A delayed ITR could prompt greater scrutiny, document requests or processing delays.
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.
A significant fire broke out in the basement of the seven-storey Income Tax Office building at Churchgate, South Mumbai, on Monday afternoon, leading to the evacuation of numerous individuals, with no casualties reported so far.
Tax collection so far has been encouraging, with net direct tax receipts reaching Rs 5.21 trillion by June 17, nearly a 15 per cent increase compared to the same period last year.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
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.
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 Central Board of Direct Taxes (CBDT) has released a 198-page guidance note to assist crypto-asset service providers in complying with reporting obligations under the Income-tax Act, 2025, aligning India with the OECD's Crypto-Asset Reporting Framework (Carf) for automatic exchange of tax information.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
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.
A video from Maharashtra's Latur district has gone viral, showing a sarpanch discussing a "rate card" for bribes allegedly demanded by officials to approve government aid for villagers. The sarpanch claimed that Panchayat Samiti members and officials were demanding money for schemes like wells, cattle sheds, and housing. Authorities have sought an explanation from the sarpanch and are investigating the allegations.
The Indian Centre has spent 37 per cent of its ~12.22 trillion capital expenditure target in the first four months of FY27, marking a 30 per cent year-on-year increase, while simultaneously keeping the fiscal deficit under control at 27 per cent of the Budget Estimate.
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.
GSTAT has crossed 75,000 filings but disposed of only 83 cases, highlighting the huge backlog facing India's new GST appeals tribunal.
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.
Indian banks anticipate a reduction of up to 50 basis points in their funding costs due to a surge in liquidity from robust Foreign Currency Non-Resident (Bank), or FCNR (B), flows, lessening their reliance on more expensive certificates of deposit (CDs).
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.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
Indian crypto exchanges and companies have expressed strong support for the Central Board of Direct Taxes' (CBDT) new Crypto Asset Reporting Framework (CARF), which mandates reporting and due-diligence obligations for crypto service providers on all transactions starting 2026.
India's net direct tax collection has seen a robust 15 per cent increase, reaching approximately 5.21 trillion in the first two and a half months of FY27, as on June 17, driven by strong growth in both corporate and non-corporate tax segments.
The government maintained a strong pace of capital expenditure, which jumped nearly 24 per cent to Rs 3.40 trillion in April-June.
Tata Motors Passenger Vehicles (TMPV) reported Q1FY27 results showing significant margin pressures at both Jaguar Land Rover (JLR) and its domestic operations, despite strong volume growth in the India business. Analysts expect these margin headwinds to persist, potentially offsetting gains from increased sales and new launches.
The Supreme Court of India will commence hearings on two significant constitutional matters: the interpretation of legislative privileges of MLAs concerning freedom of speech and expression, and the power of state legislatures to impose additional sales tax levies. Both issues will be heard by seven-judge Constitution benches, with one case stemming from a 2003 plea by journalist N Ravi regarding breach of privilege.
Voltas has announced a joint venture with Atomberg Innovation to manufacture high-efficiency room air conditioner (RAC) compressors, aiming to strengthen localisation and supply-chain resilience. Despite significant volume growth in RACs, the company's margins remain a key concern for analysts.
The Supreme Court has emphasised the need for timely investigations and conclusions of criminal cases involving illicit money in elections. Observing that black money compromises democracy and the rule of law, the court issued several directives, including reporting seizures to competent authorities within 24 hours, completing investigations within a year, and submitting quarterly status reports to the Election Commission. The ruling also mandates High Courts to designate special courts for expeditious disposal of cases against candidates and requires High Court approval for withdrawing cases.
Hyundai Motor India Ltd reported a 35 per cent decline in consolidated profit after tax to Rs 888.62 crore in the first quarter ended June 30, impacted by lower revenue and higher expenses, with MD & CEO Tarun Garg noting it was a "challenging quarter".
'Every period of excessive optimism eventually gives way to a correction, while periods of extreme pessimism often create the best investment opportunities.'
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.
Thousands of students clashed with Bihar Police in Patna while attempting to march to the chief minister's residence, protesting against the Bihar Public Service Commission's (BPSC) examination system and alleged irregularities.
Jordan Football Association President Ali bin Hussein has publicly accused FIFA President Gianni Infantino of 'blackmail', alleging that FIFA offered to resolve the kingdom's football problems in exchange for his endorsement, a claim FIFA has been contacted about for comment.
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.
A special CBI court in Thane acquitted an Income-Tax officer accused of demanding a bribe, citing lack of proof of illegal demand and contradictory evidence.
Indian passenger vehicle manufacturers are significantly increasing production and stocking dealerships in anticipation of strong festival season demand, with new launches planned and supply bottlenecks being addressed. However, the industry faces potential moderation in growth during the second half of FY27 due to a high base from last year's post-GST surge, commodity inflation, and elevated inventory levels.
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.
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Divestment has emerged as a priority for the government following a moderation in direct tax collections.
India Inc's first-quarter earnings season was significantly impacted by the West Asia conflict, leading to rising costs, calibrated price increases, and margin pressures across various sectors including FMCG, automotive, steel, and cement. Companies are implementing price hikes to protect profitability, with many anticipating further escalations if input costs remain elevated.
Jorge Messi, father of football icon Lionel Messi and his long-time representative, has passed away at the age of 68 in Rosario, Argentina, after a prolonged illness. He was a crucial pillar of support throughout his son's career, from his early days at Barcelona to his current stint with Inter Miami.
Cognizant reported a 1.4 per cent year-on-year dip in net profit for the April-June quarter to $636 million, while revenue grew 4.5 per cent to $5.5 billion. The company has also cut the top end of its annual guidance, citing a slowdown in macroeconomic conditions and rising uncertainty.
