CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
While the black money declarations may go up further once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get this fiscal nearly Rs 14,700 crore or half of the total taxes due.
Maharashtra's Ladki Bahin Yojana has seen 81 lakh registered beneficiaries removed following a multi-month e-KYC verification drive, with the state's Women and Child Development Minister Aditi Tatkare clarifying the process was mandatory to filter out ineligible individuals, income-tax payers, and government employee families.
Making several announcements in the assembly, Vijay, fulfilling TVK's key electoral assurances, announced three free cooking gas cylinders and also declared that the Parandur greenfield airport project will be shelved.
The Supreme Court is scheduled to hear on August 31 a plea which has challenged the validity of a provision of the Income Tax Act that allows political parties to receive cash donations below Rs 2,000.
For members, the message is simple: don't be misled by headlines about '100% withdrawal'. The basic purpose of the EPF remains unchanged -- to help employees build a financial cushion for retirement while allowing limited access to savings for genuine needs during their working lives.
Around 80 lakh women in Maharashtra have been disqualified from the Mukhyamantri Majhi Ladki Bahin scheme after failing to meet the e-KYC deadline, leading to accusations from opposition parties that the state government is reducing beneficiaries due to financial constraints.
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
Actor Mohanlal has declared possession of 10 elephant tusks and 13 ivory idols to the Kerala Forest Department under an amnesty scheme. This new disclosure comes as he continues to face trial for alleged illegal possession of wildlife articles, a case that originated in 2011 and has seen the Kerala High Court direct the continuation of legal proceedings against him.
Tax treatment depends on the activity and manner of earning income.
India's largest retirement fund manager, the Employees' Provident Fund Organisation (EPFO), is enhancing its investment governance and fund management practices, following the Reserve Bank of India's recommendations.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
A US federal judge has permanently dismissed the criminal securities-fraud case against Adani Group chairman Gautam Adani and his nephew Sagar, closing nearly two years of prosecution without a trial. Gautam Adani stated, "Truth has prevailed," in response to the ruling.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
Proposal forms are often filled by the agent. Check the form after it is filled.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
The government on Thursday clarified that black money declarants using the one-time compliance window cannot pay tax and penalty from undisclosed income to bring down their liability.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
The Allahabad High Court has ruled that a daughter-in-law is not legally obligated to maintain her parents-in-law under Section 125 of the CrPC, now Section 144 of the BNSS, clarifying the scope of maintenance laws in India.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'Among corporates, about 60% of income is now reported under the new tax regime.'
The forms - 1, 2, 3 and 4 - can be used both for e-filing or manual filing of the black money assets by a declarant under the Income Declaration Scheme (IDS).
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
However, an official acknowledgment of receiving a valid declaration under IDS (Form-2) will only be given to the concerned entity after a PAN number is allotted to him or her
The Congress party has strongly criticized the Union Budget, calling it 'lacklustre' and 'disappointing,' claiming it fails to address the needs of farmers, unemployed youth, and other key sectors.
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
rediffGURU T S Khurana answers readers' personal income tax queries
While the BJP received the highest amount, securing Rs 1,685.63 crore, the Congress received Rs 828.36 crore, and the Aam Aadmi Party (AAP) Rs 10.15 crore.
A nationwide strike called by central trade unions saw a mixed response across India, impacting various sectors and states differently, with some areas experiencing disruptions while others remained largely unaffected.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Of the 5 lakh women who were deemed ineligible, 1.5 lakh were found to be above the age of 65, while 1.6 lakh either had a four-wheeler or were beneficiaries of other government schemes like the Namo Shetkari Yojana, the official said.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Younger customers should opt for increasing cover as their financial commitments are likely to rise in the future.
'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.'
rediffGURU T S Khurana answers readers' personal income tax queries.
Understanding severance pay isn't just for those who are losing their jobs
