The government on Tuesday announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read. Presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will come out with SoP (standard operating procedure) for TDS defaults and simplify and rationalise compounding of such offences.
rediffGURU T S Khurana answers readers' personal income tax queries
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
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.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
He added that the family is focused on the cremation process and gathering more information from the office staff.
The SIT investigating self-styled godman Ashok Kharat, who faces multiple rape accusations, has made significant breakthroughs.
Yuzvendra Chahal's impressive bowling performance and Yash Dhull's explosive batting were among the highlights of the opening day of the DY Patil T20 Cup.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
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.
BJP state president Rajeev Chandrasekhar, contesting from Nemom, Kerala, declares assets exceeding 93 crore, including movable and immovable properties, ahead of the upcoming Assembly elections.
The World Bank has affirmed India's strong position to withstand the current global energy shock, citing high foreign exchange reserves, fiscal space, and low inflation as key buffers supporting continued growth despite international headwinds.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
Four Madhya Pradesh police officers have been suspended for allegedly accepting a bribe of Rs 20 lakh from a businessman in exchange for releasing Rs 1 crore found in his vehicle.
The Maharashtra government sanctioned over Rs 1 crore for development works at a temple linked to Ashok Kharat, a self-styled godman accused of rape, in 2018. The funds were approved under the regional tourism development scheme. Kharat was arrested on March 18 after being accused of repeated rape.
Congress leader Priyanka Gandhi Vadra has accused the CPI(M)-led LDF in Kerala of striking a secret deal with the BJP for the upcoming Assembly elections, alleging suppression of dissent and targeting of minorities by both the state and central governments.
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 FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
The Delhi High Court has upheld a trial court's order declaring UK-based arms consultant Sanjay Bhandari a 'fugitive economic offender' in a money laundering case, allowing the Enforcement Directorate to proceed with confiscating his assets.
The most common mistake is investing without assessing suitability and long-term implications.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
Eight teachers in Maharashtra's Beed district have been suspended for allegedly using false hearing impairment claims to obtain government benefits. An inquiry revealed discrepancies in their disability certificates, leading to departmental action.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
What items did Finance Minister Nirmala Sitharaman make costlier?
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
A brother and sister, allegedly involved in 31 criminal cases of theft and snatching, were arrested in Delhi after a mobile phone snatching incident.
Have income tax-related questions? Ask rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego.
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.
The FM also said the government has proposed a joint panel of Corporate Affairs Ministry and CBDT for incorporation of income computation and disclosure standards.
Rajya Sabha MP Raghav Chadha refutes allegations of inaction in Parliament, asserting his commitment to raising public issues and creating impact.
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?
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