Your wrong tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it

Employees who attempt to cheat the system with bogus tax deductions risk facing severe repercussions. The Income-Tax ...
Tax Guru

Consolidated Satisfaction Note Invalidates Search Assessment; 153C Proceedings Quashed

The Tribunal examined the validity of assessments initiated under Section 153C where the Assessing Officer recorded a single ...
Tax Guru

Section 271(1)(c) Penalty Appeal Requires Fresh Hearing After NFAC Order

The Tribunal held that the CIT(A) erred by dismissing the penalty appeal solely due to VSVS settlement of interest, without adjudicating the depreciation-related penalty. Key takeaway: all grounds ...

I-T department engaging with taxpayers for voluntary compliance; hopeful of meeting revenue target: CBDT chief

Direct tax revenue, after adjusting for refunds, grew at 7% annually over 1 April to 10 November this year to ₹12.9 trillion ...

Senior citizen built home on Rs 22 lakh plot, sold for Rs 8 crore, got income tax notice; he fights and wins tax battle at ITAT

A senior citizen successfully appealed to the ITAT Bangalore, securing partial relief in a tax dispute over the sale of a ...

2025 Year-end Tax Planning Can Protect You From a Big Tax Bill

With a short time left before 2025 comes to a close, year-end tax planning is all-important. Here are some areas to focus on.