Bank balance disclosure made mandatory in ITR-4 for AY 2026-27
CBDT has said a major compliance change is mandatory disclosure of bank balances under the revised income tax return forms for taxpayers filing ITR-4 for Assessment Year (AY) 2026-27.
Category: Income Tax in Media
₹3.12 lakh crore property deals under Income Tax dept scanner
The Income Tax Department’s surveys and spot verifications in Punjab, Haryana, Himachal Pradesh, Chandigarh, Jammu and Kashmir and Ladakh have revealed over 2.5 lakh property transactions worth ₹3.12 lakh crore in this region in the last one year that were either not reported or reported with the wrong PAN details, familiar with the development said.
New IT Act: Granular data reporting to trigger short-term spike in tax disputes, warn experts
The new Income Tax Act has placed a major focus on more “data-driven” reporting by companies, which, in the short-to-medium term, is likely to lead to more tax disputes, according to tax consultants.
Are super senior citizens exempt from mandatory e-filing of income tax returns?
Income tax provisions in India come with a range of benefits for senior and super senior citizens, such as higher basic exemption limits and certain compliance relaxations.
Income Tax Department asks taxpayers to ignore erroneous advance tax payment nudge campaign emails highlighting ‘significant transactions’
Since yesterday many chartered accountants and taxpayers are saying that taxpayers, including individuals, have been getting nudge emails from the income tax department about advance tax. The nudge email mentions that the Income Tax Department has reason to believe that the taxpayer’s advance tax payment doesn’t match up with their financial activities.
Rs 537.75 crore tax demand on SBI Life; Here’s everything shareholders need to know
SBI Life Insurance Company has received an income tax assessment order demanding Rs 537.75 crore for the financial year 2023–24, the company said in an exchange filing on Wednesday.
Govt amends I-T rules: Crypto, digital money now under reporting framework
The government has expanded the scope of financial accounts that must be reported by financial institutions under the tax information-sharing framework, bringing crypto assets, central bank digital currencies (CBDCs), and certain electronic money products within the reporting net.
PAN Card Not Required For Property Deals Below ₹20 Lakh, New Income Tax Rule Likely From April 1, 2026
In a major relief for property buyers and sellers, the Income Tax Department has proposed a new rule that may remove the need to provide a PAN card for property transactions valued below Rs 20 lakh.
IT Notices On The Rise: Most Common Red Flags That Get Taxpayers Scrutinised
Dozens of senior executives earning over Rs 50 lakh annually have recently received income tax notices after the Income Tax Department flagged alleged discrepancies in their returns. Earlier, thousands of taxpayers were also placed under scrutiny for underreporting income and mismatches in filings.
MAT revamp prompts capital-intensive firms to modify tax planning
The proposed changes to the Minimum Alternate Tax (MAT) regime, announced in the Union Budget for FY27, will significantly impact companies in capital-intensive sectors such as infrastructure, Special Economic Zone (SEZ) units and tax-holiday startups, analysts said.