When Mr Marathikyathanahalli, a retired teacher from Mysore, deposited Rs 1.33 crore in cash into his bank account, it triggered the red flag risk management strategy (RMS) established by the Central Board of Direct Taxes (CBDT).
The increase in monetary thresholds for filing tax dispute appeals at ITAT, high courts, and the Supreme Court has led to about ₹16,690 crore reduction in disputed tax demand, Parliament was informed on Monday.
The income tax department’s NUDGE campaign has resulted in 1.25 crore taxpayers filing updated or revised ITRs with payment of ₹9,494 crore in additional taxes over the past 2 years, Minister of State for Finance Pankaj Chaudhary said on Monday.
Lok Sabha introduces the Taxation And Other Laws (Amendment) Bill, 2026
The Gujarat High Court has quashed a reassessment notice issued by the Income Tax Department in a long-running capital gains dispute,
The increase in monetary thresholds for filing tax dispute appeals at ITAT, high courts, and the Supreme Court has led to about ₹16,690 crore reduction in disputed tax demand, Parliament was informed on Monday.
More than 5.9 crore income tax returns (ITRs) were filed by taxpayers for the assessment year (AY) 2026-27 by July 31, marking the close of the due date for individuals and Hindu Undivided Families (HUFs) not requiring an audit of their accounts.
LG Electronics India Limited received a favorable order from the Income Tax Appellate Tribunal (ITAT) on July 29, 2026, which deleted tax additions totaling approximately INR 1,305 Crores. The ruling resolves disputes spanning five financial years
taxpayers who are yet to submit their returns need to act before the July 31 deadline. Missing the due date can lead to additional costs, including late filing fees and interest liabilities.
A Mumbai taxpayer has secured relief from a ₹17.41 lakh penalty after the Income Tax Appellate Tribunal (ITAT) held that an inadvertent filing mistake by a chartered accountant’s office, backed by a sworn affidavit, did not amount to misreporting of income.
