The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
The 13th-month persistency rate of life insurers - an important metric indicating the retention of new policies - declined in the first quarter of 2025-26 (Q1FY26). This fall was primarily driven by a lower share of high-value policies, following taxation changes implemented in April 2023.
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Monsoon session of Parliament saw the passage of several key bills in both the Lok Sabha and Rajya Sabha, despite repeated disruptions and adjournments.
The US remains the largest market for IT outsourcing, and for Indian giants TCS, Infosys and Wipro, it contributes around 40 per cent of their top line.
Kundra, accused of diverting a loan amount, has been asked to appear before EOW officials on September 15.
Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offenses Wing (EOW) of the Mumbai Police in connection with an alleged Rs 60 crore cheating case.
rediffGURU T S Khurana answers readers' personal income tax queries
'Amazon, Meta, Google, Microsoft have large operations in India and rely on smooth trade and data flows.' 'Restrictions could raise their costs, limit AI chip exports, and complicate their India strategies.'
'High taxes have kept away art collectors who will now embrace the new GST.'
The Securities and Exchange Board of India (Sebi) has planned a slew of further relaxations to facilitate easier registrations of foreign portfolio investors (FPIs), including a common know-your-client (KYC) and smoother documentation through India digital signature.
Opposition-ruled states warn of steep annual losses; Centre assures higher consumption will offset revenue hit.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
Non-resident Indians (NRIs) haven't gone big on the Indian stock market story despite the post-pandemic boom. While domestic participation through mutual funds (MFs) and dematerialised accounts has soared, NRI participation figures show limited signs of a similar rise.
'First-time investors, busy professionals, NRIs and those with modest sums looking for curated strategies may find FoFs especially appealing.'
The Trump administration has launched a premium immigration programme targeting wealthy individuals worldwide, offering permanent residency in the United States through expensive 'Gold Cards' that could generate billions in revenue for the American Treasury.
'They are positioned as defensive products and can potentially give marginally higher returns than liquid funds.'
Two-wheeler sales volume is expected to grow 5-6 per cent this fiscal, while that of passenger vehicles to see a 2-3 per cent rise, following the GST rates rationalisation on automobiles, according to Crisil Ratings. The GST Council's decision to move to a two-rate structure of 5 per cent and 18 per cent, effective September 22, 2025, is a timely move that will revive demand for automobiles, Crisil Ratings said in a statement.
Electric vehicle (EV) manufacturers breathed a sigh of relief after the GST Council on Wednesday night retained the concessional 5 per cent rate on EVs, though they now face competition from small petrol and diesel cars, which will attract a lower 18 per cent levy.
The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.
Victory wrested from regime that only listens when forced, the TMC said on GST exemption on insurance.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
The Lookout Circular was issued by the city police's economic offences wing as the couple makes frequent international trips
...on par with oil, power, and defence, and to restrict its storage under foreign control.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
The Supreme Court has ruled that motor vehicle tax is not applicable if a vehicle is not used or kept for use in a 'public place'. The ruling came on an appeal challenging a judgement of the Andhra Pradesh High Court.
The complaint, filed by businessman Deepak Kothari, director of Lotus Capital Financial Services Ltd, claims the incident took place between 2015 and 2023. Kothari alleged that the couple took the money under the pretext of expanding their business but used it for personal expenses instead.
Leading automakers Maruti Suzuki, Hyundai, Mahindra, and Tata Motors saw a dip in dispatches to dealers in August amid dip in demand with many prospective buyers postponing their buys anticipating a reduction in vehicle prices on account of the new GST framework. The country's largest carmaker Maruti Suzuki India reported an 8 per cent year-on-year dip in dispatches of passenger vehicles in the domestic market last month.
The government has identified 50 public-private partnership (PPP) projects worth over Rs 60,000 crore, significantly surpassing the original targets of the National Monetisation Pipeline, said Ports, Shipping, and Waterways Minister Sarbananda Sonowal at the Business Standard Infrastructure Summit on Thursday.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
Despite similar tax treatment, debt MFs enjoy certain advantages over FDs.
A controversy has erupted after an NCERT Class 8 textbook depicted present-day Rajasthan as part of the Maratha Empire, drawing criticism from royal families and political leaders who call the depiction factually incorrect and misleading.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Without changes to the taxation rules, buybacks are expected to remain scarce.
Union Minister Nitin Gadkari voiced concerns about increasing poverty and wealth concentration, advocating for wealth decentralization and job creation in rural areas. He also highlighted the need for balanced sectoral contributions to GDP and discussed infrastructure development initiatives.
Automobile retail sales in India rose around 5 per cent year-on-year in June with all vehicle segments, including passenger vehicles and two-wheelers, witnessing growth, Federation of Automotive Dealers Associations (FADA) said on Monday.
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