The Income Tax Department conducted searches at multiple locations in Kolkata, including the residence of TMC MLA Debashis Kumar and Miraj Shah, a proposer of Mamata Banerjee's candidature. The TMC alleges the raids are politically motivated.
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
The Income Tax Department has released all income tax return (ITR) forms for the assessment year 2026-27, enabling individuals, businesses, and other entities to begin filing their returns for the financial year 2025-26.
An Ahmedabad court has convicted the wife of a former Income Tax Officer in a disproportionate assets case dating back nearly two decades. The husband, also an accused, died during the trial.
A 59-year-old man was arrested in Bengaluru for allegedly defrauding an Income Tax department official by posing as a 'parrot astrologer' and promising career growth and a better life through rituals.
A former Income Tax officer has been sentenced to six months' rigorous imprisonment by a special CBI court in Thane in a 19-year-old bribery case. The officer was convicted of taking a bribe of Rs 20,000 to finalise a tax security assessment.
A gang posing as Income Tax officials robbed a contractor's home in Dhar, Madhya Pradesh, stealing gold and cash.
The Madras High Court dismissed a petition by actor Vijay challenging an Income Tax department order to pay a Rs 1.50 crore penalty for alleged non-disclosure of income during 2015-16.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
'The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.'
The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday. The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
The Delhi High Court has ruled that an individual cannot obtain details of their spouse's income from authorities by filing an application under the Right to Information (RTI) Act.
A growing conflict between India's insolvency law and tax rules is creating fresh uncertainty for companies undergoing resolution, with tax authorities increasingly denying the benefit of carrying forward past losses even after resolution plans have been approved by the National Company Law Tribunal (NCLT).
India's net direct tax collections increased by 5.12 per cent to over Rs 23.40 lakh crore in the 2025-26 fiscal year, but this figure still fell short of the revised budget target of Rs 24.21 lakh crore, primarily due to income tax cuts implemented earlier in the year.
The Income Tax Department has clarified the applicability of TDS (Tax Deducted at Source) on interest income for banking companies under the Income Tax Act, 2025, aligning it with the Banking Regulation Act, 1949.
GST Reform 2.0, which trims tax slabs from four to two, signals a push for demand-led growth, and together with recent income tax cuts, sets the stage for sustained economic growth, experts said. The Goods and Services Tax (GST) Council on September 3 approved an overhaul of the indirect tax regime by taxing essentials at 5 per cent and other goods at 18 per cent. A new 40 per cent tax will be applicable on luxury and sin items.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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
Central Board of Direct Taxes on Tuesday said stakeholders can send their inputs for drafting Income-tax rules and related forms pertaining to the proposed Income Tax Bill, 2025. The Income Tax Bill, 2025 was introduced in Parliament last month and is currently under examination by the Select Committee for detailed consideration.
The Allahabad High Court has quashed a magistrate court's order rejecting a woman's plea for her husband's income and property details in a domestic violence case, ordering a fresh review and emphasising the importance of income disclosure in such cases.
A senior tax assistant in the Income Tax department was sentenced to six months in jail and fined Rs 4000 in a bribery case by a special CBI court in Thane.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
rediffGURU T S Khurana answers readers' personal income tax queries
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
Implications for capital gains, wealth taxes, and investment strategies require careful consideration, notes Anil Rego, founder and CEO, RightHorizons.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
Lok Sabha Speaker Om Birla on Friday constituted a 31-member Select Committee of the lower house to examine the Income Tax Bill. To be headed by Bharatiya Janata Party's Baijayant Panda, the panel is mandated to submit its report by the first day of the next session.
Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House. Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.
Individuals earning up to Rs 12 lakh annually will not have to pay any income tax under the new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class by raising exemption limit and rejigging slabs. For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000.
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
The Central Information Commission (CIC) has directed the Income Tax Department to disclose 'generic details of the net taxable income/gross income' of an estranged husband to his wife for pursuing maintenance proceedings. The commission stated that such information cannot be denied on privacy grounds in matrimonial disputes.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
All services on the income-tax e-filing portal -- both pre-login and post-login -- are expected to be updated by April 1 to reflect the new legal framework.
rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego will answer your tax queries related to the Union Budget 2026-2o27.
A joint team of police and SSB seized over Rs 85 lakh in Indian and Nepalese currency and detained six persons along the Indo-Nepal border in Bahraich district.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances