An assessee can appeal against a penalty order under Section 270A of the Income Tax Act, 1961—Penalty for under-reporting and misreporting of income—before the Commissioner of Income Tax (Appeals) [CIT(A)] or the Income Tax Appellate Tribunal (ITAT), depending on the stage and scope. Below …
As the income tax filing season for FY 2024-25 (AY 2025-26) gains momentum, taxpayers, especially salaried individuals and first-time investors, must tread carefully when it comes to reporting capital gains. A seemingly small mistake—like choosing the wrong ITR form or …
With the Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2025–26 extended to September 15, 2025, for select categories, many taxpayers have already begun submitting their returns, especially after receiving Form 16. However, tax experts caution that even minor mistakes or …