AICC general secretary Sachin Pilot has accused Kerala Chief Minister Pinarayi Vijayan of following similar political approaches to Prime Minister Narendra Modi, alleging a tacit understanding between the CPI(M) and the BJP in Kerala.
'Personal income tax collections have been high on account of impressive advance tax mop-up.'
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The proposals outlined in Budget 2026-27 represent a carefully crafted, multi-year strategy designed to strengthen India's big bets on the path to Viksit Bharat 2047, says Sameer Gupta.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
Cooperatives have demanded the abolishment of income tax on theirs as well as the state cooperative banks' earnings failing which they would resort to agitations across the country.
Denying any delay in the introduction of Income Tax Code that will comprehensively review current income rates and slabs, Finance Minister P Chidambaram on Thursday said the government will introduce the code this year.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
Filing your Income tax returns electronically through the internet is a simple, easy and convenient process.
The government had in May extended the date for filing ITR for FY2019-20 from July 31 to November 30, to give compliance relief to taxpayers.
Rahul Gandhi accuses Mamata Banerjee of not directly fighting the BJP, alleging that this indirect approach benefits the ruling party. He also criticised her government's performance on job creation and handling of corruption.
.jpg)
Taxpayer will also have to forego deduction under 80CCC (contribution towards certain pension fund), Section 80D (health insurance), 80E (interest on loan for higher education), 80EE (interest on loan taken for residential property), 80EEB (purchase of electric vehicle), 80G (donation to charitable institutions), and 80G (rent paid).
The government earned Rs 7.42 lakh crore as direct taxes in 2015-16, a 66 per cent increase from Rs 4.45 lakh crore in 2010-11
Reliance Industries Ltd reported a 12.5 per cent fall in its March quarter net profit, primarily impacted by the global energy crisis affecting its oil and chemicals business, while its consumer-facing Jio Platforms unit saw a 13 per cent increase in profit after tax.
Under fire for technical glitches plaguing the new income tax return filing portal, Infosys CEO Salil Parekh on Wednesday said the new portal developed by his company is seeing "steady progress" and already 1.9 crore returns have been filed. He further said that taxpayers' concerns are being "progressively addressed". "We are seeing a steady progress on the income tax system. As of yesterday we had over 1.9 crore returns that have been filed using the new system.
rediffGURU T S Khurana answers readers' personal income tax queries.
'I cannot imagine that any NSA before Ajit Doval would have given us this kind of time and this kind of engagement. They would have offered slogans, or nothing at all. That, too, tells you something.'
The DMK party in Tamil Nadu has released its manifesto for the upcoming Assembly elections, promising a range of welfare measures focused on women, education, and economic development, including financial assistance and job creation initiatives.
India's electric passenger vehicle market saw an 87.4 per cent year-on-year increase in FY26, reaching 233,246 units, primarily driven by the mid-size SUV segment (20-30 lakh price bracket), while the entry-level segment (sub-10 lakh) experienced a decline.
Congress MP Priyanka Gandhi has accused the ruling LDF in Kerala and Chief Minister Pinarayi Vijayan of being Prime Minister Narendra Modi's "B-team" and of secretly joining hands with the BJP, alleging a compromised leadership and lack of accountability.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
According to a study, there are several misconceptions regarding income tax.
rediffGURU T S Khurana answers readers' personal income tax queries
I don't know who would want to celebrate the creation of the income tax, other than the tax officials themselves, says T N Ninan.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
The government has shown its efforts in phasing out the four-and-a-half-decade old Income Tax Act of 1961 with a new and 'taxpayer friendly' Code. The Code is designed to provide stability to the tax regime and is based on the accepted principles of taxation and best international practices.
The Delhi high court on Friday stayed a Rs 1,140 crore angel tax demand raised by the Income Tax department from hospitality and hotel aggregator Oyo's parent company Oravel Stays Private Limited for the assessment year 2020-21. The tax demand was issued under Section 56(2) (viib) of the Income Tax Act, commonly known as the "angel tax" provision, which applies when unlisted companies issue shares at a value exceeding their "fair" market price.
Atishi claimed the notice was sent to scare her, but "we have come from difficult fields to change politics of this country and we will not get intimidated by these hollow threats of the BJP".
Even if your only source of income is salary and the tax has been deducted at source, you need to file returns.
Global financial consultancy firm Ernst and Young wants the personal income tax slabs to be raised to a reasonable level as the lowest bracket "kicks in too early".
HDFC Life Insurance reported a 4 per cent year-on-year increase in net profit to Rs 495.6 crore for Q4FY26, while its parent, HDFC Bank, announced a Rs 1,000 crore preferential share issuance to raise its stake to 50.5 per cent.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
'Whether it is an Indian entity or an overseas subsidiary of the entity that is making the payment, if the owner is Indian, then he or she is contributing to the Indian casualties.'
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
A Pune-based businessman has accused self-styled godman Ashok Kharat of defrauding him of Rs 6 crore (600,000) under the guise of helping him establish a logistics business abroad. This is the eighth case registered against Kharat, who is already in police custody on separate charges.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances