The European Union (EU) has suspended export benefits to sectors such as textiles and plastics under a preferential scheme for India and two other countries from January 1, a move that will impact the country's shipment to the 27-nation bloc. The development is important as the two sides are likely to announce the closure of negotiations for a free tarde agreement (FTA) on January 27.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Tax experts answer your budget-related queries
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
The Monsoon session of Parliament saw the passage of several key bills in both the Lok Sabha and Rajya Sabha, despite repeated disruptions and adjournments.
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
Surprised? Don't be for you still have time till March 31, 2014 to file your income tax return for the financial year 2012-13.
BCB removes its director Najmul Islam from key post after players revolt
If not, an assessee might be charged interest for not paying TDS on time.
Amid economic uncertainties owing to the pandemic, the government's key revenue agency, the Income Tax Department, has close to 400 vacancies at commissioner level and above, affecting its functioning. Seventy-three of the 91 chief commissioner positions are lying vacant, with some for more than a year. Chief commissioner is the second-highest post in the department, below principal chief commissioner, which is at par with secretary in a ministry.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 per cent taxpayers have opted for new tax regime, a source said. Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.
The Congress in Karnataka on Tuesday claimed that Chief Minister B S Yeddyurappa and his family have evaded income tax to the tune of Rs 339.54 crore and demanded that the Centre institute a probe into it.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
What are the tax implications when you invest in real estate or any immovable property? Read on to find out.
The Enforcement Directorate (ED) has arrested Jawad Ahmed Siddiqui, chairperson of the Al Falah group, on money laundering charges. The ED alleges that Siddiqui generated Rs 415 crore dishonestly from students of educational institutions run by his Trust.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Learn to track your ITR's progress and correct any errors.
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.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
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.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
If saving taxes is a cause for concern, filing tax returns is an equally worrying thing for most taxpayers. Thanks to the complex system of tax filing, with its various forms and exclusions that invariably change every financial year, taxpayers are left in the lurch! Here's a simple ready reckoner that takes you through the steps to file tax.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Net direct tax collection dipped 3.95 per cent to Rs 6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities.
Noting that recent uncertainties created by global tariffs have not impacted the Indian economy severely, Anuradha Thakur, secretary, Department of Economic Affairs, said the central government is hopeful that the recent goods and services tax (GST) rationalisation will ignite the much needed animal spirits in the financial sector.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
Navjot Kaur Sidhu claims support within the Congress party after being suspended for her controversial remarks. She also accuses Sukhjinder Singh Randhawa of corruption and links to smugglers.
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
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.
The declared incomes of registered unrecognised political parties witnessed a 223 per cent spike in 2022-23 and more than 73 per cent of these parties failed to publicly disclose their financial records, according to poll rights body the Association for Democratic Reforms (ADR).
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances