'The impact will be minimal and it will only increase compliance cost on consent, data flows, localisation timelines, internal audits, data mapping, and new tooling.'
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Any earnings, regardless of location, will be subject to Indian income tax.'
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
After a record-breaking year, India's automobile industry is entering 2026 on a relatively strong footing, with sales growth expected in the 6-8 per cent range. The outlook is underpinned by policy support, including GST rationalisation, easing monetary conditions, and income tax relief, which together are likely to improve affordability and sustain consumer demand across vehicle segments.
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
The income-tax (I-T) department has issued showcause notices under Section 68 of the Income-Tax Act to several startups over funds routed through Singapore, seeking explanations for investments received over the past five years, people familiar with the development said. The department is questioning the source, identity, and creditworthiness of overseas investors in these transactions, they said.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
Deductions missed in Form 16 can still be claimed while filing ITR.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
Policymakers are examining the possibility of increasing the tax-free slab to Rs 5 lakh in the two-year-old alternative personal income tax regime to make it attractive, a government official said. At present, taxpayers don't pay income tax if their taxable income is Rs 2.5 lakh and below. Increasing the threshold will reduce the tax outgo for assessees, thereby leaving more money with them to invest, the official said.
The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.
rediffGURU T S Khurana answers readers' personal income tax queries.
While EPF rewards patience and compounds your money, inflation decides how far your money really goes.
rediffGURU T S Khurana answers readers' personal income tax queries.
Sustaining 8 per cent-plus growth rates is necessary if we are to reach high-income status by 2047, points out Amitabh Kant.
Saurav Ghosh's step-by-step guide will help you understand what bonds are, how they help investors make money, how much money they make and which bonds to invest in.
'The bull market cycle ran for five years. It's the end of that cycle.' 'The next cycle is a down cycle, and in that down cycle, you will see the Sensex falling from their highs of around 68,000 to maybe 40,000-50,000 at the bottom of the cycle.'
Finance Minister Nirmala Sitharaman in her fifth Union Budget made five major announcements for the income tax assesse. She announced no changes in the old tax regime and confined her relief measures to the new tax regime. There have been no changes under the old tax regime.
'The adjustments (of tax slabs and standard deduction) will reduce the tax burden for salaried individuals with an income of around Rs 20 lakh by approximately Rs 18,000.' 'For non-salaried individuals with the same income level, the savings will be around Rs 10,000.'
Not filing an ITR or paying the tax dues on the deceased's behalf can lead to penal consequences.
Amit Gupta, MD, Sag Infotech, answers your personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
rediffGURU T S Khurana answers readers' personal income tax queries.
After two years of strong gains, smallcap stocks fell sharply in 2025, but the correction may be setting up opportunities for long-term investors.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
"I categorically state that the central government has no plan to impose any tax on agriculture income," Jaitley said in a tweet.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
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