With the online tax filing and automation of the tax process the number of mistakes made by taxpayers during filing of taxes have been reduced, but considering the importance of the information, a mistake or an error will be an invitation to trouble.
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.
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).
Now that you know what you must do BEFORE and WHILE filing income tax returns online, here's what you must do AFTER you have filed returns online.
As the Indian economic growth slowed to a nine-quarter low of 6.9 per cent in the second quarter of this financial year, Ficci has urged the finance ministry to provide more disposable income at the hands of the people by raising the personal income tax slab for the peak rate of 30 per cent in the next budget.
With filing possible only online, there is no scope for any error.
Here's a simple primer to what actually Form 16 is and what must be done with it.
Instead of conceding the demand for a cut in personal income-tax rates, Finance Minister Nirmala Sitharaman should phase out many exemptions in both personal and corporation taxes, suggests A K Bhattacharya.
A Pune-based businessman has accused self-styled godman Ashok Kharat of defrauding him of Rs 6 crore (600,000) under the guise of helping him establish a logistics business abroad. This is the eighth case registered against Kharat, who is already in police custody on separate charges.
Hiring demand strongest in ecommerce, tech startups, healthcare, and energy sectors, with Bengaluru, Hyderabad, and Pune leading.
We take the opportunity to bust a few myths
The forms might soon come "pre-filled" and taxpayers won't have to fill details such as income, income sources, and personal details
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.
'I cannot imagine that any NSA before Ajit Doval would have given us this kind of time and this kind of engagement. They would have offered slogans, or nothing at all. That, too, tells you something.'
'We kept this Budget on a larger plank, rather than on one incident, however serious.'
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 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.
A banking Trojan malware has been detected in the Indian cyberspace that is lurking to attack bank customers using Android phones and has already targeted those from more than 27 public and private sector banks, the country's federal cyber security agency said in a latest advisory.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
A grocery store owner in Bulandshahr alleges his PAN card was misused to set up six companies in Delhi after receiving an Income Tax notice for sales exceeding Rs 141 crore.
Because they can easily find them out by analysing your financial transactions.
With digital technology, the I-T department's ability to catch tax evaders has increased many times.
Your choice between the Old and New Tax Regimes should reflect your financial strategy and investment goals, says Ramalingam Kalirajan
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khurana and Mahesh Padmanabhan your Budget-related tax questions
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Cabinet likely to pave way for the 'super-rich' tax today.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
There are some solid reasons for acquiring a PAN card (if you don't have one) and filing your ITR within the due date, which is 31st July every year.
Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data showed. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
Trump paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made, the report said. The US president immediately dismissed the report as 'totally fake news'.
The details that you file regarding your income, investments and tax exemptions are verified by the Income Tax department with the details obtained as per your Permanent Account Number records.
ArthaKranti wants the government to abolish income tax and 56 other taxes and replace it by a banking transaction tax.
West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
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.
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