax

The Income Tax Department reminded taxpayers that December 31, 2025 is the last date for revising an already filed return or submitting a belated return for Assessment Year (AY) 2025-26.

Updated : Dec 18, 2025

Income Tax Dept clarifies emails on AIS mismatch, foreign assets are advisory, not punitive

The clarification follows concerns raised by taxpayers over system-generated intimations related to discrepancies in their Annual Information Statement (AIS), property transactions, foreign income or assets, high-value purchases .

Investors reporting gains of up to ₹1.5 lakh accounted for just ₹10,564 crore, with an average gain of ₹36,000 per return.

Updated : Dec 18, 2025

Cutting LTCG mainly benefits the rich; don’t call it a middle-class issue: Tax expert on capital gains tax regime

Official Income Tax Department data for Assessment Year 2023-24 shows that total LTCG reported by taxpayers stood at Rs 8.58 lakh crore, spread across nearly 8 crore returns. Yet this enormous figure is highly concentrated at the top. Taxpayers earning below Rs 10 lakh a year contributed less than 5% of total LTCG, or about Rs 39,870 crore, despite forming a large base of investors.

Taxpayers who have missed reporting foreign assets or income must first shift to the correct income tax return (ITR) form.

Updated : Dec 18, 2025

Undisclosed foreign assets trigger IT Dept emails; revise ITR before Dec 31 deadline

The Income Tax Department has begun emailing taxpayers flagged for undisclosed foreign assets or income based on global data-sharing under CRS and FATCA. Affected individuals have been asked to revise their ITRs for AY 2025-26 by December 31 to avoid penalties.

If implemented, joint filing could lower tax liability for many middle-class households, especially where one spouse earns significantly more than the other.

Updated : Dec 16, 2025

Budget 2026 buzz: How joint income tax returns for married couples can be a welcome move

First discussed ahead of Budget 2025, the joint taxation proposal suggests allowing spouses to file a combined return with a higher family-level basic exemption of around Rs 6–8 lakh. For single-income households grappling with rising living costs, such a move could offer meaningful relief

Sometimes, understanding how the law interprets facts can be just as important as paying taxes honestly.

Updated : Dec 15, 2025

₹18 lakh tax demand quashed: How misclassification of land can trigger and cancel I-T notices

Many genuine purchasers receive tax notices not because of tax evasion, but due to valuation mismatches created by draft planning schemes, zoning maps, or administrative shortcuts.

Deductions such as Section 80C investments, health insurance under 80D, education loan interest (80E), HRA, LTA, donations (80G), are excluded under New Tax Regime.

Updated : Dec 13, 2025

Budget tax break: New Regime overhauled - Rs 12.75 lakh salary zero tax; key deductions, exemptions

Under the allowed deductions, salaried employees and regular pensioners can claim a standard deduction of Rs 75,000, which remains one of the biggest reliefs in the new regime.

The CBDT said iy has identified high-risk taxpayers, especially those claiming deductions under Sections 80G and 80GGC.

Updated : Dec 13, 2025

CBDT cracks down on bogus tax deductions: Key alert for taxpayers on corrections in ITR

The CBDT said enforcement action against multiple tax intermediaries exposed organised rackets that were filing income tax returns using fake deductions and exemptions in exchange for commissions.

Under the Income Tax Act, 1961, reporting foreign assets is mandatory for individuals classified as Resident and Ordinarily Resident (ROR).

Updated : Dec 11, 2025

Foreign asset schedules missing in revised ITR after filing ITR-1/4? I-T dept explains solution

Many taxpayers revising their Income Tax Returns this year are hitting an unexpected snag. Details of foreign assets or overseas income simply aren’t showing up in their revised forms. The tax department has now clarified that the issue is linked to the choice of ITR form itself.

Cash-based loans between friends and family, a common informal practice in India, are strictly regulated.

Updated : Dec 10, 2025

Are you risking an 84% penalty by holding unaccounted cash at home? CA on rules that can bring you under scanner

Under the revised rules, if the Income Tax Department discovers unexplained cash during a search, it can impose a steep 84% penalty, which includes tax, surcharge, cess, and additional penalties.

In India, profits from selling, swapping, or using crypto assets are taxed at a flat 30% rate. Additionally, a surcharge and a 4% health and cess may apply.

Updated : Dec 10, 2025

Crypto traders under scrutiny: 44,000 tax notices issued for non-disclosure of gains, govt shares details

Tax authorities have uncovered Rs 888.82 crore in undisclosed income during search and seizure operations. Discrepancies between trading records and tax filings prompted the issuance of mass notices.

PPF and ELSS are super popular when it comes to saving on taxes. PPF gives you assured returns plus tax-free interest, while ELSS lets your money grow with the market.

Updated : Dec 10, 2025

Tax deduction: Can one claim Section 80C exemption on PPF, ELSS investments done in spouse's name?

Many people max out their Section 80C limit — but a major doubt keeps coming up every tax season. If you invest in PPF or ELSS in your spouse’s name, can you still claim the deduction? The answer isn’t as simple as it seems, and the rules differ sharply between PPF and ELSS.

Updated : Dec 10, 2025

How the New Labour Code’s 50% wage rule could cut tax, tweak your monthly take-home pay

The New Labour Code 2025 has quietly rewritten how your salary is structured — and the ripple effects can be worth noting. With the new 50% wage rule, PF, NPS and gratuity contributions are set to rise automatically. Depending on how your company restructures your CTC, your tax bill — and even your take-home pay — could look very different.

Maharashtra leads comfortably with Rs 293.40 crore collected in FY25, followed by Karnataka with Rs 133.94 crore.

Updated : Dec 9, 2025

Crypto investment: Crypto TDS collections cross Rs 1,000 cr in three years, govt shares data

TDS collections were Rs 221.27 crore in FY23, rose to Rs 362.70 crore in FY24, and have already touched Rs 511.83 crore in FY25. Together, that adds up to Rs 1,095.80 crore—reflecting crypto trades worth well over Rs 58,000 crore in just three years.

Under advance tax, to avoid Section 234C interest, taxpayers must reassess liability after TDS and pay advance tax on time.

Updated : Dec 5, 2025

Advance tax deadline nears: Third instalment for FY26 due December 15; who must pay now, who can skip

With the December 15 advance tax deadline approaching, millions of taxpayers must reassess their income and TDS to avoid hefty penalties. The instalment marks a key checkpoint in India’s quarterly tax compliance cycle for FY26.

Under Section 244A, refund interest is calculated from April 1 only if the return is filed on time.

Updated : Dec 4, 2025

Belated ITR filing deadline nears: Taxpayers can still claim refunds, but with key financial consequences

The ITR filing date for FY 2024–25 was extended twice, first by 46 days to September 15, and then by an additional 24 hours, offering taxpayers more time amid backend and compliance challenges.

Up to 30 June 2025, tax authorities have completed 1,087 assessments and issued tax and penalty demands exceeding Rs 40,564 crore under the BMA.

Updated : Dec 4, 2025

Centre flags Rs 40,564 cr tax claims on offshore assets, says no estimate of black money outflow

Responding to a Lok Sabha query, Minister of State for Finance Pankaj Chaudhary said neither the Income Tax Act nor the BMA uses the term “black money”, but enforcement data under the BMA reflects the action taken so far on offshore holdings.

One of the structural triggers was the late rollout of ITR forms this year.

Updated : Dec 4, 2025

Taxpayers face long refund delays: FY25 sees steep 38% drop in payouts, slow processing

Tax practitioners attribute the slump to a combination of delayed ITR form releases, tighter verification rules, and processing bottlenecks at the Centralised Processing Centre (CPC) in Bengaluru.

Monetary gifts received on the occasion of marriage are tax-free, but gifts received on birthdays, anniversaries or festivals are taxable.

Updated : Dec 2, 2025

Gift gone wrong: How a tax-exempt Rs 1.3 crore family gift turned into a Rs 70 lakh tax shock

The Income Tax Department has clarified that monetary gifts received by individuals and HUFs are taxable under Section 56(2)(x) unless specifically exempt. Gifts from “relatives” — such as spouses, parents, siblings, and lineal ascendants or descendants — are fully tax-exempt. Only gifts received without adequate consideration and outside these exemptions attract tax.

Anyone getting these alerts should recheck their ITR for missed disclosures and file a revised return if required.

Updated : Nov 29, 2025

Foreign income not in your ITR? Expect a sharp NUDGE from the taxman before December 31

The campaign, formally known as “Non-intrusive Usage of Data to Guide and Enable (NUDGE)”, uses foreign financial information obtained through global data-exchange frameworks to identify mismatches between disclosures made in ITRs and data available with the tax authorities.

1% TCS on cars over ₹10L is your money, posts warn buyers not to ignore refund at tax filing

Updated : Nov 29, 2025

'Govt owes you money back when you buy a new car': Investor on how to claim TCS refund on Rs 10L+ cars

The investor explained how anyone purchasing a vehicle priced above ₹10 lakh is entitled to get back the 1% Tax Collected at Source (TCS) charged by dealerships

When the new house is still under construction, Section 54 allows a taxpayer up to three years from the sale date to complete construction.

Updated : Nov 28, 2025

Can investors claim Section 54 and 54F exemptions for under-construction homes? Expert explains tax rules, builder delays, Rs 10-cr cap

Taxpayers juggling multiple capital gains events often face confusion on whether both Section 54 and Section 54F benefits can be claimed for one new house. The rules grow trickier when the reinvestment is tied to an under-construction property. Clarity from tax professionals indicates that dual exemptions are possible, but only under specific conditions.

Tax

Income Tax Dept clarifies emails on AIS mismatch, foreign assets are advisory, not punitive

Cutting LTCG mainly benefits the rich; don’t call it a middle-class issue: Tax expert on capital gains tax regime

Undisclosed foreign assets trigger IT Dept emails; revise ITR before Dec 31 deadline

Budget 2026 buzz: How joint income tax returns for married couples can be a welcome move

₹18 lakh tax demand quashed: How misclassification of land can trigger and cancel I-T notices

Budget tax break: New Regime overhauled - Rs 12.75 lakh salary zero tax; key deductions, exemptions

CBDT cracks down on bogus tax deductions: Key alert for taxpayers on corrections in ITR

Foreign asset schedules missing in revised ITR after filing ITR-1/4? I-T dept explains solution

Are you risking an 84% penalty by holding unaccounted cash at home? CA on rules that can bring you under scanner

Crypto traders under scrutiny: 44,000 tax notices issued for non-disclosure of gains, govt shares details

Tax deduction: Can one claim Section 80C exemption on PPF, ELSS investments done in spouse's name?

How the New Labour Code’s 50% wage rule could cut tax, tweak your monthly take-home pay

Crypto investment: Crypto TDS collections cross Rs 1,000 cr in three years, govt shares data

Advance tax deadline nears: Third instalment for FY26 due December 15; who must pay now, who can skip

Belated ITR filing deadline nears: Taxpayers can still claim refunds, but with key financial consequences

Centre flags Rs 40,564 cr tax claims on offshore assets, says no estimate of black money outflow

Taxpayers face long refund delays: FY25 sees steep 38% drop in payouts, slow processing

Gift gone wrong: How a tax-exempt Rs 1.3 crore family gift turned into a Rs 70 lakh tax shock

Foreign income not in your ITR? Expect a sharp NUDGE from the taxman before December 31

'Govt owes you money back when you buy a new car': Investor on how to claim TCS refund on Rs 10L+ cars

Can investors claim Section 54 and 54F exemptions for under-construction homes? Expert explains tax rules, builder delays, Rs 10-cr cap

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