Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
'Government's focus should be on the expenditure side in this Budget, not so much on the taxation side.'
Finance Minister Nirmala Sitharaman presented her eighth budget on Saturday.
'The protection of secrecy and anonymity gets lost with this linking.'
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
Car purchases in India are largely limited to the top 12 per cent of households with an annual income exceeding Rs 12 lakh, while even small cars have become unaffordable for the remaining 88 per cent, said R C Bhargava, chairman of Maruti Suzuki India Limited (MSIL), on Friday. "How can you get high car sales growth if 88 per cent of the country are below the levels of income where they cannot afford these cars costing Rs 10 lakhs and above?
'Sindoor symbolises our culture, honour and dignity. Modiji has acted rightly against Pakistan by naming it Operation Sindoor.'
The tax department conducts about 100-150 "full blown" searches and surveys in a financial year, and this enforcement action is not aimed towards the common taxpaying individual or entity.
The Income Tax authorities have left the offices of the BBC in New Delhi and Mumbai after three days of lengthy questioning of some of its staff, the United Kingdom-headquartered public broadcaster said on Thursday.
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Indian-origin lawmaker Zohran Kwame Mamdani stunned in the Democratic primary race for New York City mayor, upsetting former governor Andrew Cuomo.
S&P Global Ratings on Tuesday upped India's GDP growth forecast for the current fiscal to 6.5 per cent, citing lower crude prices, monetary easing and normal monsoon, and said the ongoing geopolitical tensions are unlikely to put a "significant pressure" on the rupee or inflation.
Personal income tax as a percentage of GDP has gone up from 2.11 per cent in 2014-15 to 2.94 per cent in 2021-22 fiscal, indicating that taxpayer base is widening as a result of the steps taken by the present government led by Prime Minister Narendra Modi.
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
India is well-positioned to deal with the negative effects of US tariffs and global trade disruptions as domestic growth drivers and low dependence on exports anchor the economy, Moody's Ratings said on Wednesday.
While demand for sub Rs 50-lakh affordable housing prevails, market players cite increased land rates, escalated construction costs and low margins as key prohibiting factors.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
An accused is discharged at the stage of charge-framing when the judiciary is persuaded that the prosecution's claims do not contain adequate prima facie evidence to suggest criminal conduct.
Finance Minister Nirmala Sitharaman on Saturday said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
The income tax department's marathon "surveys" at BBC's offices ended on Thursday, after clocking over 58 hours in total, as officials prepared an inventory of financial data from select staffers and collected digital and paper data.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
'We believe that in the new world order FTAs or bilateral trade agreements (BTAs) are the way forward.' 'They are enablers for our participation in global value chains. Today, around 70 per cent of global trade is tied to these chains.'
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your income tax queries.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
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.
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
rediffGURU T S Khurana answers readers' personal income tax queries
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
Zohram Kwame Mamdani would be the city's first Muslim and Indian American mayor if elected New York mayor this November.
There have been multiple instances of the same entity appearing as both a public shareholder as well as under the promoter classification in some listed companies. And this dual-classification happened in the same quarter, according to data compiled by primedatabase.com.
Arms dealer Sanjay Bhandari has opposed the Enforcement Directorate's (ED) plea in a Delhi court seeking to declare him a "fugitive " in connection with a black money case. Bhandari claims his stay in the UK is legal as the London High Court denied his extradition to India. The court's decision was also cited by an English court in April to deny the Indian government's request to extradite another accused in a rice-buying scam. Bhandari's lawyer argued that the ED's application was "vague, misplaced and without jurisdiction " and that the value involved in the case was less than the required Rs 100 crore to declare someone a "fugitive. " The Delhi court has sought the ED's rebuttal to Bhandari's argument by May 3.
Income tax authorities on Friday launched coordinated searches across different locations in Tamil Nadu linked to state Electricity Minister V Senthil Balaji, police sources said.
Hero MotoCorp on Tuesday posted 24 per cent increase in consolidated profit after tax at Rs 1,169 crore for the fourth quarter ended March 31, 2025 riding on higher margins backed by better product mix, parts revenue and cost effectiveness. The company had reported a consolidated profit after tax (PAT) of Rs 943 crore in January-March FY24.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
ITRs with zero tax liability have increased to 55.7 million in FY25.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances