income tax return

In a landmark decision, the Income Tax Appellate Tribunal has overturned an erroneous denial of TDS credit to a taxpayer whose earnings were captured through Form 26AS. The tribunal asserted that acknowledging TDS credits is an essential step in preventing the injustice of double taxation.

…but the taxman does. Here’s how the income tax department is using data-driven nudges — not raids — to get taxpayers to come clean

A nuanced understanding of the various ITR forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

Mumbai ITAT grants capital gains tax relief to a taxpayer who filed his income tax return late. The tribunal ruled that reinvesting gains into a new property before a belated return fulfills Section 54 requirements, even without depositing funds in the Capital Gains Account Scheme.

Mumbai's affordable housing dream is within reach! MHADA's 2026 lottery offers 2,640 homes across various income groups, with applications closing May 28. This transparent, online process provides a chance for eligible Maharashtra residents to own property. Discover locations, eligibility, and how to apply for your dream home.

Widespread manipulation is undermining the Right to Education (RTE) Act's EWS quota in Gurgaon. Private schools' ground verifications reveal fake income certificates, false proximity claims, and fabricated job details, with families claiming EWS status found to be affluent. This systemic gap denies genuine beneficiaries access, prompting calls for stricter verification.

Non-Resident Indians can invest in Indian real estate, including residential and commercial properties, and land for construction, under FEMA rules. While agricultural land is restricted, NRIs can purchase apartments, offices, and plots. Key documents and tax compliance are essential, with specific deductions available for interest and principal payments. Payments must follow prescribed banking channels.

IDFC FIRST Bank launched a Business Multiplier Credit Card for entrepreneurs, addressing the gap in credit access for startups. Issued against a fixed deposit, the secured card offers a lower interest rate, zero forex markup, and a 100% credit limit, simplifying financial management for small businesses.

Pep Guardiola's transformative impact on Manchester City is examined through "The Good, The Bad, and The Ugly." While his tactical genius and trophy-laden reign are lauded, the article critiques the regimentation of his style and the looming shadow of Financial Fair Play breaches, questioning the integrity of his legacy.

Every week TOI+ subscribers send in legal questions and our panel of leading experts offers well-considered, practical, and actionable opinions on every query. From property disputes to inheritance matters, divorce queries to income tax issues, My Lawyer connects you directly with experts you can trust

The BJP has accused Rahul Gandhi of a significant financial discrepancy, alleging his foreign travels over two decades cost approximately Rs 60 crore, far exceeding his declared income. The party questions potential Foreign Contribution Regulation Act and tax law violations, demanding transparency regarding the source of funds for his numerous international trips.

Former India captain MS Dhoni has been revealed as the highest individual taxpayer from Jharkhand and Bihar combined for the 2025-26 financial year. The Principal Chief Commissioner of Income Tax confirmed Dhoni's top position, though the exact tax amount remains undisclosed. This achievement highlights Dhoni's significant financial contribution to the region.

The dispute arose from matrimonial proceedings between two highly qualified medical professionals. The wife, a practicing gynaecologist with an M.D. degree, challenged a trial court order which had partly rejected her application for maintenance under Sections 24 and 26 of the Hindu Marriage Act, 1955.

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in ITR-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.

The Delhi High Court examined the impugned order and the reasons furnished by the petitioner and found no merit in the challenge. The Court specifically rejected the submissions that the petitioner’s lack of awareness of tax laws or his alleged illiteracy could justify the delay. It held that such a plea was not tenable in law.

B Fayaz Ahmed, an insurance and financial consultant here, was prosecuted in connection with the 2015–16 assessment year. According to the prosecution, Ahmed had declared a taxable income of about Rs 48 crore in his income tax returns but failed to pay the tax due on it.

The prosecution alleged his production company failed to file income tax returns for 2013-14. However, the court noted that Gautham Menon resigned as director in 2011, long before the alleged offence, absolving him of vicarious liability.