A senior tax assistant in the Income Tax department was sentenced to six months in jail and fined Rs 4000 in a bribery case by a special CBI court in Thane.
The Income Tax Department has clarified the applicability of TDS (Tax Deducted at Source) on interest income for banking companies under the Income Tax Act, 2025, aligning it with the Banking Regulation Act, 1949.
rediffGURU T S Khurana answers readers' personal income tax queries
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
US President Donald Trump has announced plans to clear the Strait of Hormuz to secure the vital oil corridor, citing risks to global energy supplies and criticising other nations' inaction.
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
Bitcoin has fallen from its peak of $1,26,251.3 on October 6, 2025, to $65,405.5, a decline of 48.2 per cent. Investors must recognise that sharp volatility is inherent to Bitcoin and avoid kneejerk reactions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries
rediffGURU T S Khurana answers readers' personal income tax queries.
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
India is set to take its first steps towards its own human space flight when the uncrewed Gaganyaan mission soars to the skies later this year. Private players in the space sector are also gearing up for launching satellites on home-built rockets.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
ISRO has announced plans for seven launch missions by March, including the first uncrewed mission for the Gaganyaan project and demonstrations of new satellite technologies.
These upcoming launches carry added significance in light of setbacks suffered in recent years.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday. The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
Filing a belated return is far better than not filing at all.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Federation of Indian Chambers of Commerce and Industry (Ficci) has sought urgent steps to clear the huge backlog of income-tax appeals, simplify tax deducted at source (TDS) compliance, and ensure tax neutrality for fast-track demergers, during its consultation with Revenue Secretary Arvind Shrivastava ahead of the Union Budget 2026-27.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
A woman labourer in Madhya Pradesh's Panna district has discovered eight diamonds in a mine, potentially worth lakhs of rupees at auction.
Learn to track your ITR's progress and correct any errors.
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
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