Slapped a 10 per cent surcharge on 'super-rich' and corporates. Levied an inheritance tax and raised duties on mobile phones, cigarettes, and luxury vehicles.
rediffGURU T S Khurana answers readers' personal income tax queries.
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.
Here are the key numbers to watch out for in the Union Budget for 2025-26:
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
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.
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.
Passenger vehicle sales in India reached a record high of 4.7 million units in FY26, boosted by strong performances from major automakers and the implementation of GST 2.0.
'Stay invested but progressively reduce risk. Beyond a point, the objective should shift from maximising returns to avoiding unpleasant surprises.'
If you receive an email claiming to be from the income tax department that there's an outstanding tax demand that you need to pay immediately, don't get alarmed. Get cautious.
Surprised? Don't be for you still have time till March 31, 2014 to file your income tax return for the financial year 2012-13.
If not, an assessee might be charged interest for not paying TDS on time.
'We are not incentivising the old tax scheme. These taxpayers will also shift to the new regime after comparison.'
'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.'
The Congress in Karnataka on Tuesday claimed that Chief Minister B S Yeddyurappa and his family have evaded income tax to the tune of Rs 339.54 crore and demanded that the Centre institute a probe into it.
HDFC Life Insurance reported a 4 per cent year-on-year increase in net profit to Rs 495.6 crore for Q4FY26, while its parent, HDFC Bank, announced a Rs 1,000 crore preferential share issuance to raise its stake to 50.5 per cent.
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.
What are the tax implications when you invest in real estate or any immovable property? Read on to find out.
Besides low interest rates, a reduction in active Covid cases and strong high-frequency macro data have lifted the sentiment of both corporate India and the stock markets.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
Amid economic uncertainties owing to the pandemic, the government's key revenue agency, the Income Tax Department, has close to 400 vacancies at commissioner level and above, affecting its functioning. Seventy-three of the 91 chief commissioner positions are lying vacant, with some for more than a year. Chief commissioner is the second-highest post in the department, below principal chief commissioner, which is at par with secretary in a ministry.
The idea of back-loading the target of fiscal consolidation is perhaps guided by the government's desire to be prepared for any adverse developments in the coming year, points out A K Bhattacharya.
Finance Minister Nirmala Sitharaman on Monday introduced the Taxation Laws (Amendment) Bill, 2025, which aims to provide tax exemptions to subscribers of the Unified Pension Scheme.
If saving taxes is a cause for concern, filing tax returns is an equally worrying thing for most taxpayers. Thanks to the complex system of tax filing, with its various forms and exclusions that invariably change every financial year, taxpayers are left in the lurch! Here's a simple ready reckoner that takes you through the steps to file tax.
Private bus operators in Sri Lanka warn of potential service disruptions and a nationwide strike due to significant fuel price increases, impacting public transport and raising concerns about inflation.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
Filing a belated return is far better than not filing at all.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Captain Pradeep Shoury Arya is an Income-Tax officer whose mission against terrorists in J&K won him the Shaurya Chakra.
The petition points out that Shami's annual income, as disclosed in his Income Tax Return for 2021-22, stood at nearly Rs 48 crore, while she has been forced to live in "downtrodden conditions", struggling to meet even basic expenses.
Taxpayers often get confused regarding how to file their income tax return with multiple Form 16s. Here's some help.
Failure to do so leads to incorrect filing and under-reporting of income, with adverse consequences, advises Bindisha Sarang.
The income tax department has notified all seven income tax return forms for assessment year 2025-26. While ITR forms 1 and 4, which are filed by small and medium taxpayers, were notified on April 29; ITR-7, filed by trusts and charitable institutions, was notified on May 11.
Indian shipyards Mazagon Dock Shipbuilders Limited (MDL), Garden Reach Shipbuilders & Engineers Limited (GRSEL), and Cochin Shipyard Limited (CSL) are set for substantial growth, driven by a significant pipeline of Indian Navy orders and diversification into commercial and export markets. The Navy's share in defence spending is approximately 21 per cent, ensuring robust order visibility for these domestic players.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Many exemptions make little sense, such as a monthly exemption of Rs 100 for college education and Rs 300 for hostel fees.
'The new Bill introduces no policy or rate changes, leaving financial planning strategies largely unaffected.'
'The considerations for choosing between the old and new tax regimes remain essentially unchanged.'
