Income-tax

The ITAT Mumbai deleted an ₹8.87 lakh tax addition after accepting a taxpayer’s explanation for cash found during an income-tax search. The tribunal said family savings and gifts must be assessed based on human probabilities.

The Mumbai ITAT has ruled in favour of an investor whose ₹85.35 lakh long-term capital gains (LTCG) from Sunrise Asian shares were treated as unexplained income by the tax department.

A Pune-based senior citizen missed the income-tax appeal deadline by 191 days after his wife’s death. The ITAT Pune, in ITA No. 1586/PUN/2026, directed the appellate authority to condone the delay and hear his tax appeal on merits.

August 31 is the ITR filing deadline for non-audit taxpayers for AY 2026-27. Here’s what happens if you miss the deadline, including belated ITR filing, late fees, interest and loss carry-forward rules.

The Nagpur ITAT deleted a tax addition on jewellery found during an income-tax search, stressing ownership, source and family circumstances. The ruling also examined the CBDT’s prescribed jewellery limits and whether possession within those limits can be treated as reasonably explained.

A tax notice issued in a deceased taxpayer’s name should not be ignored by legal heirs. Here’s what heirs need to know about registering as a legal representative, responding to notices and handling tax dues or refunds.

From October 1, 2026, resident individuals and HUFs buying property from NRIs can use their PAN to deposit TDS instead of obtaining a TAN. Until September 30, buyers must follow the existing TAN-based process, while TDS remains applicable from the first rupee.

Pune ITAT has ruled that a ₹65.21 lakh payout received by a Pfizer employee under a voluntary retirement scheme was a capital receipt and not taxable. The tribunal said Section 56(2)(xi) did not apply because the employee had voluntarily resigned under the scheme, rather than being terminated.

Unexplained income can attract a steep tax burden. But the new Income Tax Act, 2025 changes the rules for voluntary disclosure and tax department detection. Here’s what unexplained income means, how it is taxed, and what taxpayers need to know.

ITR-3 and ITR-4 filing deadline is 31 August for AY 2026-27. Salaried individuals may need these forms due to certain types of income. But if you filed ITR-1 or ITR-2 by mistake, should you file a fresh return now? Find out here.