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
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
The finance minister said that consolidation of state-owned banks could proceed at any time without waiting for the recommendations of the proposed high-level committee on banking.
'Among corporates, about 60% of income is now reported under the new tax regime.'
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
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.
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
The Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
The idea of back-loading the target of fiscal consolidation is perhaps guided by the government's desire to be prepared for any adverse developments in the coming year, points out A K Bhattacharya.
The Indian economy is likely to grow at 7.4 per cent in 2025-26, up from 6.5 per cent in the previous fiscal, mainly on account of better performance of manufacturing and services sectors, as per the government data released on Wednesday.
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.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
The country's primary capital markets delivered a robust performance in FY26, emerging as a global leader in initial public offerings (IPOs) despite an uncertain environment, the Economic Survey said on Thursday.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
'The trade deficit in some sectors is huge and that is an area of opportunity to localise.'
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
rediffGURU T S Khurana answers readers' personal income tax queries
The most common mistake is investing without assessing suitability and long-term implications.
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
The Centre is considering amendments to the Recovery of Debt and Bankruptcy Act in the Budget to allow some Debt Recovery Tribunals to focus only on high-value cases.
Supported by strong buoyancy in public sector capital expenditure (capex), growth in infrastructure investment is expected to accelerate in 2025-26 (FY26) compared to 2024-25 (FY25), according to the First Advance Estimates of gross domestic product (GDP) for FY26 released by the National Statistics Office (NSO) on Wednesday.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Passenger vehicle dispatches from companies to dealers raced to the highest ever sales mark in a calendar year in 2025 as a reduction in prices due to GST reforms led to robust sales in the festive season, industry body SIAM said on Tuesday.
Under the new rules, users must take a "live selfie" using software that verifies their presence, typically through eye-blinking or head movement. The measure helps prevent the use of static photos or deepfakes.
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.
Chaitanya Baghel, son of Congress leader Bhupesh Baghel, was released from jail after being granted bail in cases related to the alleged liquor scam in Chhattisgarh. The release was met with celebration by Congress supporters.
The key question is how much of the latest growth record represents recovery from the 2020-2021 downturn, and what is the sustainable growth rate now, asks T N Ninan.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
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.
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