Tax Guru

Belated ITR Does Not Automatically Bar Section 11 Exemption: ITAT Kolkata

ITAT Kolkata upholds charitable trust’s Section 11 exemption despite belated return, following Bangarh Educational Welfare Trust and CBDT guidance.

Income Tax Penalty: What Happens If You Miss Your ITR Deadline? Know the Rules for 50% and 200% Penalties

Learn when ITR defaults attract 50% or 200% penalties, why ITAT Jaipur quashed a ₹3.99 lakh penalty, and the rules taxpayers ...

No ITR filed, but ITAT Jaipur still quashed the 200% income tax penalty: Here's what the taxpayer did to win the case

A Sikar taxpayer faced a ₹3.99 lakh penalty after declaring ₹12.9 lakh in income following an income tax notice. The ITAT ...

Dubai-based woman invests 3.41 crore in FCNR deposits along with husband, gets tax notice for unexplained money; ITAT gives relief saying bank confirmed source an…

Indians based globally and investing in India can in some cases face tax notices for unexplained income.In one such case, a ...

Which spouse should file for the medical expense deduction? 3 conditions to check before deciding

We are a dual-income couple, and whoever was present at the time paid for the medical expenses. We intend to file for the ...

Having a US citizen in your family adds tasks beyond filing Japanese inheritance tax

If your spouse is a US citizen, your children have dual Japanese and US citizenship, or you yourself have lived in the US for ...
Tax Guru

Section 11 Exemption Allowed on Belated ITR Filed Under Section 139(4): ITAT Chennai

ITAT Chennai allows Section 11 exemption of ₹79.92 lakh to charitable trust filing ITR under Section 139(4), relying on CBDT's 2019 clarification.

Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know why

Rs 3.99 lakh penalty for under-reporting income, Rs 2 lakh tax shortfall; ITAT Jaipur cancels penalty—know why ...

ITR mistakes: When does the income tax penalty rise to 200% and how does it differ from late fees?

Income tax return errors do not automatically attract a 200% penalty. Under the Income-tax Act, 2025, under-reporting can ...
PhoneWorld

FBR Extends Income Tax Return Filing Deadline Again For Tax Year 2026

The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for tax year 2026 to October 31.

She received Rs 9.04 lakh leave encashment on retiring from LIC; taxman allowed only Rs 3 lakh exemption, but ITAT Jaipur grants relief even after 1,277-day appeal delay

How much of your leave encashment is exempt from income tax? That depends on whether you are a government employee or a ...
The Nation

FBR Extends Income Tax Return Filing Deadline to October 31

The Federal Board of Revenue (FBR) has extended the deadline for filing income tax returns for tax year 2026 to October 31, giving taxpayers an additional two ...