News

The Income Tax Department reminds taxpayers to file Q2 TDS returns by October 31, 2026, and issue TDS certificates by November 15 to avoid penalties.

Income Tax Department Reminds Taxpayers to Meet TDS Compliance Deadlines as Q2 Return Filing Date Approaches

Judgement

The Delhi High Court clarifies that its earlier order did not remand the case to the AO and concludes the dispute.

High Court Holds No Further Assessment Proceedings Warranted After Earlier Appeal Dismissal

The ITAT Mumbai holds that inadvertent non-reporting of foreign assets does not automatically attract penalty.


ITAT Deletes Rs 10 Lakh Penalty for Non-Disclosure of Foreign Investment in Schedule FA

The ITAT examined whether a Rs 10 lakh penalty under Section 43 of the Black Money Act was justified for omitting foreign ESOP shares from Schedule FA despite disclosure of their value elsewhere in the income-tax returns.

ITAT Deletes Section 43 Penalty for Non-Disclosure of Foreign Assets in Schedule FA

CBDT clarifies that compensation received under the BSNL and MTNL VRS-2019 falls under Section 10(10C) of the Income-tax Act, 1961, and cannot be claimed as exempt under Section 10(10B).

CBDT Clarifies BSNL, MTNL VRS-2019 Compensation Taxable Under Section 10(10C), Not 10(10B)

The ITAT Mumbai deleted a Rs 10 lakh penalty under the Black Money Act, ruling that the inadvertent omission of foreign ESOP investments from Schedule FA did not amount to deliberate concealment.

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Income Tax Department Reminds Taxpayers to Meet TDS Compliance Deadlines as Q2 Return Filing Date Approaches

High Court Holds No Further Assessment Proceedings Warranted After Earlier Appeal Dismissal

ITAT Deletes Rs 10 Lakh Penalty for Non-Disclosure of Foreign Investment in Schedule FA

ITAT Deletes Section 43 Penalty for Non-Disclosure of Foreign Assets in Schedule FA

CBDT Clarifies BSNL, MTNL VRS-2019 Compensation Taxable Under Section 10(10C), Not 10(10B)

ITAT Deletes Rs 10 Lakh Penalty Under Black Money Act, Holds Omission of Foreign ESOPs in Schedule FA Was Inadvertent