The Income Tax Department announced a record 7.8 crore Income Tax Returns (ITRs) filed for Assessment Year (AY) 2026-27 by August 31, 2026, surpassing the previous year's figures.
The FCNR (B) stratagem relies on using public money to defend the rupee. The State subsidises foreign borrowing to attract dollars. This tool requires large-scale borrowing to make a material difference against a gross external flow of $11 billion a day. A commensurately large fiscal cost falls upon the exchequer. The ministry of finance will choose how much it is willing to spend in exchange for this round number, points out Ajay Shah.
Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
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).
It was left to an incensed Gen Z to show the rest of India that enough was enough, and that the time had come to shatter the fear psychosis generated by the government's authoritarian approach to protests and criticism, points out M R Narayan Swamy.
Not every Indian superhero movie lands, but these seven prove the genre has plenty of potential.
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.
Tax treatment depends on the activity and manner of earning income.
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.
World number one Jannik Sinner survived an early scare in his Wimbledon title defence but the Italian shook off the rust and fought past Serb Miomir Kecmanovic 4-6, 6-3, 6-7(6), 6-2, 6-3 on Monday to reach the second round.
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.
Manav Suthar made a sensational Test debut, claiming a six-wicket haul against Afghanistan in the first innings before Washington Sundar took four wickets in their 2nd innings, as India outplayed Afghanistan by an innings and 300 runs on day 3 of the one-off Test.
rediffGURU T S Khurana answers readers' personal income tax queries
Bournemouth defeated Arsenal 2-1 at the Emirates, throwing the Premier League title race wide open and boosting Manchester City's chances.
Lucknow Super Giants wasted a strong bowling effort as a batting collapse handed them a 40-run defeat against Rajasthan Royals.
Manchester City re-asserted themselves as trophy winners supreme as they gave Arsenal a chastening reality check with a 2-0 victory in the League Cup final.
Arsenal's title hopes suffer a blow with a home defeat to Bournemouth, while Liverpool strengthens their Champions League aspirations with a win over Fulham. Brentford and Everton draw in a battle of top-five contenders.
Benjamin Sesko came off the bench to score the winner as Manchester United beat Everton 1-0 in the Premier League, strengthening their hold on fourth place under Michael Carrick.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
Sanju Samson and Abhishek Sharma's explosive batting performances propelled India to a record-breaking total against New Zealand in the T20 World Cup final
Sukanya Verma raises a toast to the amazing Alka Yagnik's solo song supremacy.
Delhi Capitals Women held their nerve in a tense chase as captain Jemimah Rodrigues guided them to a five-wicket win , in Vadodara on Sunday, sealing an Eliminator clash with Gujarat Giants and knocking Mumbai and UP Warriorz out.
A look back at the thrilling encounters between India and New Zealand in ICC tournament knockout stages, highlighting key moments and memorable performances.
Faheem Ashraf saved Pakistan the blushes, smashing a blistering 29 from 11 balls, as they registered a tense three-wicket victory against the Netherlands in the opening match of the 2026 T20 World Cup.
With 17 goal attempts compared to Chelsea's 10, Arsenal will feel they should have gone home with a bigger margin of victory and it will be all to play for in north London on February 3.
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
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.
IMAGES from the first ODI played between India and New Zealand in Vadodara on Sunday
Filing a belated return is far better than not filing at all.
Late goals from Dani Olmo and Robert Lewandowski earned LaLiga leaders Barcelona a hard-fought 2-0 victory over Espanyol.
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.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
The Income Tax Department has clarified that the deadline for ITR filing for Assessment Year 2025-26 is September 15 and there is no further extension as circulated on social media. In a late night post on X on September 14, the department termed "fake" a statement in circulation on social media stating that the due date of filing ITRs has been further extended to September 30, 2025.
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.
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.
'Talat has done very well in domestic cricket. I know him for several years. He has been working really hard with his game, so I'm really happy for him.'
Bangladesh pipped Afghanistan by eight runs in a group league match to keep their hopes of reaching the Asia Cup Super Fours alive, in Abu Dhabi, on Tuesday.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
