This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
rediffGURU T S Khurana answers readers' personal income tax queries.
India is set to take its first steps towards its own human space flight when the uncrewed Gaganyaan mission soars to the skies later this year. Private players in the space sector are also gearing up for launching satellites on home-built rockets.
These upcoming launches carry added significance in light of setbacks suffered in recent years.
ISRO has announced plans for seven launch missions by March, including the first uncrewed mission for the Gaganyaan project and demonstrations of new satellite technologies.
The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday. The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
Filing a belated return is far better than not filing at all.
With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The Federation of Indian Chambers of Commerce and Industry (Ficci) has sought urgent steps to clear the huge backlog of income-tax appeals, simplify tax deducted at source (TDS) compliance, and ensure tax neutrality for fast-track demergers, during its consultation with Revenue Secretary Arvind Shrivastava ahead of the Union Budget 2026-27.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
A woman labourer in Madhya Pradesh's Panna district has discovered eight diamonds in a mine, potentially worth lakhs of rupees at auction.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
Learn to track your ITR's progress and correct any errors.
'Earlier there was no provision for considering TCS collected from the taxpayer for overall tax computation.' 'Now, credit will be given by the employer for TCS already collected to consider net tax to be deductible.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
'Tax is not required to be deducted from specified payments if a recipient files a self-declaration with the deductor for no deduction of tax.'
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
'The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.'
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
Deductions missed in Form 16 can still be claimed while filing ITR.
The Income Tax department is working on simplified I-T forms and aims to notify new rules by December-end to give effect to the new I-T Act, which will come into force from April 1 next year, a senior tax official said on Monday.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
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