The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Not doing so might mean a penalty, not being able to revise returns or carry forward losses and forfeiture of interest on refund
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.
Filing a belated return is far better than not filing at all.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal. The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17.
From a modest salary to Rs 1 crore, here's Ramalingam Kalirajan's smart compounding blueprint for young earners
As the voting process for the new Conservative Party leader formally opened with postal ballots being mailed out to Tory members from Monday, Rishi Sunak vowed to cut the basic rate of income tax by 20 per cent in a few years if he is elected Britain's prime minister.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
CBDT is the apex policy making body of the IT department.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
In a measure that will have far-reaching impact on foreign investment and the Vodafone case having a tax implication of Rs 11,000 crore (Rs 110 billion), the government proposed amendment in the Income Tax Act retrospectively from April 1, 1962.
rediffGURU T S Khurana answers readers' personal income tax queries.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
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 trade deficit in some sectors is huge and that is an area of opportunity to localise.'
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
The government in FY26 Budget should announce an "effective" personal income tax cut to support consumption and demand, Barclays said on Thursday. In its FY25-26 Union Budget preview, Barclays said the key ask from the Budget, to be presented on February 1, is to support growth while adhering to fiscal consolidation path.
Whether salaried or running your own business, it's about time to get your investment proofs in tax-saving instruments ready for filing your income tax returns later this year.
NPS Vatsalya offers a disciplined investment avenue that parents can use to create intergenerational wealth by contributing even small sums.
In sops for the middle class, Finance Minister Nirmala Sitharaman on Tuesday hiked standard deduction by 50 per cent to Rs 75,000 and tweaked tax slabs under the new income tax regime to provide more money in the hands of salaried class with a view to boost consumption. She said salaried employees in the new tax regime could save up to Rs 17,500 in income tax annually following the changes announced in the Budget. The standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000 annually.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
Regular money talks, setting up joint goals, and regular reviews can help couples stay aligned.
'Personal income tax is growing by 27 per cent and most refunds have already been issued.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Indian government has expressed its disagreement with the IMF staff's 'baseline' assumption that the 50 per cent US tariffs on its goods exports 'would remain in place indefinitely', based on which the staff pegged the country's GDP growth at 6.6 per cent this year, and pared its 2026-27 projection by 20 basis points to 6.2 per cent.
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.
'A huge number of declarations are expected to be made through the official e-filing website of the Income Tax department.'
Taxpayers might face several issues while filing returns this year.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
The majority of investors fail to reach their financial goals, even if they started with a well-defined financial strategy. This isn't just about market volatility; it's a complex interaction of factors that include human psychology, inconsistent habits and lack of proper monitoring.
The majority of investors fail to reach their financial goals, even if they started with a well-defined financial strategy. This isn't just about market volatility; it's a complex interaction of factors that include human psychology, inconsistent habits and lack of proper monitoring.
Net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporate. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Zero-coupon bonds suit investors with long-term goals such as retirement or education planning.
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