Income tax on property sale: Gujarat HC quashes reassessment notice over ₹92 lakh land sale; here’s why
The Gujarat High Court has quashed a reassessment notice issued by the Income Tax Department in a long-running capital gains dispute,
Category: Income Tax in Media
Disputed tax demand drops ₹16,690 cr after hike in tax appeal limits: Govt
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.
Over 5.9 crore income tax returns filed by July 31 for AY27 as deadline closes
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 gets ITAT order deleting ₹1,305 Cr tax additions
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
ITR filing 2026: What happens if you miss the July 31 deadline
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.
ITR filing mistake: ITAT deletes ₹17.41 lakh penalty after CA firm’s affidavit proves clerical error
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.
Billionaires in India rise fourfold to 576 in five years in 2025-26: Income tax return data
The Parliament was informed on Monday that up to 576 persons reported gross total income of Rs 100 crore or more in their income tax returns for the 2025-26 assessment year, representing a four-fold increase over the previous five years.
Redeveloped flats and tax exemption: What the ITAT ruled on taxpayers’ claims
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the sale of a redeveloped flat qualifies as a long-term capital gain under the Income Tax Act, 1961, making the taxpayer eligible for indexation benefits and exemption under Section 54F, Indian Express reported.
‘Don’t make them run from pillar to post’: FM Sitharaman asks income tax dept to work for common people
Union Finance Minister Nirmala Sitharaman on Sunday urged income tax officials to make it easy for people to access government services, saying citizens should not have to ‘run from pillar to post’ to get work done that is within the department’s authority.
ITR processing picks up pace: 60% of 3.2 crore returns already processed
The Income Tax Department has processed around 60% of the more than 3.2 crore Income Tax Returns filed so far this season, reflecting faster processing under the first filing cycle of the new Income Tax Act, 2025. The government also highlighted improvements in refund processing, taxpayer services and digital infrastructure.