The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
Congress chief Mallikarjun Kharge's remark calling Prime Minister Narendra Modi a 'terrorist' has triggered strong reactions from the BJP, who have demanded an apology from Congress leader Rahul Gandhi and Tamil Nadu Chief Minister M K Stalin.
A brother and sister, allegedly involved in 31 criminal cases of theft and snatching, were arrested in Delhi after a mobile phone snatching incident.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Ahead of the Union Budget 2026-27, Indian business houses have urged the government to make demergers tax-neutral, particularly in cases involving transfer of investments in associate companies with 25 per cent or more shareholding, under the new Income Tax Act. This may possibly help some companies planning to go public, according to a source.
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 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.
'In investing, poor sentiment is always a good vintage to build a portfolio.'
'What we are witnessing is a massive anti-incumbency wave that has cut across all social and political divides.'
Indian insurance companies are bracing for reduced profitability in Q4FY26, primarily due to the rationalisation of GST on retail life and health policies, leading to a loss of input tax credit, coupled with volatility in equity markets impacting investment income.
Is the parabolic rise in silver running out of steam or just getting started? Ramalingam Kalirajan offers his take on if you should invest in silver now?
Godrej Consumer Products Ltd (GCPL) delivered a robust Q4FY26 performance, with steady demand in India and signs of stabilisation in international markets, despite persistent inflationary pressures. The company expects to maintain profitability in FY27 through strategic cost management and pricing adjustments.
Whether he comes to power or not, both his admirers and opponents agree on one thing -- Vijay may well turn out to be the 'X factor'.
Under the TMC, Bengal has seen expansion of welfare, but not big-ticket private investment.
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.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Former chief secretary Vinit Chowdhary has criticised Himachal Pradesh Chief Minister Sukhwinder Singh Sukhu over his handling of graft allegations in the Chester Hill housing project.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
FMCG major Hindustan Unilever Ltd (HUL) reported a 21 per cent increase in its March quarter consolidated net profit, reaching Rs 2,994 crore, primarily driven by higher volumes and a significant gain from the divestment of its stake in Nutritionalab.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Kanpur Police solved a robbery case leading to the discovery of a large hawala network. Six people were arrested, and investigations are ongoing to uncover the full extent of the illegal financial activities.
Priyank Kharge accused the RSS of money laundering, demanding transparency in their financial dealings and questioning their exemption from laws applicable to other organizations.
Rajya Sabha MP Raghav Chadha refutes allegations of inaction in Parliament, asserting his commitment to raising public issues and creating impact.
Finance Minister Pranab Mukherjee has revised the Income Tax rates.
The government on Thursday extended the deadline till December 31 for filing of income tax returns by individuals for the financial year 2021, amid the coronavirus pandemic and technical glitches in the IT portal. Earlier, the deadline was extended to September 30, 2021. Usually, the last date for filing the ITR (Income Tax Returns) for the individual taxpayers is July 31. "On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961, Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22," the finance ministry said in a statement.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
Those conducting their businesses predominantly in cash and evading income tax have reasons to worry.
The signing of Pakistani spinner Abrar Ahmed by Sunrisers Leeds in The Hundred auction has ignited controversy, drawing criticism from figures like Lalit Modi and Sunil Gavaskar due to the historical exclusion of Pakistani players from the IPL and concerns over financial contributions to Pakistan.
In the era of e-filing, small mistakes lead either to delayed or complete denial of income tax refunds. So, avoid these 5 common mistakes that could lead to delay in refunds.
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.
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.
ICICI Bank reported a 9.28 per cent increase in its consolidated net profit to Rs 14,755 crore for the March quarter of FY26, primarily driven by a nearly 90 per cent reduction in provisioning. The bank's executive director, Sandeep Batra, noted strong asset growth but expressed caution regarding the geopolitical situation in West Asia.
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
Around 24 paise will come from borrowings and other liabilities, 10 paise from non-tax revenue like disinvestment, and 2 paise from non-debt capital receipts, the Budget documents showed.
Trent reported a 20 per cent revenue rebound in Q4FY26, driven by a recovery in like-for-like growth and significant store additions. The company's board has approved raising up to 2,500 crore in equity to fund investments in store network upgrades, new brands, supply chain automation, and Star Bazaar expansion, alongside a 1:2 bonus issue and a 6 dividend.
rediffGURU T S Khurana answers readers' personal income tax queries
'As a result of delays, the desired reliefs are not coming for taxpayers.'
The income tax department will allow people to file 'belated return' until December 31.
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