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KTBA seeks corrected return form, formal notification from FBR
9+ hour, 41+ min ago (503+ words) MG News | September 14, 2026 at 10:18 AM GMT+05:00 In its letter dated August 10, 2026, the association reminded the FBR that the draft return was circulated through SRO 835(I)/2026 on May 7, 2026, under Section 237(3) of the Income Tax Ordinance, 2001, inviting stakeholder objections. KTBA said it had…...
Indian man moves to US for job, forgets to file ITR; here's why ITAT Jaipur still canceled penalty
9+ hour, 58+ min ago (532+ words) A new job in the United States came with the usual rush of relocation and adjusting to a new workspace. In the middle of all this, Abhishubham Bahadur Saxena missed filing his income tax return (ITR) in India and by…...
ITAT Allows Section 80P Deduction to Co-operative Credit Society Where No Addition Made on Reopened Issues
10+ hour, 22+ min ago (108+ words) The ITAT Ahmedabad rules AO Cannot make fresh addition on an issue unconnected with reasons recorded for reassessment. ITAT Deleted Disallowance of Rs 11.06 Lakh CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs Mutual Fund…...
Income Tax Refund on Excess Recovery: Refund, Interest, Adjustment & Recovery Rules
11+ hour, 34+ min ago (1631+ words) These situations raise important practical questions: When is the excess amount required to be refunded? Is interest payable on such excess recovery? Can the Department adjust the refund against another demand? Can the refund be withheld? And in what circumstances…...
Wrong ITR form costs trader???26.69 lakh in tax demand???ITAT gives major relief
23+ hour, 39+ min ago (416+ words) A small trader’s error in choosing the wrong income tax return form led to a tax demand of ₹26.69 lakh after the tax department treated commission receipts already included in his business income as additional income. The Income Tax Appellate Tribunal…...
FBR system goes round and round
1+ day, 11+ hour ago (389+ words) AS per the existing procedure, a citizen files income tax return on a yearly basis, and once the return is successfully admitted by the Federal Board of Revenue (FBR) system, the filer receives an automated acknowledgement under Section 114(1), which confirms…...
CBDT Notification: Half-Yearly SFT Reporting by Depositories to Facilitate Capital Gains Pre-Filling in ITRs
1+ day, 4+ hour ago (402+ words) The CBDT through the Directorate of Income Tax (Systems), has notified the guidelines for furnishing Statement of Financial Transactions (SFT-2517) relating to depository transactions. The Central Board of Direct Taxes has prescribed the format, procedure and guidelines for submission of…...
???1.09 crore sent from Kuwait to India: ITAT Ahmedabad grants partial relief in income tax notice case
2+ day, 6+ hour ago (482+ words) An Indian working in Kuwait’s oilfields faced intense income tax scrutiny over a tax dispute after sending money to his family in the home country. For now, the Income Tax Appellate Tribunal (ITAT), Ahmedabad, has provided partial relief. This case…...
NRI Gets Relief After Rs 1.09 Crore Kuwait Remittance Triggers Tax Scrutiny
2+ day, 7+ hour ago (662+ words) Kuwait-based NRI faced Rs 3.63 crore unexplained money addition Bank records linked substantial Indian deposits to overseas salary remittances Ahmedabad ITAT deleted Rs 5.52 lakh unexplained income addition Rs 2.49 crore HDFC Bank amount was sent for verification An Indian working in Kuwait…...
Wrong ITR form led to???26.69 lakh tax demand: How ITAT Chandigarh saved a small trader
2+ day, 8+ hour ago (465+ words) A lapse of concentration by a small trader while filing his income tax returns resulted in a ₹26.69 lakh tax demand. This occurred after the tax department treated the ‘commission receipts’ that were already included in the taxpayer's business income as…...