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.
Filing a belated return is far better than not filing at all.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities.
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Unresolved succession plans and informal ownership structures are fuelling bitter family fights across India's corporate boardrooms.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
From FY20 to FY24, the revenue forgone due to tax incentives for individuals and Hindu undivided families stood at Rs 8.7 trillion, significantly higher than the Rs 4.53 trillion forgone for corporations.
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
'By extending the definition of 'personal' to include institutions and not just individuals, the State has equipped itself with a tool to block access to most kinds of information.'
'It has also outlived its initial purpose of reducing physical gold imports.'
The Securities and Exchange Board of India (Sebi) on Monday proposed expanding the scope of regulations prohibiting insider trading to a wider group of people, including those connected to the officials in access to price-sensitive information. The market regulator has suggested changes in the definition of "connected persons" and "relative" to address any gaps in the norms and possible violations.
As of March 2023, the share of accounts belonging to women stood at 36.4 per cent (917.7 million) of the total 2.52 billion individual accounts.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
'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.'
'PPF carries minimal risk.' 'Its fixed-income nature allows investors to diversify their portfolios.'
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
When there are two wills produced before the court, which one will be executed?
Income Tax department have released different tools to help you file your ITR-3 form easily.
With declared assets worth over Rs 600 crore, Chennur Congress candidate G Vivekananda is the richest politician contesting in the November 30 assembly polls, followed by P Srinivas Reddy from the same party with over Rs 460 crore.
'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.'
Taxpayers seeking to save tax from the sale of gold (including inherited) should reinvest the capital gains in residential property to avail of the benefit provided by Section 54F.
Don't solely focus on tax-saving alone.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Prashant A Bhonsle explains the tax benefits you can avail under Section 80E of the Income Tax Act.
If you disagree with the notice, be ready to explain.
Understand the pros and cons of SGBs before rushing to invest in them based on past returns.
The judgement has dealt with the question whether the share of such children is limited only to the self-acquired property of their parents under Section 16(3) of the Hindu Marriage Act.
rediffGURUS Hardik Parikh, Tejas Chokshi, Mihir Tanna and Sanjeev Govila answer your tax related queries.
The first tranche of sovereign gold bond for 2022-23 will open for subscription for five days from June 20, the Reserve Bank of India said on Thursday.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
If an assessee misses the December 31 deadline, s/he can file a belated tax return by paying a late filing fee. 'This must be done within three months from the original filing date.'
'If a taxpayer opts for the new tax regime once, he can only switch back to the old tax regime once in his lifetime.'
Several changes were made to the new income-tax regime in Budget 2023. The old income-tax regime was not tinkered with and is still available.
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