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Handling a notice for old or unreported income under the Income Tax Act, 1961, requires a clear understanding of what triggered the discrepancy and what the department expects in response. Notices issued under sections such as 142(1) , 143(1), or 147 usually indicate missing income, mismatched data, or incomplete documentation. Identifying the unreported income, checking bank statements, reviewing Form 26AS, and verifying ITR entries become essential before preparing the resp

Section 115BBH governs the tax treatment of cryptocurrencies, NFTs, and all Virtual Digital Assets in India. The rule imposes a flat 30 per cent tax on income from transfers of VDAs, disallows loss set-offs, and mandates detailed disclosure through Schedule VDA in the income tax return. TDS under Section 194S applies to eligible transactions, and accurate reporting is required to avoid notices or penalties. As crypto use grows, understanding the exact rules of Section 115BBH,

Section 271B  of the Income Tax Act, 1961, prescribes penalties for taxpayers who fail to conduct a tax audit or submit their audit report within the due date mandated under Section 44AB. The law aims to ensure transparency and timely reporting of financial records for businesses and professionals exceeding the prescribed income limits. Recent updates in Budget 2025 have streamlined these provisions, reinforcing compliance and offering relief for genuine delays. Understanding

Savings account interest is taxable under the head ‘Income from Other Sources,’ even though it appears small. Many taxpayers missreport it in their Income Tax Return (ITR), leading to AIS mismatches or notices from the Income Tax Department. Understanding how to disclose it correctly ensures transparency and prevents penalties. Whether the interest is from a single account or multiple banks, it must be included before claiming deductions under Section 80TTA. Table of Contents

Under the Income Tax Act, 1961, taxpayers can carry forward losses such as business, capital gains, or speculative losses to future years, but only if their income tax return is filed within the due date specified under Section 139(1). Filing a belated ITR, which is done after the due date, usually disqualifies these losses from being carried forward. However, losses like house property loss and unabsorbed depreciation remain eligible for carry forward even in a belated retur

Cash rent transactions are common across India, but failing to report them correctly can invite scrutiny or penalties from the Income Tax Department. Rent received in cash must be declared as part of the landlord’s taxable income under “Income from House Property.” Maintaining proper rent receipts, adhering to transaction limits under Section 269SS, and ensuring TDS compliance are crucial to avoid legal issues. Tenants claiming HRA must also provide valid proof of rent paid.

Misreporting TDS credits often results in income tax notices under Section 143(1) when the details claimed in an ITR do not match Form 26AS, AIS, or the deductor’s filings. These discrepancies arise from incorrect entries, delays in TRACES updates, or deductor errors, and taxpayers must respond quickly to avoid penalties or refund delays. Understanding why the mismatch occurred, verifying information online, and submitting either a revised return or rectification request help

Receiving an income tax notice can be stressful, especially when it’s caused by simple errors in filing or reporting. For 2025, the Income Tax Department has intensified digital scrutiny using data from Form 26AS, AIS, and TIS to track every financial activity—from salary and interest to high-value transactions. Even minor mismatches or delays can trigger automated alerts. Avoiding these notices is now about accuracy, transparency, and timely compliance. With the right appro