The Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
'Any earnings, regardless of location, will be subject to Indian income tax.'
In sops for the middle class, Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption. She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget. The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually.
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
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.
'What we are witnessing is a massive anti-incumbency wave that has cut across all social and political divides.'
The NSO previously tried to collect household income data in its ninth (1955), 15th (1959), 19th (1964), and 24th (1969) rounds (July 1969-June 1970), but these efforts were not completed, partly due to non-responsiveness by respondents.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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.
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.
Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data showed. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore.
The government on Wednesday said it would tax only 40 per cent of salary arrears to be paid to central government employees in the current fiscal on implementation of Sixth Pay Commission recommendations.
Under the TMC, Bengal has seen expansion of welfare, but not big-ticket private investment.
A Pune-based businessman has accused self-styled godman Ashok Kharat of defrauding him of Rs 6 crore (600,000) under the guise of helping him establish a logistics business abroad. This is the eighth case registered against Kharat, who is already in police custody on separate charges.
Hiring demand strongest in ecommerce, tech startups, healthcare, and energy sectors, with Bengaluru, Hyderabad, and Pune leading.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
As on April 1, income tax arrears have increased to Rs 43 trillion from Rs 24 trillion on April 1, 2023.
rediffGURU T S Khurana answers readers' personal income tax queries.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
The idea of back-loading the target of fiscal consolidation is perhaps guided by the government's desire to be prepared for any adverse developments in the coming year, points out A K Bhattacharya.
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 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.
rediffGURU T S Khurana answers readers' personal income tax queries.
Hindustan Unilever (HUL) exceeded consensus estimates in Q4FY26, driven by lower overheads and 6 per cent consolidated volume growth. However, the company anticipates further price hikes to counter an expected 8-10 per cent material cost inflation, while maintaining a mid-term margin guidance of 22.5-23.5 per cent.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Passenger vehicle sales in India reached a record high of 4.7 million units in FY26, boosted by strong performances from major automakers and the implementation of GST 2.0.
'Every year we import approximately $70 billion worth of gold -- closer to $72 billion in 2025-2026, an all-time record.' 'There is no parallel for this anywhere in the world. And this love for gold will not disappear overnight.'
Clearing the way for oil refiners to pay Iran in Indian rupee, the Union Budget has exempted the payments made for crude oil purchased from the Persian Gulf nation, from any local tax.
Shares of Infosys surged nearly 4 per cent on Wednesday, a day before the opening of the tender window for its Rs 18,000-crore share repurchase programme. The buyback, which will see the company repurchase 100 million outstanding shares at Rs 1,800 each, will remain open until November 26.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
Is there any tax implication while making an investment in shares? Are investors in shares entitled to any tax benefits? Check out.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Finance Minister P Chidambaram on Thursday provided some relief to income tax assesses earning up to Rs 111,250 annually.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
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.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
The government in FY26 Budget should announce an "effective" personal income tax cut to support consumption and demand, Barclays said on Thursday. In its FY25-26 Union Budget preview, Barclays said the key ask from the Budget, to be presented on February 1, is to support growth while adhering to fiscal consolidation path.
'There is no retrospective changing of the law, only its simplification.'
