The CBI has arrested an Income Tax superintendent in Odisha, Ramesh Kumar Mohanty, for allegedly accepting a bribe of Rs 4,000 to delete a duplicate PAN card record. He was caught red-handed after a complaint was filed, and a case has been registered under the Prevention of Corruption Act.
A special CBI court in Thane acquitted an Income-Tax officer accused of demanding a bribe, citing lack of proof of illegal demand and contradictory evidence.
A court in Thane acquitted a suspended Income Tax Officer and his wife in a 2007 disproportionate assets case, criticising the CBI for a flawed investigation.
The Income Tax Department conducted searches at multiple locations in Kolkata, including the residence of TMC MLA Debashis Kumar and Miraj Shah, a proposer of Mamata Banerjee's candidature. The TMC alleges the raids are politically motivated.
The Income Tax department has enabled online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2026-27, allowing small and medium taxpayers to file returns for income earned in the 2025-26 fiscal year.
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.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
The Income Tax Department has released all income tax return (ITR) forms for the assessment year 2026-27, enabling individuals, businesses, and other entities to begin filing their returns for the financial year 2025-26.
An Ahmedabad court has convicted the wife of a former Income Tax Officer in a disproportionate assets case dating back nearly two decades. The husband, also an accused, died during the trial.
A 59-year-old man was arrested in Bengaluru for allegedly defrauding an Income Tax department official by posing as a 'parrot astrologer' and promising career growth and a better life through rituals.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
A former Income Tax officer has been sentenced to six months' rigorous imprisonment by a special CBI court in Thane in a 19-year-old bribery case. The officer was convicted of taking a bribe of Rs 20,000 to finalise a tax security assessment.
A gang posing as Income Tax officials robbed a contractor's home in Dhar, Madhya Pradesh, stealing gold and cash.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
Taxpayers must provide more details to support deduction and exemption claims.
BJP sources said the government would introduce a fresh Bill on the issue and has reached out to parties that opposed the earlier legislation.
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.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
The Madras High Court dismissed a petition by actor Vijay challenging an Income Tax department order to pay a Rs 1.50 crore penalty for alleged non-disclosure of income during 2015-16.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
Tax collection so far has been encouraging, with net direct tax receipts reaching Rs 5.21 trillion by June 17, nearly a 15 per cent increase compared to the same period last year.
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.
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.
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'.
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.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
India's net direct tax collections have surged by 16.4 per cent year-on-year to 6.51 trillion as of July 13, primarily driven by robust growth in corporate tax receipts, according to provisional data from the Central Board of Direct Taxes (CBDT).
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.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
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.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
India's Code on Wages mandates strict payout deadlines, two-day full and final settlements, universal wage coverage and capped deductions to safeguard employees and enhance payroll transparency nationwide.
The tax treatment of equity savings funds makes them appealing, especially to investors in higher income-tax brackets.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
Investors should do thorough due diligence when selecting a platform.
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.
Tax treatment depends on the activity and manner of earning income.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
