The Income Tax Department has initiated a nationwide verification drive targeting suspicious foreign remittances made by entities with minimal business activity, including those in border districts, and is scrutinising the chartered accountants who issued the mandatory tax determination certificates.
The income-tax department has launched a significant verification drive targeting 394 entities and 36 professionals over suspected irregularities in substantial foreign remittances made over the past three years, aiming to uncover potential tax evasion and fraudulent transactions.
Noel Tata, chairman of Tata Trusts, has presented a proposal for the Shapoorji Pallonji (SP) group to sell its 18.37 per cent stake in Tata Sons for approximately 25,000 crore, aiming to address the SP group's liquidity needs without a public listing of Tata Sons.
The authorities have said that it is not permissible to examine and review in 2026 the decision taken by the trustees in 1988 regarding the existence of necessity for transfer of shares.
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.
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 Central Board of Direct Taxes (CBDT) has released a 198-page guidance note to assist crypto-asset service providers in complying with reporting obligations under the Income-tax Act, 2025, aligning India with the OECD's Crypto-Asset Reporting Framework (Carf) for automatic exchange of tax information.
A delayed ITR could prompt greater scrutiny, document requests or processing delays.
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.
'Taxpayers should not ignore any of these notices. Verifying the facts and responding promptly can help resolve issues early and avoid unnecessary litigation.'
Tax treatment depends on the activity and manner of earning income.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
India is set to face England in the second ODI, aiming for a series victory, but concerns over Shubman Gill's fitness after he walked off injured in the first match, and Rohit Sharma's inconsistent batting form, are prominent. The team will also consider potential changes to the playing eleven.
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.
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.
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 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 Delhi High Court has upheld a trial court's order declaring UK-based arms consultant Sanjay Bhandari a 'fugitive economic offender' in a money laundering case, allowing the Enforcement Directorate to proceed with confiscating his assets.
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 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.
The government should refrain from raising income tax surcharge on the super-rich and reintroducing wealth tax in the upcoming 2026-27 Budget, as the move could prompt persons in high-income brackets to leave the country for low-tax jurisdictions, according to tax experts.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
The Income Tax Department has clarified the applicability of TDS (Tax Deducted at Source) on interest income for banking companies under the Income Tax Act, 2025, aligning it with the Banking Regulation Act, 1949.
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.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
Four Madhya Pradesh police officers have been suspended for allegedly accepting a bribe of Rs 20 lakh from a businessman in exchange for releasing Rs 1 crore found in his vehicle.
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.
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
The Enforcement Directorate (ED) and Income Tax (I-T) Department are likely to join the Assam Police in investigating alleged organised financial crimes and acquisition of benami properties by event manager Shyamkanu Mahanta, an accused in the death of Assam's cultural icon Zubeen Garg.
'Among corporates, about 60% of income is now reported under the new tax regime.'
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).
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
The investigation into a Lamborghini crash in Kanpur has become contentious, with the accused's lawyer claiming he wasn't driving, while police insist evidence points to him.
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.
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
