Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
Indian benchmark indices, Sensex and Nifty, opened higher on Friday, primarily driven by a significant surge in Bajaj Finance shares following its strong Q1 FY27 earnings report, coupled with continued foreign fund inflows and a dip in crude oil prices. Track Sensex, Nifty on July 31.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
Education loan defaults carry serious consequences. Credit bureaus record missed payments against both the student and the co-borrower, usually a parent.
Prime Minister Narendra Modi has strongly refuted a media report suggesting the government is considering levying a tax, cess, or surcharge on foreign travel, calling the news "totally false".
The EPF should remain a retirement nest egg, not be turned into an emergency fund.
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
Lawyers on Tuesday observed a strike to protest against the imposition of service tax on them by Finance Minister Pranab Mukherjee.
India's like-for-like gross Goods and Services Tax (GST) revenue growth slowed to a five-year low of 5.57 per cent in FY26, reaching Rs 23.32 trillion, primarily driven by a significant surge in import revenues.
The Indian government has marginally exceeded its indirect tax collection target for fiscal year 2025-26, with strong performances in customs, excise, and GST revenues.
162 officials of the Trade and Taxes department in Delhi, including three assistant commissioners, were transferred after Delhi Chief Minister Rekha Gupta discovered 'serious irregularities' during a surprise visit.
RBI Governor Sanjay Malhotra stated it is "premature" to discuss the implementation of Merchant Discount Rate (MDR) for digital payments, advising a "wait-and-watch" approach. He emphasised that investment in public payment infrastructure is necessary and someone must bear the cost, whether through taxes or MDR. The government is currently working on amendments to relevant statutes, and the RBI is focused on strengthening this infrastructure.
India's gross Goods and Services Tax (GST) collection reached an unprecedented Rs 2.43 lakh crore in April, marking an 8.7 per cent increase and surpassing the previous record set last year.
Indian listed companies experienced their fastest revenue growth in 15 quarters during Q1FY27, with combined net sales rising 18.4% year-on-year, while net profit grew 16%, primarily driven by mining, metals, and banking sectors, despite a contraction in operating margins due to higher input costs.
Indian benchmark indices Sensex and Nifty recorded their third consecutive day of gains, primarily driven by an over 8 per cent surge in Bajaj Finance following strong Q1 FY27 results, coupled with significant foreign fund inflows and a dip in crude oil prices.
Vodafone Idea (Vi) significantly reduced its losses in Q1 FY27 to approximately 3,754 crore, driven by an exceptional gain and increased average revenue per user (Arpu). The company also reported its first net subscriber additions since its 2018 merger, indicating a positive shift in its operational trajectory.
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.
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.
Washington Governor Bob Ferguson declared a statewide state of emergency and burn ban Saturday morning as an unprecedented wildfire crisis gripped the region, with active blazes scorching nearly 3,000 acres.
India's passenger vehicle industry is poised for a record-breaking year in 2026, propelled by robust dispatches in the first half of the calendar year and strong demand for utility vehicles, despite facing several economic challenges.
While top officials of the force, which protects the country's vital installations like nuclear plants and airports, say the service tax is to be paid by its clients and not by CISF and hence there is nothing to be worried about, middle level and ground personnel say they are upset on being 'compared to guards of other private security agencies'.
Net inflows into smallcap funds surged 39 per cent M-o-M to a record Rs 7,768 crore, while midcap fund inflows rose marginally to Rs 6,192 crore.
The remarkable rise of smallcaps reflects the emergence of a broad set of specialised businesses operating in industries where the sectoral tailwinds remain considerably stronger than macroeconomic headwinds, points out Debashis Basu.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
'Users should protect their savings goals before allocating money to discretionary expenditure.'
The Central Board of Excise and Customs (CBEC) have tightened noose on commercial renting of immovable property and telephone companies by receiving information through other sources to detect any possible evasion of service tax.
While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
Many of the legal outfits, which provide consultancy services to corporates that include drafting merger and acquisition agreements, preparing MoUs, rendering advice etc, operate as sole proprietorships.
Despite the Centre's GST 2.0 guidelines aiming to facilitate provisional refunds within seven days for low-risk cases, many large taxpayers are still encountering significant delays in obtaining Goods and Services Tax (GST) refunds under the inverted duty structure (IDS), with experts citing inconsistent state-level scrutiny and subjective interpretations.
Businesses across sectors are positioning themselves to capitalise on the expected surge in demand.
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
HDFC Life Insurance and ICICI Prudential Life Insurance have reported double-digit growth in profitability for the first quarter of FY27, buoyed by healthy premium collections and increased investment income, with HDFC Life's net profit rising 11.9% and ICICI Pru's by 27.8%.
Traders on Tuesday threatened to launch a nation-wide agitation to protest against imposition of service tax.
The Union Budget, while keeping the service tax rate unchanged at 10 per cent, has expanded its ambit to include services provided by legal consultancy and advisory firms. The tax would, however, not be applicable if the service provider or receiver is an individual.
Education sector experts agree that using the "best technology" was essential to ensure students did not have to sit for an examination all over again because of a question paper leak.
VinFast has gone from an unknown brand to India's fifth-largest EV carmaker in just seven months, but its toughest battle is only beginning.
rediffGURU T S Khurana answers readers' personal income tax queries
