This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
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 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 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.'
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.
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.
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.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
The Income Tax department on Friday said it has made available the excel utility for ITR-1 and ITR-4 for AY 2025-26, which will enable taxpayers to file their income tax returns. "The Excel Utility for ITR-1 and ITR-4 for AY 2025-26 has been enabled and is now available for taxpayers," the Income Tax department said in a post on X.
Tax experts answer your budget-related queries
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'.
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
Bank of Baroda economists project India's GDP to grow 6.5-6.8 per cent in FY27 but warn that the fiscal deficit could overshoot the budgeted 4.3 per cent target, potentially reaching 4.7-4.8 per cent of GDP due to subsidy overruns, excise duty cuts, and oil marketing company losses.
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 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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
There is more to tax savings than Section 80C. These six can help you optimise your tax savings.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
Ask rediffGURU and PF, MF and insurance expert Purshotam Lal your mutual fund, insurance and personal finance-related questions.
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.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
rediffGURU T S Khurana answers readers' personal income tax queries
rediffGURU Anil Rego answers readers' personal income tax queries.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
'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.'
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Filing a belated return is far better than not filing at all.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
