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Rupee pressured, I-T cracks fake PAN and code games behind overseas remittances

Rupee pressured, I-T cracks fake PAN and code games behind overseas remittances

As the rupee weakens, India’s Income Tax department says it is intensifying checks on suspicious outward flows via banks and crypto wallets. Using information-sharing with Thailand, it flagged remittances routed to Thailand’s money-laundering ecosystem, including cases where the “overseas education” purpose code S0305 and incorrect PAN details were used to bypass the RBI’s LRS cap of $250,000 per year. Investigators also traced transactions tied to UPI IDs linked to gaming operations across multiple countries and to crypto-linked adult and betting networks.

Summarised by Beize from a story on The Economic Times on 14 May 2026
Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

Mumbai tenant wins Rs 1.1 crore STCG tax fight after surrendering tenancy for new flat

A Mumbai tenant who surrendered tenancy to move into a new flat in a redeveloped building fought an Income Tax notice alleging Rs 1.1 crore in short-term capital gains. The ITAT Mumbai ruled the alleged taxable event, the surrender of tenancy rights, did not occur in the assessment year cited, overturning the demand.

Summarised by Beize from a story on The Economic Times on 14 May 2026

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New Income Tax Act 2025 goes live 2026 with chatbot aid and simplified compliance plans

New Income Tax Act 2025 goes live 2026 with chatbot aid and simplified compliance plans

Pune’s Principal Chief Commissioner of Income Tax Vivek Wadekar announced the Income Tax Act, 2025, designed to simplify compliance and strengthen transparency. The law is set to launch on April 1, 2026, and will roll out digital support including “Kar Saathi,” a chatbot, and “Kar Setu,” aimed at assisting taxpayers throughout key processes.

Summarised by Beize from a story on The Economic Times on 12 May 2026
SC rejects bid to tax foreign software payments as royalty again granting big relief

SC rejects bid to tax foreign software payments as royalty again granting big relief

The Supreme Court dismissed the income tax department’s review petitions over whether payments for foreign software by Indian users should be taxed as royalty. Reaffirming its March 2021 ruling, the court said end-user licenses do not transfer copyright, so such payments are not royalty. The decision is expected to provide substantial tax certainty and relief to Indian companies buying software.

Summarised by Beize from a story on The Economic Times on 11 May 2026
Indane LPG subsidy warning on mobile now flags your income tax record

Indane LPG subsidy warning on mobile now flags your income tax record

Indane LPG customers receiving subsidised cylinders are now getting warning messages that trigger a verification process. Oil firms are cross-checking consumer details with Income Tax records, and households with taxable income above Rs 10 lakh could lose the subsidy permanently. Customers get just seven days to respond if they believe the information is wrong, aimed at redirecting benefits to eligible families.

Summarised by Beize from a story on The Economic Times on 11 May 2026
ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

ITR forms for FY 25 26 get major overhaul for capital gains trading and foreign assets

The Income Tax Department has revised ITR forms for FY 2025-26, adding fresh disclosure requirements around capital gains, buyback-related losses, F&O and intra-day trading. The changes also include reporting of foreign assets, aiming to standardize filing across different taxpayer categories, including individuals and presumptive income earners, while simplifying the overall process.

Summarised by Beize from a story on The Economic Times on 9 May 2026

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Kaspersky warns of SilverFox phishing emails posing as income tax notices for Indians

Kaspersky warns of SilverFox phishing emails posing as income tax notices for Indians

Kaspersky says the SilverFox hacker group is targeting Indians with fake Income Tax Department emails designed to lure people into downloading malware. The campaign uses convincing “official notice” text and a multi-stage infection chain, deploying backdoors such as ValleyRAT and ABCDoor to secure remote access. The goal is to steal sensitive information and exploit victims’ systems.

Summarised by Beize from a story on The Economic Times on 9 May 2026
ITAT backs woman after Rs 1 49 crore interest deduction rejected by tax department

ITAT backs woman after Rs 1 49 crore interest deduction rejected by tax department

An ITAT Mumbai ruling granted a woman a Rs 1.49 crore interest deduction after she borrowed money to invest in a venture capital fund. The Income Tax Department had rejected her claim, but the tribunal allowed it, pointing to consistent acceptance of similar deductions and holding that she provided adequate evidence the borrowed funds were used to generate income.

Summarised by Beize from a story on The Economic Times on 9 May 2026
ITAT backs Aishwarya Bachchan in Rs 1 49 crore interest deduction fight over VC fund loan

ITAT backs Aishwarya Bachchan in Rs 1 49 crore interest deduction fight over VC fund loan

The ITAT Mumbai ruled in favour of Aishwarya Bachchan, allowing a Rs 1.49 crore interest deduction claimed on a loan taken to invest in a venture capital fund. The Income Tax Department had denied the deduction, but the tribunal held that similar past claims were accepted and that there was enough evidence showing the borrowed money was used to generate income.

Summarised by Beize from a story on The Economic Times on 9 May 2026
NPCI raises UPI income tax cap to ₹5 lakh per day

NPCI raises UPI income tax cap to ₹5 lakh per day

During peak tax season, NPCI has expanded the UPI payment limit for verified categories, including income tax, allowing transactions up to ₹5 lakh per day. While most users still face the standard ₹1 lakh daily UPI cap, the higher threshold aims to simplify digital tax compliance and reduce dependence on net banking for larger payments.

Summarised by Beize from a story on Republic on 8 May 2026

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Reliance Trust fights tax office move to cancel charitable registration over alleged commercial activity

Reliance Trust fights tax office move to cancel charitable registration over alleged commercial activity

Reliance charitable trust has challenged the tax department’s decision to cancel its registration, with officials citing alleged commercial activity behind renewal rejections. It isn’t alone: PD Hinduja Hospital and ISKCON are also appealing similar orders. The disputes threaten tax relief for the trusts and reduce eligible donor deductions tied to registered charitable status.

Summarised by Beize from a story on The Economic Times on 4 May 2026
Direct tax mop up misses FY26 target by ₹81000 crore as growth slows

Direct tax mop up misses FY26 target by ₹81000 crore as growth slows

India’s direct tax collections edged up in FY26, but the overall mop-up missed the revised target by ₹81,000 crore. Lower-than-expected corporate and personal income tax collections drove the shortfall, even as officials pointed to an underlying resilience in the economy. Tax growth is expected to moderate further, with a clearer assessment by June.

Summarised by Beize from a story on The Economic Times on 4 May 2026
ITAT clears Mumbai man after Rs 13 lakh cash credit card payment tax notice

ITAT clears Mumbai man after Rs 13 lakh cash credit card payment tax notice

A Mumbai man received a tax notice after paying his credit card bill using Rs 13 lakh in cash. He told the Income Tax Appellate Tribunal (ITAT) that the funds came from gifts from his wife, father and mother. ITAT accepted his explanation for a large part and partially deleted the unexplained cash addition.

Summarised by Beize from a story on The Economic Times on 4 May 2026
India net direct tax collections jump 5 12 percent to Rs 23 40 lakh crore by March 31

India net direct tax collections jump 5 12 percent to Rs 23 40 lakh crore by March 31

India’s net direct tax collections rose 5.12% to about Rs 23.40 lakh crore as of March 31. The update signals improving revenue inflows for the government, though the headline growth rate hints that the underlying tax performance and compliance trends could be more complex than they first appear.

Summarised by Beize from a story on The Economic Times on 4 May 2026

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ITAT Delhi cancels tax notice against US based son over Rs 11 lakh cash deposit

ITAT Delhi cancels tax notice against US based son over Rs 11 lakh cash deposit

A US based son, Mr. Bussi, won his long fight against an Indian income tax notice after depositing Rs 11 lakh cash into his parents’ account during demonetisation. The ITAT Delhi set aside the notice, accepting the money as genuine remittances from earlier years. The case took six years to resolve, ending in relief for the NRI.

Summarised by Beize from a story on The Economic Times on 4 May 2026
Charitable trusts in Mumbai lose tax exemption over alleged commercial profit motive

Charitable trusts in Mumbai lose tax exemption over alleged commercial profit motive

Three prominent hospitals in Mumbai and an international spiritual organisation, all operating as charitable trusts, have been denied Income Tax exemption. Authorities said the organisations were essentially running commercial activities rather than purely charitable work. The move raises fresh questions about how “profit motive” is defined and enforced for tax benefits granted to trusts.

Summarised by Beize from a story on The Economic Times on 3 May 2026
I T Appellate Body backs rejection of Paisabazaar expense claim worth 145 91 crore

I T Appellate Body backs rejection of Paisabazaar expense claim worth 145 91 crore

Paisabazaar has lost its bid to claim expenses worth Rs 145.91 crore for FY23 and FY22 after the Commissioner of Income Tax Appeals upheld an earlier rejection. The decision raises the company’s taxable income, though it’s still under further appeal and said to have no immediate financial impact as authorities check how past losses are adjusted against current income.

Summarised by Beize from a story on The Economic Times on 1 May 2026
Post office rules changed for 2026 now PAN is mandatory for key transactions

Post office rules changed for 2026 now PAN is mandatory for key transactions

The Department of Posts has updated transaction norms under the Income-tax Rules, 2026. For specified post office transactions, customers must quote their PAN. If you do not have a PAN, you’ll need to submit Form 97 with complete details. The rules also introduce Form 121, replacing Forms 15G and 15H for claiming TDS exemptions.

Summarised by Beize from a story on The Economic Times on 1 May 2026

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Delhi High Court rules company income cannot be taxed in shareholders hands

Delhi High Court rules company income cannot be taxed in shareholders hands

The Delhi High Court has ruled that shareholders cannot be taxed on a company’s income because they do not own the company’s underlying assets—only the shares. The court held that while dividend income may be taxable, the company’s profits are not automatically taxable in shareholders’ hands. It dismissed appeals by the Income Tax Department and upheld the tribunal’s decision.

Summarised by Beize from a story on The Economic Times on 29 Apr 2026
Income tax refund rules change April 2026 two updates for Tax Year 2026 27

Income tax refund rules change April 2026 two updates for Tax Year 2026 27

From April 1, 2026, the Income Tax refund process will shift under the Finance Act 2026. The law clarifies how interest is computed for earlier tax years and permits refunds to be set off against tax demands under either the old or the new tax framework. The changes aim to streamline settlement for taxpayers in Tax Year 2026-27.

Summarised by Beize from a story on The Economic Times on 29 Apr 2026
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