rediffGURU Vipul Bhavsar answers readers' personal income tax queries
A court in Thane acquitted a suspended Income Tax Officer and his wife in a 2007 disproportionate assets case, criticising the CBI for a flawed investigation.
A special CBI court in Thane acquitted an Income-Tax officer accused of demanding a bribe, citing lack of proof of illegal demand and contradictory evidence.
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.
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 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.
The number of individuals who declared a gross income of Rs 100 crore or more in their income-tax returns had risen to 301 in 2022-23, moderated slightly to 284 in 2023-24, then climbed to 415 in 2024-25.
The number of individuals reporting a gross total income of 100 crore or more in their income tax returns has quadrupled to 576 in Assessment Year 2025-26, up from 142 in AY 2021-22, according to data shared in Parliament.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
Income Tax officials seized Rs 9 crore in cash from a car near Bengaluru's Electronic City, leading to further recovery of Rs 1.3 crore in Tamil Nadu, bringing the total to Rs 10.3 crore. The interception followed police information about illegal cash transportation, and an investigation is underway to determine the source and purpose of the funds.
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
rediffGURU T S Khurana answers readers' personal income tax queries.
Taxpayers must provide more details to support deduction and exemption claims.
'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.'
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
RediffGURU Mihir Tanna broadly lists the ITRs to be filled by individuals having income from salary, house property, capital gain, business and other sources.
The Central Board of Direct Taxes (CBDT) has released a 198-page guidance note to assist crypto-asset service providers in complying with reporting obligations under the Income-tax Act, 2025, aligning India with the OECD's Crypto-Asset Reporting Framework (Carf) for automatic exchange of tax information.
The income-tax department has launched a significant verification drive targeting 394 entities and 36 professionals over suspected irregularities in substantial foreign remittances made over the past three years, aiming to uncover potential tax evasion and fraudulent transactions.
The authorities have said that it is not permissible to examine and review in 2026 the decision taken by the trustees in 1988 regarding the existence of necessity for transfer of shares.
'Taxpayers should not ignore any of these notices. Verifying the facts and responding promptly can help resolve issues early and avoid unnecessary litigation.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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).
A Special Investigation Team (SIT) probing the alleged embezzlement of donation money at the Ram Temple in Ayodhya is expected to question people associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust and review banking arrangements for donations.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
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.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
'Since the category has a limited track record, assess the fund manager's experience across equity and debt market cycles rather than relying only on past returns.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Where is the official record? Media bytes are not parliamentary records. What matters is what is recorded on the floor of Parliament. I am not denying that we had a heated exchange.'
rediffGURU T S Khurana answers readers' personal income tax queries
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
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
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
Tax treatment depends on the activity and manner of earning income.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
