Taxpayers receiving emails about undisclosed foreign assets must revise returns using Schedule FA, FSI, and TR in ITR-2/3. Learn the steps to ensure compliance and avoid penalties.
Bogus Donation Claims Detected—Opportunity Given to Fix Returns: Analytics spotted questionable donation deductions and other exemptions. Taxpayers can revise returns to regularize claims and reduce follow-up enquiries.
This explainer breaks down how Section 80G deductions work and who can claim them. It highlights deduction categories, qualifying limits, and mandatory verification with donee filings.
Refunds for AY 2025–26 are being withheld after system-based risk checks detected discrepancies. Taxpayers are advised to review claims and file revised returns to unblock refunds.
Only income supported by cash actually found during search could attract penal consequences. The balance amount, unsupported by incriminating material, was held outside the scope of Section 271AAB.
The court held that valid registration under income-tax law is a relevant factor under FCRA and cannot be ignored. Failure to consider it violated Section 52, which makes FCRA supplementary to other laws.
Widespread technical glitches in the MCA-21 V3 portal continue to block smooth annual filings despite deadline extensions. The key takeaway is that systemic issues are impeding statutory compliance across multiple mandatory forms.
The 2025 amendments scrap key lock-ins and vesting conditions, allowing earlier and more flexible exits. The ruling links withdrawals to corpus size, giving subscribers greater control over timing and form of payouts.
Court held that a cheque initially issued as security can mature into an enforceable liability once loan recall conditions are triggered. Disputed facts on repayment and breach must be examined at trial, not at quashing stage.
The issue highlights that automated messages questioning donation deductions lack clarity on mismatches, forcing donors to revise returns without knowing the actual defect.
