Income Tax Articles

Return 100% Refund With Up To 70% Penalty If Notice Received

Posted by Mitali 19 December 2025 9347 Views

CPC processed your ITR? Refund isn’t final. Wrong claims can be recovered - file it early and reduce extra tax to 25%-70%.

Budget 2026 wishlist highlights 5 major policy moves to balance discipline and drive consumer demand

Posted by Pranab Banerjee

19 December 2025 200 Views

Budget 2026 wishlist explained: fiscal consolidation without pain, middle-class tax relief, higher consumption, job creation, MSME support, infrastructure push and sustainable growth that impacts everyday life.

Six-Year Time Limit for Refund Applies Only to Tax Paid, Not to Payments on Exempt Income

Posted by Vivek Jalan 19 December 2025 179 Views

Guided by Article 265 of the Constitution and the Gujarat High Court ruling in Lt. Col. Nikhil Subodh Gajjar (2025), this analysis explains why the six-year limitation under CBDT Circular No. 9/2015 may not apply where no tax was legally payable, with implications for exempt incomes, trusts, and non-profit organisations.

Why India Needs a Tokenization Law Now: Raghav Chadha's Pitch in Rajya Sabha

Posted by Mitali 18 December 2025 1073 Views

Indian MP Raghav Chadha proposes a Tokenization Bill in Rajya Sabha to enable fractional ownership of real-world assets like real estate and IP using blockchain, aiming to democratize investments, boost liquidity and reduce fraud for retail investors.

Last Chance To File FY 2024-25 ITR: Two Weeks to Beat the Tax Clock

Posted by Poojitha Raam Vinay

18 December 2025 511 Views

Missed the ITR due date for FY 2024-25? File your belated ITR by 31 December 2025 to avoid penalties, interest, loss of carry-forward benefits and compliance issues.

Accepted Quantum Order but Faced Penalty? Legal Remedies Under Section 271(1)(c) & 270A

Posted by Vivek Jalan 18 December 2025 78 Views

Acceptance of quantum additions does not automatically justify a penalty under Sections 271(1)(c) or 270A. Learn why AOs must clearly specify concealment, inaccurate particulars, under-reporting or misreporting, and how assessees can effectively contest penalties even after quantum proceedings attain finality.

Bulk Emails from @IncomeTaxIndia on ITR Discrepancies

Posted by Mitali 17 December 2025 246 Views

Income Tax is sending bulk mails on ITR-AIS mismatches, even for genuine buys funded from savings, loans or gifts. Know why?

Received Advance Payments in December 2025: Is It Taxable in Receipt or Service Year?

Posted by Aarika 17 December 2025 500 Views

Got advance payment for services? Know whether it is taxable in year of receipt or when work is done.

Applicability of Section 269SS of the Income Tax Act, 1961 to Director's Current Account Transactions

Posted by Marimganti Tarun B.com,FCMA 17 December 2025 689 Views

An expert analysis of Section 269SS explaining why cash infusions by directors into closely held companies, driven by business exigency or survival needs, are not “loans or deposits” and do not attract penalty under Section 271D, supported by key judicial precedents.

People Treating ITR as Refund ATM: Notices May Hit Filers Hard in 2025

Posted by Mitali 15 December 2025 23668 Views

Filing ITR only to claim inflated or wrong refunds can trigger Income Tax notices in 2025. Know how misuse of TDS refunds, AIS mismatches and excessive deductions lead to scrutiny, penalties and demands and how timely ITR revision can help avoid trouble.