Tax & Budget News India
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Income tax, GST, TDS, budget updates, deductions and ITR filing news.
📰 Latest Tax & Budget News
Missed ITR Deadline? Medical Crisis Can Save You
Karnataka High Court ruled that a spouse's medical emergency is valid grounds to condone a delay in filing your income tax return. If you missed the ITR deadline due to a genuine family crisis, you can apply for condonation — and win.
taxguruinInherited Gold: 3 Papers That Save Your Tax
Inherited or gifted jewellery is tax-free to receive, but when you sell it, capital gains tax applies. Without proper paperwork, the taxman can treat your family gold as unexplained income — which attracts a 60% flat tax plus penalty.
Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance NewsWrong Tax File Used? Your Appeal Can Be Saved
If the tax appellate authority decided your case using another person's facts, that order can be struck down. Courts have also excused huge delays when the taxpayer was genuinely trying to fix a government error — not just being lazy.
taxguruinUnsigned Tax Appeal Form? You Lose Your Case
If you file an income tax appeal at ITAT but forget to sign Form 36, the appeal is thrown out. Courts don't fix it for you. One missing signature and your case is dead — no matter how strong your argument.
taxguruinDeveloper Kept Your GST Benefit? Claim It Back Now
A Delhi tribunal ordered a real estate developer to refund ₹31.20 lakh in GST input tax credit benefits to 66 homebuyers, plus 18% interest. If your builder charged you GST but never passed on the ITC savings, you can file a complaint and get it back.
taxguruinGST Cancelled Backdated? Your ₹0 Refund Risk Explained
A court ruled that tax authorities cannot cancel your GST registration from a past date unless they specifically proposed that in the original notice. This protects small business owners from surprise backdated tax demands.
taxguruinGST Notice You Missed? Your Savings Still at Risk
Allahabad High Court ruled that sending a GST notice only to a cancelled registration portal is illegal. Small business owners must know their rights when tax demands arrive after their GST registration is gone.
taxguruinSection 115BBE: Does 60% Tax Apply to You?
A Delhi tax tribunal ruled that income surrendered during an IT survey before April 2017 cannot be taxed at the harsh 60% rate under Section 115BBE. This matters if you or your business ever faced a tax survey or have unexplained income on old returns.
taxguruinSection 68 Tax Notice? 3 Proofs That Save You
If the Income Tax Department adds a loan to your taxable income under Section 68, you can get it removed — but only if you prove who gave it, that they had the money, and that the loan was real.
taxguruinProperty On-Money Tax: ITAT Caps It at 10%
A tax tribunal in Rajkot ruled that when buyers are suspected of paying cash 'on-money' for property, the addition to their income cannot exceed 10% of the deal value — and normal tax rates apply, not the harsh 60% flat rate under Section 115BBE.
taxguruinSection 69C Tax Notice? Your Addition May Be Capped
If you got a tax notice for unexplained business purchases under Section 69C, a recent tribunal ruling says the taxable addition must be limited to a reasonable profit percentage — not the full purchase amount. Here's what this means for small business owners.
taxguruinGST Data Shared With Agencies: Is Your Privacy Safe?
The GST Council may allow central intelligence and state police agencies to access your GST taxpayer data through NATGRID. Here is what this means for your financial privacy and what you should know.
MEDIANAMAGift Vouchers at Work: ₹5,000 Tax-Free Rule Explained
Your employer can give you gift vouchers worth up to ₹5,000 per year without any tax. Anything above that is added to your salary and taxed. Personal gift cards from family have their own rules too.
Personal Finance News in CNBCTV18, Personal Finance Latest News, Personal Finance NewsRetrenchment Pay Tax-Free? What ₹0 TDS Means for You
A court has ruled that government compensation paid to workers during factory closure is fully tax-free under Section 10(10B) of the Income Tax Act. If you received retrenchment money and TDS was cut, you may be owed a refund.
taxguruinDRP Tax Order Ignored? Your Assessment May Be Void
If a tax officer ignores the Dispute Resolution Panel's directions within the legal deadline, the entire assessment is invalid. ITAT Chandigarh just confirmed this — giving taxpayers a powerful shield against non-compliant officers.
taxguruinTDS Late Filing? Your ₹1L Penalty May Drop to ₹10K
A tax tribunal in Lucknow cut a Section 271H TDS penalty from ₹1 lakh to ₹10,000 per quarter because the TDS was actually paid and the original penalty was way too harsh for the offence.
taxguruinGST Registration Cancelled? Restore It in 30 Days
A court ruled that a cancelled GST registration can be restored if the business owner files all pending returns and clears dues within 30 days. This is a lifeline for small business owners who lost their GST number due to non-filing.
taxguruin200% GST Penalty for E-Way Bill? Courts Push Back
A business was fined 200% of GST — double the tax owed — just for not renewing an e-way bill on time due to traffic delays. Calcutta High Court said this is too harsh and ordered a refund. Here's what small business owners must know.
taxguruinGST Appeal Rejected? Court Says 1 Rule Can Save You
Rajasthan High Court ruled that a GST appeal cannot be rejected just because it was filed late, if the delay was caused by reasons outside the taxpayer's control. Small business owners can use this to revive rejected appeals.
taxguruinGot VRS Payout? Section 10(10B) Can Save ₹5L+
If you took voluntary retirement and received a lump sum, a special income tax rule can make that entire payout tax-free — but only if you meet the 'workman' condition and your employer qualifies. Here's what you must know before filing.
taxguruinOctober 2026: 12 Tax Deadlines You Can't Miss
October 2026 is packed with GST, TDS, PF, and ESI payment deadlines. Miss even one and you face interest, penalties, or late fees. Here's every key date salaried employees and small business owners must track this month.
taxguruinWhatsApp Chats as Tax Proof? Your Rights Explained
Income tax officers sometimes use WhatsApp messages, Excel sheets, or seized phones as evidence to add income to your tax return. But courts have repeatedly ruled that electronic records alone, without corroboration, cannot justify a valid tax addition against you.
taxguruin7 Tax Deadlines in October: Are You Ready?
October 2026 is packed with income tax, TDS, GST, and audit deadlines. Miss any one and you face penalties, interest, or disallowed expenses. Here is what every salaried person, freelancer, and small business owner must do this month.
taxguruinWrong GST Place of Supply? Your Invoice Gets Rejected
GST place of supply rules decide which state collects your tax. Get it wrong on an invoice and you pay twice — once to the wrong state, once to the right one. Here's how to get it right.
taxguruinSelling in 2+ States? Your GST Registration Guide
If your business sells goods or services in more than one state, you need a separate GST registration in each state. Skipping this can mean heavy fines. Here's what small business owners must know and do right now.
taxguruinGST on Group Insurance: Will Your CTC Change?
The GST Council may soon let employers claim back the GST they pay on group health insurance and leased vehicles. If approved, companies could save crores — and pass some of that back to employees as better benefits or lower costs.
NDTV Profit - LatestGST Penalties: What Your Business Owes in 2025?
If you run a business or are self-employed, missing GST deadlines can mean heavy daily fines, interest charges, and even prosecution. Here's what the rules actually say and how to protect yourself.
taxguruinWrong GST Invoice? Your Business Pays ₹25,000
If your business issues GST invoices for goods, missing even one mandatory detail — like HSN code or GSTIN — can trigger penalties up to ₹25,000 per invoice and blocked input tax credit for your buyers.
taxguruinGST Notice? Bank Credits ≠ Sales — Your Defence
If you get a GST notice claiming your bank deposits prove hidden sales, you have the right to fight back. Bank credits alone are not proof of taxable turnover — invoices, buyers, and goods movement must also be shown.
taxguruinGST Appeal Rules Changed: Is Your ₹0 Demand Safe?
GST rules have updated on NIL demand appeals, new digital signing software, and multi-state business registration. If you run a small business or file GST, these changes affect your compliance, deadlines, and how you sign documents online.
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