India's domestic passenger vehicle sales experienced a robust 24.6 per cent year-on-year increase in June, propelled by favourable government policies like income tax relief and repo rate cuts, alongside resilient rural demand, even as global crude oil prices pose potential cost pressures.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
Tax treatment depends on the activity and manner of earning income.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order. The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
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.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Central Information Commission (CIC) has directed the Income Tax Department to disclose 'generic details of the net taxable income/gross income' of an estranged husband to his wife for pursuing maintenance proceedings. The commission stated that such information cannot be denied on privacy grounds in matrimonial disputes.
rediffGURU T S Khurana answers readers' personal income tax queries
Investors should do thorough due diligence when selecting a platform.
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
Police in Chhattisgarh's Mahasamund district seized 7.5 kilograms of gold worth Rs 9.17 crore from a car. The occupants of the car could not provide satisfactory answers about the gold's origin or produce relevant documentation.
The tax treatment of equity savings funds makes them appealing, especially to investors in higher income-tax brackets.
Maharashtra's Ladki Bahin Yojana has seen 81 lakh registered beneficiaries removed following a multi-month e-KYC verification drive, with the state's Women and Child Development Minister Aditi Tatkare clarifying the process was mandatory to filter out ineligible individuals, income-tax payers, and government employee families.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego will answer your tax queries related to the Union Budget 2026-2o27.
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.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
TVS Motor Company reported a significant 56.8 per cent year-on-year increase in net profit to 1,036 crore in Q1FY27, driven by record sales volumes, an improved product mix, and robust demand in both domestic and international markets, with management anticipating continued double-digit industry growth.
rediffGURU T S Khurana answers readers' personal income tax queries
A Special Investigation Team (SIT) probing the alleged embezzlement of donation money at the Ram Temple in Ayodhya is expected to question people associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust and review banking arrangements for donations.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
Police in Dahod, Gujarat, seized over Rs 2.56 crore in unaccounted cash from a car during a routine vehicle check. The cash was being transported from a courier firm to Vadodara, and the driver could not provide documentation for the money's source.
Actor Mohanlal has declared possession of 10 elephant tusks and 13 ivory idols to the Kerala Forest Department under an amnesty scheme. This new disclosure comes as he continues to face trial for alleged illegal possession of wildlife articles, a case that originated in 2011 and has seen the Kerala High Court direct the continuation of legal proceedings against him.
All services on the income-tax e-filing portal -- both pre-login and post-login -- are expected to be updated by April 1 to reflect the new legal framework.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
Bihar on Wednesday witnessed a pitched battle between hundreds of student activists demanding Union minister Dharmendra Pradhan's resignation and the police, which used tear gas shells, water cannons and batons in a bid to prevent their 'Lok Bhavan march'.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Understanding a product and assessing its suitability improve the chances of staying invested. Use life insurance mainly to cover risk, not to seek returns.
