ITAT cancels Rs 70,700 tax penalty on Ghaziabad property buyer
The Income Tax Appellate Tribunal (ITAT) has cancelled a Rs 70,700 penalty imposed on a Ghaziabad taxpayer who bought a property for Rs 48 lakh when its stamp duty value was Rs…
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CBDT eases TDS rules for property bought from NRIs from Oct 1
The Central Board of Direct Taxes (CBDT) has introduced a new reporting framework for resident individuals and HUFs buying immovable property from non-residents. The changes, notified on 22 September under the Income-tax…
ICAI warns CAs of 3-day bank strike overlapping Sep 30 deadlines
The Institute of Chartered Accountants of India has advised its members to plan ahead as a three-day bank strike called by the United Forum of Bank Unions from September 28 to 30…
Tax audit report errors to check before 30 September deadline
Taxpayers who have already filed their tax audit report for assessment year (AY) 2026-27 should check for errors before the 30 September deadline, Livemint reports. Common mistakes include incorrect UDIN and digital…
Property purchase from NRIs gets simpler from Oct 1
From 1 October 2026, resident individuals and Hindu Undivided Families (HUFs) buying immovable property from non-resident Indians (NRIs) will no longer need a separate Tax Deduction and Collection Account Number (TAN) for…
Gifted assets to spouse? Know when clubbing of income rules apply
Under the Income-tax Act, income from assets or money gifted to a spouse without adequate consideration is taxed in the hands of the transferor, not the recipient. This clubbing of income provision…
Form 3CD amended for AY 2026-27 tax audit deadline 30 September
Tax audit for assessment year 2026-27 must be completed by 30 September 2026, with ITR filing due by 31 October. Forms 3CA, 3CB and 3CD continue to apply, but the Income Tax…
51,000 appointment letters distributed at 20th Rozgar Mela
New Delhi: Prime Minister Narendra Modi distributed over 51,000 appointment letters to newly recruited youth across 45 locations at the 20th Rozgar Mela on Saturday. New appointees in Ahmedabad, Bengaluru and Pune…
CBDT introduces new reporting rule for high-value transactions without PAN
The Central Board of Direct Taxes (CBDT) has introduced a new system for reporting high-value financial transactions where a person does not have a Permanent Account Number (PAN). Under a notification issued…
Income Tax Department joins Rs 3,500 crore AP liquor scam probe
The Income Tax Department has joined the investigation into the alleged Rs 3,500 crore liquor scam during the YSR Congress Party government in Andhra Pradesh, meeting SIT and ED officials in Hyderabad…
