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.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
The Delhi High Court quashed income tax notices issued to NDTV founders Prannoy Roy and Radhika Roy, citing arbitrary proceedings and ordering the department to pay costs.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Maharashtra government sanctioned over Rs 1 crore for development works at a temple linked to Ashok Kharat, a self-styled godman accused of rape, in 2018. The funds were approved under the regional tourism development scheme. Kharat was arrested on March 18 after being accused of repeated rape.
The most common mistake is investing without assessing suitability and long-term implications.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your 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.
Kanpur Police solved a robbery case leading to the discovery of a large hawala network. Six people were arrested, and investigations are ongoing to uncover the full extent of the illegal financial activities.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
C J Roy, founder and chairman of real estate firm Confident Group, died by suicide in Bengaluru. The incident occurred amidst ongoing Income Tax searches at his premises. Family alleges pressure from a central agency may have contributed to his death.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a two-fold jump in consolidated net profit to Rs 6,603 crore in the December quarter of FY'26, on a year-on-year basis, driven by a one-off positive impact from the demerger of its ice cream business.
From a modest salary to Rs 1 crore, here's Ramalingam Kalirajan's smart compounding blueprint for young earners
They are not just underreporting income; they are reshaping what the income tax system perceives, says study.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
Raju and nine others accused, including his two brothers, are currently on bail in a case related to fudging of Satyam accounts in 2009.
According to a report, while 121.1 million PAN card holders were there up to March 31, 2011, the number of tax returns filed were just 34.8 million during 2010-11.
Filing a belated return is far better than not filing at all.
Supported by strong buoyancy in public sector capital expenditure (capex), growth in infrastructure investment is expected to accelerate in 2025-26 (FY26) compared to 2024-25 (FY25), according to the First Advance Estimates of gross domestic product (GDP) for FY26 released by the National Statistics Office (NSO) on Wednesday.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
The Income Tax department is working on simplified I-T forms and aims to notify new rules by December-end to give effect to the new I-T Act, which will come into force from April 1 next year, a senior tax official said on Monday.
In nation-wide raids on Wednesday, Income Tax sleuths swooped down on offices of Indian Premier League franchisees Kolkata Knight Riders, Chennai Super Kings, Deccan Chargers and Kings XI, and companies handling broadcast rights of the cash-rich cricket League.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Chaitanya Baghel, son of Congress leader Bhupesh Baghel, was released from jail after being granted bail in cases related to the alleged liquor scam in Chhattisgarh. The release was met with celebration by Congress supporters.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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