One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
two of the highest tax payers in Bollywood, will star in a documentary produced by the Income Tax Department to spread the message of tax compliance.
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 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 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.
'...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.'
8 new I-T returns now replace the old Saral forms. Of these, 4 are for individuals and HUFs, and the rest for companies, charitable, religious, political and non-profit bodies.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
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.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
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.
A total of nine premises in the state's capital Ranchi and Jamshedpur are being raided in an operation that started early morning. A security team of the CRPF is assisting the I-T sleuths, the sources said.
The income tax department has extended the date for filing audit report for 2023-24 by 7 days till October 7. In a circular, the I-T department said considering the difficulties faced by taxpayers in electronic filing of various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7.
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
'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.'
'Among corporates, about 60% of income is now reported under the new tax regime.'
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
If you disagree with the notice, be ready to explain.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
As the raids were completed, the I-T team took two managers of the distillery located at Sutapada to an unknown location for interrogation, they said.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
Maharashtra Minister Sanjay Shirsat received an Income Tax notice regarding an increase in his assets between the 2019 and 2024 elections. He initially claimed MP Shrikant Shinde also received a notice but later retracted the statement.
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.
Cautioning public against falling prey to fraudulent job offers, the Income Tax Department on Tuesday said aspirants should only consider offers or advertisements on official websites of SSC or the department. "Income Tax Department cautions the public not to fall prey to fraudulent persons misleading job-aspirants by issuing fake appointment letters for joining the Department," the I-T department tweeted.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
A taxpayer who does not revise their return within the stipulated deadline would be stuck with the original return, including its errors.
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.
The marathon raids against Boudh Distillery Private Limited, its promoters and others entered the fifth day on Sunday.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
The Income Tax notice was recovered from the house of Baljeet Kaur at Shahabad in Kurukshetra in Haryana where Papalpreet and Amritpal had taken shelter on March 19 and 20 before fleeing from there.
Income tax sleuths who reached Khan's residence on Jail Road in Rampur in Uttar Pradesh at 7 am on Wednesday completed their search Friday evening.
The Income Tax Department has slapped a penalty of Rs 944.20 crore on IndiGo, which said it will contest the order that is "erroneous and frivolous". The order was received by InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Saturday.
The Bombay high court on Monday directed the Income Tax department not to take any coercive action against Reliance Group chairman Anil Ambani till November 17 on a show cause notice issued to him seeking to prosecute him under the Black Money Act. The I-T department had issued the notice to Ambani on August 8, 2022 for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani (63) with "wilful" evasion, saying he "intentionally" did not disclose his foreign bank account details and financial interests to Indian tax authorities.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
