'Tax recovery will continue through attachment and sale of assets and other recovery mechanisms, but personal arrest will no longer form part of the prescribed recovery process.'
Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) Council's October 7 meeting will focus on 'GST 2.0' process reforms, including e-invoicing and input tax credit rules, while also addressing complex issues surrounding the taxation of the digital economy and cryptocurrency.
A delayed ITR could prompt greater scrutiny, document requests or processing delays.
Finance Minister Nirmala Sitharaman has strongly refuted Opposition allegations that the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on specific UPI transactions above Rs 2,000 was influenced by external pressure. She clarified that the decision was a professional one made by the payment ecosystem, not a government imposition or a tax on consumers, with collected funds distributed among banks and UPI entities to ensure a sustainable digital payments framework.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
BMW India CFO Carsten Lammers has expressed surprise at the extensive scale and prolonged duration of tax and Customs litigation in India, advocating for faster dispute resolution and simpler procedures to ensure business stability.
The income tax department has significantly reduced refund processing times over the past few years. But while some taxpayers receive refunds within days, others may wait several weeks or even longer. Here's why.
Maruti Suzuki India's CFO, Arnab Roy, has urged the central government to introduce an amnesty scheme or an 'as-is' settlement option to resolve past indirect tax disputes, aiming to clear legacy litigation and foster growth in the automotive industry. Roy emphasised the need for a 'smarter way to address the past' to provide long-term certainty for businesses.
With a view to increasing the revenues of state governments and local bodies, the central government has decided to raise the ceiling on professional tax.
The Income Tax Department announced a record 7.8 crore Income Tax Returns (ITRs) filed for Assessment Year (AY) 2026-27 by August 31, 2026, surpassing the previous year's figures.
The income-tax department has launched a significant verification drive targeting 394 entities and 36 professionals over suspected irregularities in substantial foreign remittances made over the past three years, aiming to uncover potential tax evasion and fraudulent transactions.
The Income Tax Department has initiated a nationwide verification drive targeting suspicious foreign remittances made by entities with minimal business activity, including those in border districts, and is scrutinising the chartered accountants who issued the mandatory tax determination certificates.
The opposition has intensified its criticism of the government's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15. Leaders like Rahul Gandhi and Jairam Ramesh allege the move is a result of US pressure, particularly from American card companies, and demand an immediate rollback, warning of increased costs for consumers.
Opposition parties, including Congress, TMC, and RJD, have strongly criticised the government's decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000 made to merchants. They allege the move is a result of "American imperialism" and will lead to increased commodity prices, while the government maintains the charge is on merchants and not consumers, with person-to-person transactions remaining free.
The Congress party has strongly criticised the Modi government's decision to introduce a 0.4% Merchant Discount Rate (MDR) on UPI transactions over Rs 2,000, alleging it is a result of US pressure to benefit American card companies. The party also linked this move to broader US actions against India, including tariffs and H-1B visa issues, coining the term "Narendra's Ongoing Trump Appeasement." The government, however, clarified that consumers will not bear the charge, which applies only to merchants.
The opposition has strongly criticised the government's decision to introduce a 0.4% Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000 for merchants, effective October 15. They allege the move is a result of US pressure and will lead to increased commodity prices, calling it a "betrayal" of the common man. The government, however, clarifies that customers will not be charged, and the MDR applies only to merchants for larger transactions.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
The new Mac mini stays true to its reputation: It is small on the outside but surprisingly powerful on the inside. But is it worth the price tag?
Bihar government has decided to impose professional tax on central and state government officers and employees, Railways, boards and corporation on the pattern of Maharashtra, West Bengal and other states, official sources said.
GSTAT has crossed 75,000 filings but disposed of only 83 cases, highlighting the huge backlog facing India's new GST appeals tribunal.
Tax treatment depends on the activity and manner of earning income.
Over 5.9 crore Income Tax Returns (ITRs) were filed for Assessment Year 2026-27 by the July 31 deadline, according to the income tax department.
The Closing Auction Session (CAS) on expiry day led to unprecedented volatility in the Nifty 50 and Sensex, causing the indices to swing wildly in just 14 minutes and raising concerns among traders about market manipulation and increased speculation.
Retirement planning is not a test of how smart you are; it is a test of how well you control your behaviour.
Recent changes to tax exemptions and allowances, including increased education, hostel, and HRA limits, have made the old tax regime more competitive against the new regime, prompting salaried employees to re-evaluate their choice for the current financial year.
The Lok Sabha introduced four significant bills on Monday, including amendments to mines and minerals regulations, the establishment of a National Tribunals Commission, and the renaming of Kerala to Keralam, all while facing continuous protests from opposition members demanding a discussion on the July 20 police crackdown on students.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
Verify a content creator's Sebi registration, qualifications and certifications before acting on their advice.
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
The Maharashtra government has approved the deployment of sovereign artificial intelligence solutions from Sarvam AI for its departments, with a two-year outlay of Rs 11.26 crore. This initiative includes the Indus AI workspace for 2,500 users, ensuring government data remains within India, along with citizen outreach agents and speech models for the MahaAI platform.
Behind the aesthetics of an entrepreneurial lifestyle lies a silent financial crisis that nobody is talking about: Freelancers are sprinting toward a retirement brick wall.
Understanding a product and assessing its suitability improve the chances of staying invested. Use life insurance mainly to cover risk, not to seek returns.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
If you have ever said 'I'll sort retirement later,' now is when 'later' begins.
The failure of the State when it directly affects our lives, through a corrupt exam system, has produced this current anger, points out Aakar Patel.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
As many as 274 fugitives have been repatriated from 36 countries in the last 7 years, an average of around 40 per year and a 10-fold jump from the 2004-13 period when around four fugitives were brought back every year, the government said on Tuesday.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
