Tax & Budget News India
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Income tax, GST, TDS, budget updates, deductions and ITR filing news.
📰 Latest Tax & Budget News
Missed Oct 21 Tax Audit? Your Penalty Is ₹1.5L
The CBDT tax audit deadline passed on October 21. If your business turnover crossed the threshold and you missed filing, you may owe a penalty of up to ₹1.5 lakh — but your ITR deadline is still November 21, so act fast.
Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance NewsGST Notice on Portal? You Have 3 Months to Act
If you run a small business, GST notices are now served digitally on the GST portal. Missing them means losing your right to appeal within 3 months — and the tax department can start recovering money directly from your account.
taxguruinGST Appeal? Your 10% Pre-Deposit Rule Explained
If the GST department raises a tax demand against you, appealing it costs money upfront. You must deposit 10% of the disputed amount before your appeal is even heard. Here's what small business owners must know before challenging a GST notice.
taxguruinGST Filing Gets Easier? 5 Changes You Must Know
India's GST system is getting a phased makeover. Draft returns will go public from November 1. For small business owners and freelancers, this means simpler filing, fewer mismatches, and less fear of surprise notices.
Economy | The Indian ExpressMaharajah INR Bonds: Is Your TDS 0% Now?
The government has exempted interest on Maharajah INR Bonds issued by the New Development Bank from TDS starting FY2026-27. If you hold these bonds, no tax will be deducted at source on your interest payouts — though you still owe income tax based on your slab.
Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance NewsNo Form 173A? Your G-Sec Tax Break Disappears
CBDT has introduced Form 173A under the Income-tax Rules, 2026. If you hold government securities and want to claim tax exemptions on interest or capital gains, you must file this form proactively — or the exemption is lost and TDS applies at full rates.
Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance NewsGST on Plot Leases: What You Owe in 2025?
A GST tribunal ruled that transferring leasehold rights on an industrial plot does not attract GST. This matters if you own, buy, or transfer a leased industrial or commercial plot in India.
taxguruinForm 26AS Mismatch? Your Tax Bill Can Skyrocket
If the income shown in your Form 26AS doesn't match what you declared in your ITR, the tax department can add that difference to your taxable income — sometimes crores of rupees — and demand tax on it. Here's how to protect yourself.
taxguruinOld Demonetisation Cash? ITAT Just Saved ₹74L
A Kolkata tax tribunal cancelled a ₹74.17 lakh income tax addition on demonetisation-era cash deposits. The key: the depositor had proper sales records and VAT returns. If you still have a pending demonetisation tax notice, this ruling is important for you.
taxguruinGST Notice Same Day? Your Right to Hearing Protected
Allahabad High Court ruled that giving a taxpayer a GST notice and holding a hearing on the same day is unfair and illegal. If this happened to you, the order can be challenged and set aside.
taxguruinLoose Papers as Proof? Your Tax Case May Not Hold
Income tax officers sometimes add unaccounted income based on loose papers, Excel files, or WhatsApp chats found during a search. But courts have ruled these cannot be used as proof unless backed by solid independent evidence. Here's what that means for you.
taxguruinSection 80P Denied? Your Co-op Tax Break Fights Back
A tax tribunal ruled that the income tax department cannot automatically reject a cooperative society's Section 80P deduction just because the ITR was filed late. If you or your society lost this deduction, there's a legal path to reclaim it.
taxguruinGot an IT Reassessment Notice? 3 Rules That Can Void It
Income tax reassessment notices can be legally challenged and cancelled if the tax department skips mandatory steps under Sections 148, 148A, and 149. A Hyderabad tribunal recently voided six years of reassessments on exactly these grounds.
taxguruin₹16L Land Sale Tax: Pay It or Reinvest?
Sold land or property and facing a big capital gains tax bill? You can either reinvest in another property to skip the tax legally, or pay the tax and invest in mutual funds for higher growth. Here's how to decide which works better for your situation.
Wealth-Economic TimesMiss Form 173A? Your Govt Bond Tax Exemption Gone
CBDT's 2026 tax amendment now requires investors — including co-op bank members, HUFs, NRIs, and trusts holding government securities — to file Form 173A to claim zero-tax status on interest income. Skip it and TDS gets deducted automatically.
NDTV Profit - LatestOld IT Reassessment Notice? You Can Fight It in 5 Steps
A Mumbai tax tribunal threw out an old income tax reassessment because the approval came from the wrong officer. This means if you get a reassessment notice, the department must follow exact legal steps — and any procedural slip is your legal defence.
taxguruinOld Tax Notice? Here's When It's Legally Dead
The tax department cannot reopen your old income tax returns whenever it likes. There are strict time limits. If a reassessment notice arrives after the legal deadline, you have the right to challenge and get it quashed — as many taxpayers have successfully done.
taxguruinOld ITR Reopened? Your Rights Under Section 148
The income tax department can reopen old returns using Section 148 notices, but strict time limits apply. If your notice arrives late, you can legally challenge it and get it cancelled — even if you owe tax.
taxguruin2 PANs on Your ITR? Your Tax Relief May Be Denied
If you declared income under IDS or any tax scheme but have two PANs linked to your name, the tax department may reject your payment credit. Here is what to do before a reassessment notice lands at your door.
taxguruinInvalid Tax Notice? Your Assessment Can Be Quashed
A Mumbai tax tribunal cancelled a massive Black Money Act assessment because the original notice was legally defective. This means: if you ever get a tax notice, the process matters as much as the amount demanded.
taxguruinWhatsApp Chats as Tax Proof? ₹5.50Cr Case Says No
An income tax tribunal threw out a ₹5.50 crore addition against an NRI because the tax department used only a WhatsApp figure as evidence. No corroboration, no case. Here's what this means for your tax records.
taxguruinBank Locker Hidden? IT Dept Can Chase You 17+ Years
If you hide bank locker assets from the Income Tax department, you can face criminal prosecution for decades. A recent High Court case shows how non-disclosure of locker contents during a search can follow you — and your family — for 17+ years before getting resolved.
taxguruinLand Acquired by Govt? GST Cut Was Illegal
Karnataka High Court ruled that compulsory land acquisition by the government is not a 'supply' under GST law. Any GST deducted from compensation paid to landowners must be refunded — with 15% interest. Tax officers who wrongly applied GST can be held personally liable.
taxguruinFamily Cash Gift Taxed? Your ₹60L Defence Guide
A tax tribunal ruled that a widow's ₹60 lakh cash gift from her late husband was valid even without his signature. Here's what Indian families must do to protect gifts from income tax scrutiny.
taxguruinMissed GST Notice? Court Says You Get a 2nd Chance
Karnataka High Court ruled that a business can't be penalised if a GST notice was sent to the wrong or unmonitored email. The demand order was cancelled, but the business must deposit 10% of the disputed tax to get a fresh hearing.
taxguruinWrong TDS Year? Fix Your Challan in 3 Steps
If you paid TDS challan for the wrong assessment year, the Income Tax Department allows you to shift it to the correct year — but only within a one-year window on either side. Here is what you need to do.
taxguruinITR Deadline Now 21 Nov 2026: Does Your Case Qualify?
The tax board has given one specified group of taxpayers more time for assessment year 2026-27. Their return is now due 21 November 2026, and the related audit report is due 21 October 2026. Others should check whether this covers them.
Income Tax DepartmentWrong Tax Claim in ITR? Fix It in 48 Months
If you filed your ITR with a wrong exemption or deduction, you may still fix it using an 'Updated Return' (ITR-U) up to 4 years after the relevant assessment year, even after the normal revision deadline passes.
mint - moneyOn-Money Property Tax? ITAT Deletes 100% of Additions
A tax tribunal in Chandigarh ruled that unsigned welcome letters from builders are not valid proof of on-money payments in property deals. All tax additions were deleted. If you bought a home and got a demand based on shaky evidence, you can fight back.
taxguruinGot a Tax Reassessment Notice? Your 7-Day Right
If the Income Tax Department sends you a Section 148A(b) notice, they must give you at least 7 clear days to respond. A recent tribunal ruling confirmed that even 6 days is illegal — and any reassessment built on that notice gets cancelled.
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