The proposals outlined in Budget 2026-27 represent a carefully crafted, multi-year strategy designed to strengthen India's big bets on the path to Viksit Bharat 2047, says Sameer Gupta.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
There are some countries where more than 50 per cent of the income goes to taxes.
A banker from Jaipur in Rajasthan tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
Here we take a look at income tax rules governing income tax for the NRIs in India.
Although many European countries have high income taxes, they don't charge as much as India.
AICC general secretary Sachin Pilot has accused Kerala Chief Minister Pinarayi Vijayan of following similar political approaches to Prime Minister Narendra Modi, alleging a tacit understanding between the CPI(M) and the BJP in Kerala.
These situations require mandatory filing of Income Tax Return as per the provisions of the Income Tax Act, 1961
The Delhi high court on Friday stayed a Rs 1,140 crore angel tax demand raised by the Income Tax department from hospitality and hotel aggregator Oyo's parent company Oravel Stays Private Limited for the assessment year 2020-21. The tax demand was issued under Section 56(2) (viib) of the Income Tax Act, commonly known as the "angel tax" provision, which applies when unlisted companies issue shares at a value exceeding their "fair" market price.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
"Income tax revolution is going to take place. There is no limit to reforms in the income tax department and in the country as a whole," Central Board of Direct Taxes member B Swarup said in New Delhi.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
Trent reported a 20 per cent revenue rebound in Q4FY26, driven by a recovery in like-for-like growth and significant store additions. The company's board has approved raising up to 2,500 crore in equity to fund investments in store network upgrades, new brands, supply chain automation, and Star Bazaar expansion, alongside a 1:2 bonus issue and a 6 dividend.
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Choosing the right ITR form for your income tax return filing can be quite confusing. Investmentyogi simplifies the ITR forms and all the jargon associated with it. Keep it handy for your returns in 2010.
rediffGURU T S Khurana answers readers' personal income tax queries
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
Tax benefits can be claimed on both the principal and interest components of the home loan as per the Income Tax Act. These deductions are available to assesses, who have taken a loan to either buy or build a house.
The sanctioned strength of department is 57,793 while the working strength is 40,756; thus a shortfall of 29.47 per cent, the Minister of State for Finance S S Palanimanickam informed the Lok Sabha in a written reply.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
Rahul Gandhi accuses Mamata Banerjee of not directly fighting the BJP, alleging that this indirect approach benefits the ruling party. He also criticised her government's performance on job creation and handling of corruption.
The DMK party in Tamil Nadu has released its manifesto for the upcoming Assembly elections, promising a range of welfare measures focused on women, education, and economic development, including financial assistance and job creation initiatives.
Reliance Industries Ltd reported a 12.5 per cent fall in its March quarter net profit, primarily impacted by the global energy crisis affecting its oil and chemicals business, while its consumer-facing Jio Platforms unit saw a 13 per cent increase in profit after tax.
The new Income Tax return forms are much simpler in many respects.
The Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
Finance Minister Pranab Mukherjee on Monday said that he proposes to exempt the income of New Pension System Trust from the income tax and any dividend paid to this Trust from Dividend Distribution Tax.
Congress MP Priyanka Gandhi has accused the ruling LDF in Kerala and Chief Minister Pinarayi Vijayan of being Prime Minister Narendra Modi's "B-team" and of secretly joining hands with the BJP, alleging a compromised leadership and lack of accountability.
'I cannot imagine that any NSA before Ajit Doval would have given us this kind of time and this kind of engagement. They would have offered slogans, or nothing at all. That, too, tells you something.'
With the click of a mouse you could now check the status of your income tax refund online. The Income Tax department has introduced online availability of information regarding one's tax refund.
The Income-Tax (I-T) Department nowadays provides pre-filled forms to make the filing of income-tax return (ITR) easier. Nonetheless, you must have a number of documents handy at the time of filing return so that you can cross-check the data in the pre-filled form. "Filing ITR doesn't require you to upload any document. But in case an assessing officer makes an inquiry, you will need to present documents and certificates as proof," says Deepak Jain, chief executive, TaxManager.in.
You don't need to be intimidated by the thought of filing tax returns
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
India's electric passenger vehicle market saw an 87.4 per cent year-on-year increase in FY26, reaching 233,246 units, primarily driven by the mid-size SUV segment (20-30 lakh price bracket), while the entry-level segment (sub-10 lakh) experienced a decline.
Income Tax Return forms in India are like the Golmaal series of movies. Every two years there is a new one.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Authorities have put forward a tax demand of Rs 2,080 crore.
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