Believe it or not, it's really not all that tough. All you need to do is to get a bit proactive and collect some important documents, something you would need to do anyway, even if you use the services of a professional.
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.
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.
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'.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Finance Minister Nirmala Sitharaman on Monday introduced the Taxation Laws (Amendment) Bill, 2025, which aims to provide tax exemptions to subscribers of the Unified Pension Scheme.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
Makers of spirits, beer, and wine are working to identify new markets of growth as two of the industry's biggest liquor markets, Maharashtra and Telangana, remain embroiled in taxation and payment issues.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
'Bringing it back will help prevent reassessments of the income already disclosed.'
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
ITRs with zero tax liability have increased to 55.7 million in FY25.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
'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.'
'What we are witnessing is a massive anti-incumbency wave that has cut across all social and political divides.'
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.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
In order to cripple and check the activities of wilful tax defaulters, the Income Tax department has decided to "block" Permanent Account Number (PAN) of such entities, get their LPG subsidy cancelled and take measures to ensure that they are not sanctioned loans.
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.
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.
'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.'
Vaibhav Sooryavanshi's explosive innings and Arjun Tendulkar's half-century guided DY Patil Blue to a thrilling victory in the DY Patil T20 Cup.
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
Under the TMC, Bengal has seen expansion of welfare, but not big-ticket private investment.
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 petition points out that Shami's annual income, as disclosed in his Income Tax Return for 2021-22, stood at nearly Rs 48 crore, while she has been forced to live in "downtrodden conditions", struggling to meet even basic expenses.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
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.
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.
Kerala's voters are sophisticated, educated, and unforgiving. They have once again made it clear that no government is entitled to remain in power. The Congress would do well to remember this, points out Ramesh Menon.
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.
The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
