rediffGURU T S Khurana answers readers' personal income tax queries.
Tax consultant Mahesh Padmanabhan throws light on six reasons why you must file your tax returns and then lists out the virtues of why you must not hide interest income earned while filing tax returns.
In a bid to make tax collection paperless and hassle-free, Centre will start E-refund of income tax from April, having put in place E-filing of tax deduction at source and tax information network.
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.
Here's a list of countries with no personal income tax.
A group to study simplification of laws relating to income tax has recommended removal of redundant provisions and use of simple language.
The Supreme Court's verdict directing Tiger Global to pay capital gains tax on its 2018 sale of Flipkart shares is unlikely to accelerate the selloff by foreign portfolio investors (FPIs). However, legal and tax experts say the ruling sharpens scrutiny around treaty benefits and could influence how offshore investors structure future India bets.
Real GDP growth surprised on the upside in 2025, but weaker nominal growth, trade uncertainty, and soft demand signal a bumpier road ahead.
'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.'
Trade deals ease risks for Indian equities, but weak demand and stretched valuations raise questions over whether optimism -- especially in smallcaps -- can turn into a sustained bull run, points out Debashis Basu.
The Central Information Commission will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of RTI Act.
Passenger vehicle dispatches from companies to dealers raced to the highest ever sales mark in a calendar year in 2025 as a reduction in prices due to GST reforms led to robust sales in the festive season, industry body SIAM said on Tuesday.
'Given that India underperformed emerging markets by 28 per cent in 2025, the worst performance in over 30 years, the timing of the sharp STT hike could have been better.'
The committee has been asked 'to study and identify the provisions.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
India is faced with a unique opportunity highest increase in working age (15-64) population over the next 20-30 years which can propel economic growth. India will account for 25 per cent of the global increase in workforce over the next 4 decades.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
Can't believe you can file your income tax return without Form 16? Read this...
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.
As the voting process for the new Conservative Party leader formally opened with postal ballots being mailed out to Tory members from Monday, Rishi Sunak vowed to cut the basic rate of income tax by 20 per cent in a few years if he is elected Britain's prime minister.
Due date is closing in and taxpayers shall pay tax and file their return well in time to avoid any interest or penalties.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
Concerned over the high outstanding wealth tax and income tax, Finance Minister Jaswant Singh said as against a tax demand of over Rs 70,670 crore, the net collectable demand stood at only 35 per cent of the total amount.
There are some solid reasons for acquiring a PAN card (if you don't have one) and filing your ITR within the due date, which is 31st July every year.
Income Tax authorities conducted surveys at the offices of Indian Premier League team franchises Pune Warriors in Pune and Mumbai and Royal Challengers Bangalore offices in the southern city as part of their probe into alleged tax evasion.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
'There is a challenge in repositioning yourself, maybe reinventing yourself.'
The loss of input tax credit (ITC) following the rationalisation of the goods and services tax (GST) on individual life and health insurance from 18 per cent to nil is may weigh on the profits of life insurers in the third quarter (Q3) of 2025-26 (FY26).
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The 52-year-old, who started as a helper, has been in the business for the last 35 years. Today, assisted by his wife and a team of seven workers, Sakhare sells about 50 kgs of poha (made out of flattened rice), serving 1,000- 1,200 people daily, which fetches him over Rs 100,000 a month.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
Archit Gupta on how can you maximise your savings and reduce your taxable income.
In a major relief to tax payers, the Union Budget for 2005-06 on Monday altered income tax brackets.
The Union Cabinet dropped the condition laid by previous government to exempt income tax payers from Haj subsidy.
It is not just about archaic limits, there are a number holes which, if plugged, will come to the aid of taxpayers, rues Neha Pandey Deoras
The Supreme Court of India has struck down key provisions of the 2021 Tribunals Reforms law, citing violations of separation of powers and judicial independence. The court restored earlier directions on tenure for tribunal members.
We attempt to demystify for the salaried class the two main ITR forms applicable in their case, i.e. Forms ITR-1 and ITR-2.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances