If you have also hidden information about Foreign Assets or Overseas Investments while filing your Income Tax Return, then be careful! The Income Tax Department has started an in-depth investigation of the returns for Assessment Year 2025–26 and has caught such mistakes of more than 25,000 people. CBDT is now sending alerts to taxpayers through SMS and email. The good news for you is that the government has given you a chance to correct your mistake by filing Revised ITR till 31st December. If you update your returns on time, you can avoid heavy penalties, prosecution and notices. According to media reports, based on CRS data and information about investments in UAE (Dubai), large-scale search operations were conducted in Delhi, Mumbai and Pune, in which foreign assets worth hundreds of crores of rupees were revealed. The Income Tax Department completed assessment in 1080 cases by June this year and made a tax demand of ₹ 40,000 crore. Information about foreign assets comes directly from foreign countries under Common Reporting Standards and FATCA… hence the information cannot remain hidden!

If you also transact more than ₹ 20,000 in cash-whether it is borrowed from a relative or business transaction-then be alert now. In the Section 269SS and 271D of Income Tax Act 1961, taking or giving a cash loan of more than ₹ 20,000 can be fined the same amount. At the same time, if you pay any one person in more than ₹ 10,000 cash in a day, then that cost will not be eligible for tax deduction. If the Health Insurance Premium is filled in the cash, then tax will not be given. Apart from this, if you did not do an ITR file and do more than ₹ 20 lakh cash withdraw in a year, then 5% TDS will have to be paid. Supreme Court has also ordered in April 2025 that a cash transaction of more than ₹ 2 lakhs is violated by the Section 269ST, and the section will be complete under the CASH 271DA. Do big transactions with digital mode or cheque.

If you have not yet filed your Income Tax Return (ITR) and are hoping that the deadline of September 15 will increase, then be alert. No extension has been received so far and if you do not file returns till the scheduled time, you may have to suffer the penalty of late filing. Under Section 234F, if your annual income is more than ₹ 5 lakhs, late returns will be fined up to ₹ 5,000. At the same time, a penalty of ₹ 1,000 will have to be given even if the income is less than ₹ 5 lakh. Not only this, filing the Belated Return also increases the possibility of delay in refund, loss of interest, and audit. If you continuously delay, there may be difficulty in achieving loans, visas, and other financial facilities in the future. The last date for Belated Return is 31 December 2025, but it would be better to keep the ITR in time to keep the profile strong.

Even though many online gaming apps have been banned, if you have earned any money from Real Money Gaming Apps like Dream11, Rummy, Pokerbaazi, then it is now mandatory to fill income tax return (ITR). According to the Income Tax Rule 12BA, if you have more than ₹ 25,000 TDS or TCS chopped over you throughout the year, then you need to fill ITR. Such earnings under section 115bbj levy a flat tax of 30%. There is no discount here and it is also not possible to save tax by showing losses. ITR has a separate column for gaming income and negative value is not accepted. If your total income is less than ₹ 2.5 lakh, but has earned from gaming, it is necessary to file ITR. If you do not do, you may have to face notice or litigation under section 276cc.