As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
A Delhi court has ordered the confiscation of several properties belonging to UK-based arms consultant Sanjay Bhandari under the Fugitive Economic Offenders Act, following his declaration as a fugitive in a money laundering case.
The peak rate of 30% applies on annual income of individuals above Rs 10 lakhs.
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.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
The 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
Even after filing your income tax return online, your job won't still be over! Here is a six-point checklist for taxpayers to be observed after e-filing of ITR.
'Users should protect their savings goals before allocating money to discretionary expenditure.'
Verify a content creator's Sebi registration, qualifications and certifications before acting on their advice.
Yuzvendra Chahal's impressive bowling performance and Yash Dhull's explosive batting were among the highlights of the opening day of the DY Patil T20 Cup.
As the voting process for the new Conservative Party leader formally opened with postal ballots being mailed out to Tory members from Monday, Rishi Sunak vowed to cut the basic rate of income tax by 20 per cent in a few years if he is elected Britain's prime minister.
Traders were producing fake purchase and sale billing receipts and also availing multiple loans on one consignment.
The most common mistake is investing without assessing suitability and long-term implications.
Join Anil Rego for an online chat between 2 pm and 3 pm on Friday, July 8, 2016.
A father and daughter have been arrested in Bengaluru for allegedly defrauding over 40 job seekers of more than Rs 5.30 crore by promising them government jobs through fake connections and training centres.
TVK chief Vijay declared assets worth 603.20 crore in his election affidavit, including luxury cars and significant bank deposits, ahead of the Tamil Nadu Assembly polls.
Bajaj Finance reported a strong Q1 FY27 performance with 24 per cent year-on-year AUM growth and a 28 per cent rise in consolidated profit after tax, driven by significant increases in consumer financing, gold loans, and commercial vehicle loans, alongside a strategic focus on digital transformation and AI.
Lodha Developers plans to generate approximately 10,000 crore in sales over the next three to four years by monetising about 150 acres of land at its data centre park in Palava, part of the Mumbai metropolitan region (MMR). This strategy is a planned recurring pillar of their business, funding the build-out of 1 gigawatt of powered shell capacity and aiming for over 2,000 crore in annual rental income by FY32.
Long-duration bonds allow investors to match investment tenure with long-term liabilities and also stabilise their long-duration portfolios.
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.
The Income Tax department on Friday moved the Delhi High Court seeking "directions/clarifications" of the December 12 order by which the assets of mobile phone handset maker Nokia in India were defreezed.
The facility can be accessed using internet banking, Aadhaar number, ATM and email.
Attention to details is paramount when filing income-tax return (ITR). By mid-June, employees receive Form 16 from their employers. The first step in filing ITR is to compare Form 26AS with Form 16. If there are discrepancies in the figures quoted in the two documents, they need to be rectified.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
Sleuths from the department swooped down on seven locations across Mumbai city, including Jeetendra and daughter Ekta's residences.
The government appears serious about its intent to do away with the sore points in the taxation laws.
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.
Most important thing to know is even if you do not have taxable income you may still have to file your income tax return.
CBDT is the apex policy making body of the IT department.
There has been an unprecedented surge in number of returns being e-filed.
'The prohibition regime has been accompanied by concerns regarding the expansion of the illicit liquor trade, increased enforcement challenges and corruption, and the growing use of alternative intoxicants, including illicit drugs.'
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%.
The government should refrain from raising income tax surcharge on the super-rich and reintroducing wealth tax in the upcoming 2026-27 Budget, as the move could prompt persons in high-income brackets to leave the country for low-tax jurisdictions, according to tax experts.
Government Railway Police (GRP) recovered Rs 1.75 crore in cash from two passengers on the Akal Takht Express at Pandit Deendayal Upadhyay Railway Station in Chandauli district, Uttar Pradesh. The passengers, residents of Lucknow, claimed the money was related to their diamond and jewellery business, but police are investigating further.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
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.
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
Of course, NOT! Here's why. And here's how you can increase your Rs 1 crore retirement corpus.
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
