The Tribunal clarified that expenditure disallowances do not qualify as assets under section 149(1). Without asset-based escaped income, reopening beyond three years is barred. This offers strong ...

There are over 150 types of penalties in the Internal Revenue Code (IRC). One frequent penalty that the Internal Revenue ...

The Tribunal held that reassessment under section 147 fails when the alleged income escapement cited for reopening is accepted and no related addition is made. Without sustaining the original reason ...

An NRI successfully challenged the Indian tax department's decision to tax his global income. The Income Tax Appellate Tribunal (ITAT) Chennai ruled that Mr. Dhinakaran qualified as a non-resident, ...

A US citizen of Indian origin, Mr. Patel, faced a tax notice for an unexplained Rs 66 lakh property purchase in India. Despite his inability to travel from the US to gather documents, leading to ...

ITR filing last date: Today, September 15, 2025, is the last day to file your Income Tax Return (ITR) for the financial year 2024-25. If you haven't filed yet, hurry! Filing on time helps you avoid ...

Do you know what a W-2 form — officially termed Form W-2 by the IRS — actually is? According to the Tax Foundation, a majority of tax filers are unaware of basic tax concepts and requirements for ...

ITR Refund Delay: Over the past week, many taxpayers have complained on social media that they have still not received their income tax refunds even after five months of filing their ITRs. To clarify, ...

If you don't have your W-2 by Jan. 31, don't panic: It may arrive a couple days later this year. Macy is a writer on the AI Team. She covers how AI is changing daily life and how to make the most of ...

The standard deduction has been super-sized for seniors. Thanks to provisions in the One Big Beautiful Bill Act, taxpayers 65 and older can claim an additional $6,000 without itemizing their ...