A significant fire broke out in the basement of the seven-storey Income Tax Office building at Churchgate, South Mumbai, on Monday afternoon, leading to the evacuation of numerous individuals, with no casualties reported so far.
The Income Tax Department in Mumbai has inducted 97 accomplished sportspersons under its sports quota, including cricketer Tejal Hasabnis and para shooter Akash, to strengthen its commitment to recognising sporting excellence and nurturing talent in public service.
The income tax department has significantly reduced refund processing times over the past few years. But while some taxpayers receive refunds within days, others may wait several weeks or even longer. Here's why.
A delayed ITR could prompt greater scrutiny, document requests or processing delays.
The CBI has arrested an Income Tax superintendent in Odisha, Ramesh Kumar Mohanty, for allegedly accepting a bribe of Rs 4,000 to delete a duplicate PAN card record. He was caught red-handed after a complaint was filed, and a case has been registered under the Prevention of Corruption Act.
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.
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.
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 enabled online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2026-27, allowing small and medium taxpayers to file returns for income earned in the 2025-26 fiscal year.
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.
Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
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.
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.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
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.
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 Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and service providers to levy charges on UPI and other electronic payment modes. This move aims to create a sustainable revenue model for the digital payments ecosystem, shifting from the current exemption of UPI transactions from such charges.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
Passenger vehicle dispatches in the domestic Indian market are estimated to have surged by 33 per cent to approximately 4.7 lakh units in July, with market leaders Maruti Suzuki and Hyundai reporting record sales, alongside significant growth from Tata Motors and Mahindra & Mahindra.
'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.'
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.
The Delhi government has notified detailed guidelines for the Delhi Lakshmi Yojana, outlining strict provisions for beneficiaries found ineligible, including discontinuation of financial assistance, recovery of disbursed funds, and potential fraud charges. The scheme provides Rs 2,500 monthly to eligible women, with specific rules for fund disbursement via RD/FD accounts and CBDC wallets, along with clear eligibility and exclusion criteria.
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.
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
Rajya Sabha proceedings were adjourned following an uproar over an alleged derogatory 'lungiwala' remark made by BJP MP Sushmita Dev against CPI(M)'s John Brittas, who had moved a privilege motion. Dev denied the accusation, stating she had not cast aspersions on any state's attire.
Taxpayers must provide more details to support deduction and exemption claims.
Cognizant reported a 1.4 per cent year-on-year dip in net profit for the April-June quarter to $636 million, while revenue grew 4.5 per cent to $5.5 billion. The company has also cut the top end of its annual guidance, citing a slowdown in macroeconomic conditions and rising uncertainty.
The Calcutta high court has held that voter identity cards, Aadhaar and PAN cards are not conclusive proof of Indian citizenship.
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.
BJP sources said the government would introduce a fresh Bill on the issue and has reached out to parties that opposed the earlier legislation.
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.
India's domestic passenger vehicle sales experienced a robust 24.6 per cent year-on-year increase in June, propelled by favourable government policies like income tax relief and repo rate cuts, alongside resilient rural demand, even as global crude oil prices pose potential cost pressures.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
GDN has a fascinating genius at its centre, but Madhavan's terrific performance is let down by a repetitive, overly familiar biopic treatment.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
