tax department

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Law·9.7.2026KI-Zusammenfassung

Same-sex couple challenges Income Tax Act provision in Bombay High Court

A same-sex couple has filed a petition in the Bombay High Court challenging Section 56(2)(x) of the Income Tax Act, which exempts gifts between spouses from tax. They argue that denying this benefit to same-sex couples is discriminatory as Indian law does not recognize their relationships as marriages. The Income Tax Department opposes the plea, calling it "misconceived" and an attempt to use tax law for marriage recognition.

Times of India

India's Tax Department Flags Widespread Crypto Tax Reporting Gaps

In Entwicklung

Business·8.7.2026KI-Zusammenfassung

India's Tax Department Flags Widespread Crypto Tax Reporting Gaps

India's tax department found significant gaps in crypto tax reporting, with less than a quarter of individuals reporting transactions. Offshore exchanges and private wallets complicate tracking, adding a tax enforcement dimension to policy debates.

Cointelegraph

2 Min. Lesezeit

Common Mistakes Leading to Income Tax Department Queries and Notices

In Entwicklung

Business·8.7.2026KI-Zusammenfassung

Common Mistakes Leading to Income Tax Department Queries and Notices

Filing income tax returns (ITR) accurately is crucial to avoid queries from the Income Tax Department. Common mistakes include mismatches between ITR and AIS/Form 26AS, incorrect capital gains reporting, non-disclosure of income streams like interest and dividends, and misalignments between high-value transactions and reported income. Experts advise taxpayers to reconcile all income sources and documents before filing to prevent notices.

Times of India

7 Min. Lesezeit

File ITR Even With LTCG Under Rs 1.25 Lakh: Income Tax Department

In Entwicklung

Business·2.7.2026KI-Zusammenfassung

File ITR Even With LTCG Under Rs 1.25 Lakh: Income Tax Department

Even if long-term capital gains (LTCG) from stocks are under Rs 1.25 lakh and tax-exempt, filing an Income Tax Return (ITR) for AY 2026-27 is mandatory. The Income Tax Department requires reporting these gains to avoid potential issues. Learn how to correctly disclose them.

Economic Times

3 Min. Lesezeit

Income Tax Department Clarifies New Act Transition, Eases Taxpayer Confusion

In Entwicklung

Business·23.6.2026KI-Zusammenfassung

Income Tax Department Clarifies New Act Transition, Eases Taxpayer Confusion

The Income Tax Department clarifies confusion regarding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY). Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026.

Economic Times

2 Min. Lesezeit

Income Tax Department Unveils Form 168, Replacing Form 26AS

In Entwicklung

Politik·19.6.2026KI-Zusammenfassung

Income Tax Department Unveils Form 168, Replacing Form 26AS

The Income Tax Department has introduced Form 168, an upgraded Annual Information Statement that replaces Form 26AS. This automatically generated form consolidates all tax-related and financial transaction data linked to a taxpayer's PAN, offering a comprehensive view of tax compliance.

Economic Times

3 Min. Lesezeit

Income Tax Department Enables ITR-3 Filing for AY 2026-27

NACHRICHT

19.6.2026KI-Zusammenfassung

Income Tax Department Enables ITR-3 Filing for AY 2026-27

The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 (ITR-3) for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income, with a July 31, 2026, deadline for salaried individuals.

Economic Times

2 Min. Lesezeit

Income Tax Department Sets July 31, 2026 Deadline for Most Individual Taxpayers

In Entwicklung

Business·17.6.2026KI-Zusammenfassung

Income Tax Department Sets July 31, 2026 Deadline for Most Individual Taxpayers

The Income Tax Department has set July 31, 2026, as the deadline for most individual taxpayers, including the salaried class, to file their Income Tax Returns (ITR) for AY 2026-27. Non-audit businesses and professionals have until August 31, 2026.

Economic Times

3 Min. Lesezeit

Congress Accuses IT Department of Unlawfully Confining Tamil Nadu Unit President Ahead of Rahul Gandhi's Campaign

Dringend

Politik·20.4.2026KI-Zusammenfassung

Congress Accuses IT Department of Unlawfully Confining Tamil Nadu Unit President Ahead of Rahul Gandhi's Campaign

Congress has accused the Income Tax department of unlawfully confining its Tamil Nadu president K Selvaperunthagai at his residence in Sriperumbudur, preventing him from carrying out political duties ahead of Rahul Gandhi's campaign visit to the poll-bound state. The party called the search operation a "blatant misuse" of central agencies by the BJP to intimidate and obstruct opposition leaders, describing it as an attack on democracy. The IT department is conducting the raid following complaints alleging cash intended for voter distribution was stashed at the location.

Times of India

2 Min. Lesezeit