The Income Tax Department has clarified that income from the transfer of investments made before April 1, 2017, is excluded from the scope of the General Anti-Avoidance Rules (GAAR), addressing industry concerns about retrospective application.
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
Thousands of students clashed with Bihar Police in Patna while attempting to march to the chief minister's residence, protesting against the Bihar Public Service Commission's (BPSC) examination system and alleged irregularities.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
Authorities have put forward a tax demand of Rs 2,080 crore.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Since the actor was busy with the shooting of Malayalam film Pranayam at Rameswaram, the IT authorities asked him to come to Kochi to record his statement today.
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.
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 prohibition regime has been accompanied by concerns regarding the expansion of the illicit liquor trade, increased enforcement challenges and corruption, and the growing use of alternative intoxicants, including illicit drugs.'
BJP leader Subramanian Swamy on Sunday urged the Centre to do away with the system of collecting income tax and instead find out other means to raise money to the exchequer.
You don't need to be intimidated by the thought of filing tax returns
'Improved law and order and transparent governance have helped change UP's investment image.'
A grocery store owner in Bulandshahr alleges his PAN card was misused to set up six companies in Delhi after receiving an Income Tax notice for sales exceeding Rs 141 crore.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
The duty, which is charged at the rate of 10 per cent, is payable in currency of the nation where the gold was bought.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
'Users should protect their savings goals before allocating money to discretionary expenditure.'
Because they can easily find them out by analysing your financial transactions.
Education sector experts agree that using the "best technology" was essential to ensure students did not have to sit for an examination all over again because of a question paper leak.
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.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
The Federation of Indian Chambers of Commerce and Industry (Ficci) has sought urgent steps to clear the huge backlog of income-tax appeals, simplify tax deducted at source (TDS) compliance, and ensure tax neutrality for fast-track demergers, during its consultation with Revenue Secretary Arvind Shrivastava ahead of the Union Budget 2026-27.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
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 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
Ludhiana Police have busted a large cyber fraud racket, arresting 132 people involved in running fake call centres that targeted foreign nationals through various online scams.
India's Code on Wages mandates strict payout deadlines, two-day full and final settlements, universal wage coverage and capped deductions to safeguard employees and enhance payroll transparency nationwide.
A US federal judge has permanently dismissed the criminal securities-fraud case against Adani Group chairman Gautam Adani and his nephew Sagar, closing nearly two years of prosecution without a trial. Gautam Adani stated, "Truth has prevailed," in response to the ruling.
'Bringing it back will help prevent reassessments of the income already disclosed.'
The Maharashtra Anti-Terrorism Squad (ATS) is investigating a bogus religious trust in Beed that received funds from a controversial international organisation, Chief Minister Devendra Fadnavis announced.
The Delhi high court on Thursday rejected petitions by the Congress challenging the initiation of tax reassessment proceedings against it for a period of four years by tax authorities.
After social media outrage over a Budget proposal making it mandatory to get tax clearance certificates for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The finance ministry, in the Finance Bill, 2024, has proposed to add the reference of the Black Money Act, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate.
CBDT is the apex policy making body of the IT department.
