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⚠️ Received the FAST-DS 2026 Foreign Assets Advisory?The Income Tax Department is sending taxpayers voluntary-compliance...
06/10/2026

⚠️ Received the FAST-DS 2026 Foreign Assets Advisory?
The Income Tax Department is sending taxpayers voluntary-compliance advisories where its information may indicate overseas financial interests such as foreign bank accounts, shares, investments or property.
📅 FAST-DS deadline: 31 December 2026
But receiving the advisory does not automatically mean you must file Form 1 or pay ₹1 lakh/60%.
FAST-DS broadly distinguishes between:
🔴 Undisclosed foreign assets/income within ₹1 crore — effective 60% outgo.
🟢 Specified foreign assets whose source was tax-paid/qualifying NRI income but reporting was missed within ₹5 crore — flat ₹1 lakh fee.
Before deciding, check:
✅ Foreign Assets Information in AIS
✅ Residential status
✅ Source of investment
✅ Earlier ITR and Schedule FA
✅ Foreign income and tax paid
✅ Correct valuation
✅ FAST-DS eligibility
Foreign bank-account valuation can also be very different from the closing balance.
Read the detailed guide:
FAST-DS 2026 Advisory Email – Complete Filing Guide
For eligibility, valuation and filing assistance:
FAST-DS 2026 Filing & Compliance Assistance

🏠 Forgot to claim Section 54F exemption in your Income Tax Return?That omission may not necessarily end the claim.The IT...
05/10/2026

🏠 Forgot to claim Section 54F exemption in your Income Tax Return?
That omission may not necessarily end the claim.
The ITAT Hyderabad has held that a taxpayer may raise an additional claim under Section 54F at the appellate stage even when it was not claimed in the ITR or before the Assessing Officer.
The Tribunal clarified that the Supreme Court ruling in Goetze (India) Ltd. restricts the Assessing Officer—but does not restrict the appellate jurisdiction of the ITAT.
⚖️ Important: The Tribunal did not automatically grant the exemption. The matter was sent back to the AO to verify whether the taxpayer actually satisfied all Section 54F conditions.
The ruling can be particularly useful in cases involving:
✔️ Long-term capital gains
✔️ Property transactions
✔️ Residential-house investment
✔️ NRI capital gains
✔️ Omitted deduction/exemption claims
✔️ Income-tax appeals
📖 Read the complete case analysis:
https://caalokkumar.com/my-writing/section-54f-claim-not-made-in-itr/

📢 Professional Update for CAsOutstanding Audit Fees: Can the Audit Report Still Be Signed?A continuing auditor is not au...
03/10/2026

📢 Professional Update for CAs

Outstanding Audit Fees: Can the Audit Report Still Be Signed?

A continuing auditor is not automatically prohibited from signing merely because previous-year professional fees remain unpaid.

However, significant overdue fees can create a self-interest threat to independence.

The position is materially different for an incoming auditor where the predecessor's undisputed statutory audit fees remain outstanding.

Also important: DigiCA UDIN now captures information regarding the previous auditor, communication and outstanding audit fees for applicable audits.

Detailed analysis:

https://caalokkumar.com/my-writing/audit-report-fee-icai-rules-2026/

🚨 BSNL VRS-2019: Major Tax Relief for Retired EmployeesIn an important ruling, the ITAT Nagpur has held that compensatio...
30/09/2026

🚨 BSNL VRS-2019: Major Tax Relief for Retired Employees
In an important ruling, the ITAT Nagpur has held that compensation received by BSNL employees under BSNL VRS-2019 was eligible for exemption under Section 10(10B) as retrenchment compensation.
The Tribunal did not restrict the exemption to the ₹5 lakh limit under Section 10(10C) in the cases before it.
Key points:
✅ Consolidated order covering 40 appeals
✅ BSNL VRS-2019 compensation treated as retrenchment compensation
✅ Section 10(10B) exemption allowed
✅ ₹5 lakh Section 10(10C) ceiling not applied
✅ Fresh claim permitted even where Section 10(10B) was not claimed in the original return
✅ Revised computations directed
✅ Eligible income-tax refunds to be granted after verification
Case: Yogesh Shyamsunder Maheshwari & Ors. v. DCIT/ACIT & Ors.
ITAT Nagpur | Order dated 14 July 2026
Former BSNL employees who retired under VRS-2019 and paid tax after claiming only ₹5 lakh exemption may need to review their tax position.
📖 Complete case analysis and refund implications:
https://caalokkumar.com/my-writing/bsnl-vrs-2019-tax-exemption-refund/

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⚖️ Important Tax Update for BSNL VRS-2019 Employees
The ITAT Nagpur has given major relief in a consolidated order covering 40 appeals concerning BSNL VRS-2019 compensation.
✅ Compensation treated as retrenchment compensation under Section 10(10B)
✅ ₹5 lakh exemption ceiling under Section 10(10C) not applied
✅ Fresh claim allowed even where exemption was not claimed in the original ITR
✅ Revised computation permitted
✅ Eligible income-tax refund directed after verification
Case: Yogesh Shyamsunder Maheshwari & Ors. v. DCIT/ACIT & Ors.
ITAT Nagpur | 14 July 2026
Former BSNL employees who paid tax on VRS compensation may consider reviewing their tax position.
Full analysis:
https://caalokkumar.com/my-writing/bsnl-vrs-2019-tax-exemption-refund/

⚖️ Section 270AA Immunity: Delhi High Court Says AO Cannot Demand “Negative Evidence” of No AppealIn an important ruling...
29/09/2026

⚖️ Section 270AA Immunity: Delhi High Court Says AO Cannot Demand “Negative Evidence” of No Appeal
In an important ruling for taxpayers facing income-tax penalty proceedings, the Delhi High Court has held that an assessee seeking immunity under Section 270AA cannot be required to produce documentary or “negative evidence” proving that no appeal has been filed.
📌 Key takeaways:
✅ A declaration/undertaking regarding non-filing of appeal can be obtained.
✅ Form 68 itself contained the relevant declaration.
✅ The AO must consider replies and documents already available on record before rejecting an immunity application.
✅ The rejection order was set aside because the assessee’s reply, though duly filed, had not been considered.
✅ The matter was remitted to the AO for fresh consideration.
Case: Shantijanak Estates Pvt. Ltd. v. ACIT
Delhi High Court | 2026:DHC:8135-DB | Decision: 17 September 2026
The ruling is particularly relevant for taxpayers dealing with Section 270A penalty, Form 68, faceless assessment and applications for immunity from income-tax penalty.
📖 Read the detailed case analysis:
https://caalokkumar.com/my-writing/section-270aa-immunity-evidence/

🚨 Important Income Tax Update for AY 2026-27CBDT has extended the compliance deadlines for specified tax audit cases:✅ T...
29/09/2026

🚨 Important Income Tax Update for AY 2026-27
CBDT has extended the compliance deadlines for specified tax audit cases:
✅ Tax Audit Report: Extended to 21 October 2026
✅ Income Tax Return: Extended to 21 November 2026
Earlier dates were 30 September and 31 October respectively. CA Alok Kumar
Please note that this is not an extension for all taxpayers. Applicability depends upon the taxpayer's category under Section 139(1).
Businesses and professionals should use the additional time to complete reconciliation of books with GST returns, AIS/TIS, Form 26AS, TDS/TCS, MSME balances and Form 3CD disclosures.
📖 Read the complete update:
https://caalokkumar.com/my-writing/tax-audit-due-date-2026/
🔎 Tax Audit under Section 44AB
🧾 ITR Filing AY 2026-27

🚨 Major NRI Property TDS Update from 1 October 2026CBDT has notified an important change for resident individuals/HUFs p...
26/09/2026

🚨 Major NRI Property TDS Update from 1 October 2026

CBDT has notified an important change for resident individuals/HUFs purchasing immovable property from an NRI seller.
From 1 October 2026, eligible buyers will move to a PAN-based Form 141 mechanism through new Schedule E, instead of obtaining TAN merely for the specified NRI property purchase.
But remember:
No TAN does NOT mean No TDS.
The new Form 141 framework also captures Section 395 lower-TDS certificates, NRI seller details, TRC, foreign TIN and corresponding Form 145 acknowledgement wherever applicable.
My latest article explains what buyers and NRI sellers should do, including transactions paid in instalments, multiple buyers, lower TDS planning and subsequent repatriation of property-sale proceeds.
Read the complete update

Banking work pending this weekend?Public sector banks and regional rural banks will function on Sunday, 27 September 202...
25/09/2026

Banking work pending this weekend?

Public sector banks and regional rural banks will function on Sunday, 27 September 2026, according to the Ministry of Finance. The special opening comes ahead of a proposed bank strike from 28–30 September.
If you need a branch service, check your bank’s Sunday customer hours and complete time-sensitive work early. The announcement does not expressly confirm opening for every private bank branch.
Read the full update: https://wealth4india.com/insights/banks-open-on-27-september-2026/

Can a cash deposit be called unexplained simply because the money was withdrawn earlier and deposited later?In Yogini Su...
24/09/2026

Can a cash deposit be called unexplained simply because the money was withdrawn earlier and deposited later?
In Yogini Sureshkumar Shukla v. ITO, ITAT Ahmedabad deleted a ₹10.60 lakh addition under Section 69A. The Tribunal considered the senior citizen’s bank withdrawals, savings, confirmations from her sons and the surrounding circumstances together.
The lesson: keep a clear cash trail and supporting records. Every case depends on its own evidence.
Read the article: https://caalokkumar.com/my-writing/unexplained-cash-deposits-section-69a/

Bank interest omitted from an ITR: does it automatically attract a 200% penalty?In Tasneem Feroz Nalwalla v. ITO, ITAT M...
24/09/2026

Bank interest omitted from an ITR: does it automatically attract a 200% penalty?
In Tasneem Feroz Nalwalla v. ITO, ITAT Mumbai upheld a Section 270A penalty for under-reporting ₹14,02,525 of interest income. But it found the record insufficient to sustain the higher misreporting rate. The Assessing Officer was directed to recompute the penalty at 50%, instead of 200%, of the tax payable on the under-reported income.
The ruling explains why the precise charge and supporting facts matter in a penalty appeal.
Read my analysis: https://caalokkumar.com/my-writing/section-270a-penalty/

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A 200% Section 270A penalty cannot follow automatically from omitted income.
ITAT Mumbai considered ₹14,02,525 of bank interest left out of an ITR in Tasneem Feroz Nalwalla v. ITO. It upheld the finding of under-reporting, but directed that the penalty be recomputed at 50% rather than 200% of the tax payable on that income.
The distinction is practical: Section 270A(9) specifies the circumstances for misreporting. The Department must establish the applicable factual basis for the enhanced rate. Reliance on an accountant or later payment of tax did not erase the taxpayer’s reporting responsibility in this case.
Full analysis and compliance checklist: https://caalokkumar.com/my-writing/section-270a-penalty/

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