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.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
India's net direct tax collection has seen a robust 15 per cent increase, reaching approximately 5.21 trillion in the first two and a half months of FY27, as on June 17, driven by strong growth in both corporate and non-corporate tax segments.
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.
The Indian government has amended the Foreign Contribution Regulation Act (FCRA) rules, introducing stricter regulations for NGOs receiving foreign funds. Key changes include mandatory selection of predefined purposes and areas of operation, restrictions on foreign nationals as key functionaries, and explicit exclusion of proselytisation from certain faith-based activities. The amendments also introduce minimum spending limits, enhanced financial accountability, and increased transparency requirements, including social media disclosure and ultimate donor identification.
India's net direct tax collections increased by 5.12 per cent to over Rs 23.40 lakh crore in the 2025-26 fiscal year, but this figure still fell short of the revised budget target of Rs 24.21 lakh crore, primarily due to income tax cuts implemented earlier in the year.
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.
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.
Unresolved succession plans and informal ownership structures are fuelling bitter family fights across India's corporate boardrooms.
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.
Filing a belated return is far better than not filing at all.
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.
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.
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.
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.
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.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
The Bharatiya Janata Party (BJP) has nominated corporator Ritu Tawade for the Mumbai mayor election, while its ally Shiv Sena declared Sanjay Ghadi as its candidate for the deputy mayor's post.
'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 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.
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.
The real surprise in these results came from Asaduddin Owaisi's AIMIM. Of the 29 Muslim candidates who got elected to the 227-strong BMC, the Congress and the AIMIM between them bagged 22.
Whichever combination finally emerges, Malegaon could set a record for being a town run neither by Maharashtra's ruling Mahayuti, nor by the Opposition MVA, but by a combination of two or three Muslim parties.
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.
In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms.
Ccertain tax advantages are attached with HUF under the income tax and wealth tax laws.
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.
That bliss is set to end soon, with the finance ministry planning to make it mandatory for individuals and Hindu undivided families to report assets and liabilities in income-tax return forms.
Always remember to check whether the recipient of the charity has valid 80G approval
The Finance Ministry on Monday made it mandatory for all companies to file income tax returns electronically with digital signatures, a move that will facilitate faster filing of I-T returns by India Inc.
Whether it was in the company of superstars Rajinikanth and Kamal Haasan -- or, on rare occasions with both together, among others -- Saravanan's demeanour would stand out, observes N Sathiya Moorthy.
The Central Board of Direct Taxes has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu Undivided Family if his or its total income exceeds Rs 10 lakh.
'It has also outlived its initial purpose of reducing physical gold imports.'
E-filing for such individuals was optional till 2010-11.
Union ministers recently declared their assets to the Prime Minister's Office which put it up on its web site for public knowledge. We compared these declarations to the ones that some ministers made when in 2009, and here's what we found.
When filing your tax returns, it is important to submit the correct form. Use the proper form to save yourself of the trouble later on.
