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.
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.
'Among corporates, about 60% of income is now reported under the new tax regime.'
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.
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 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.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
The most common mistake is investing without assessing suitability and long-term implications.
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.
'...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 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.
Filing a belated return is far better than not filing at all.
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.
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.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
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.
Moody's Ratings on Tuesday said tax cuts in the current fiscal has dented India's revenue growth, leaving less scope for fiscal policy support for the economy.
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.
'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.'
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
The NSO previously tried to collect household income data in its ninth (1955), 15th (1959), 19th (1964), and 24th (1969) rounds (July 1969-June 1970), but these efforts were not completed, partly due to non-responsiveness by respondents.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
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 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.
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 income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
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.
Opposition parties allege the Modi government is attempting to turn India into a 'dictatorship' with the introduction of three Bills that seek to provide for removal of the prime minister, chief ministers and ministers arrested on serious charges, and vowed to oppose it 'tooth and nail'.
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.
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