'Most tax notices arise not from wrongdoing, but from unintentional mismatch or ignorance.'
The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.
The Income Tax department on Monday invited public inputs for review of the six-decade old I-T Act with regard to simplification of language, litigation reduction, compliance reduction, and obsolete provisions. Pursuant to the Budget announcement by Finance Minister Nirmala Sitharaman for a comprehensive review of the Income-tax Act, 1961, the Central Board of Direct Taxes (CBDT) had set up an internal committee to oversee the review and make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers.
Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore.
Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a "discrepancy," and the tax department will be reprocessing the returns. "We understand that the tax authorities will be reprocessing the returns, post which TDS shall be in sync with Form 26AS issued by the Income Tax Department, and Form 16 Part A issued by TCS. Associates that received the notice will receive a rectification intimation in due course and are not required to pay any demand amount.
rediffGURU Yogendra Arora answers readers' personal income tax queries.
Tax experts answer your budget-related queries
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.
British broadcaster BBC has communicated to the income-tax department that some of its past income, for its operations in India, could have gone unreported during the statutory filing of returns and hence it would like to amend it, official sources said on Wednesday.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU Vivek Lala answers your income tax and personal finance queries.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego and Mahesh Padmanabhan your I-T related questions.
The NSO previously tried to collect household income data in its ninth (1955), 15th (1959), 19th (1964), and 24th (1969) rounds (July 1969-June 1970), but these efforts were not completed, partly due to non-responsiveness by respondents.
For every rupee in the government coffer, the biggest pie of 66 paise will come from direct and indirect taxes, according to the Union Budget 2025-26 documents. Around 24 paise will come from borrowings and other liabilities, 9 paise from non-tax revenue like divestment, and 1 paise from non-debt capital receipts, the Budget documents said.
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
'At the first sign of real trouble, that money will move. There will be a run.'
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Income Tax department's online tool empowers you to verify any notice or order you receive. This free service is available to everyone, regardless of whether you're registered on the e-filing portal.
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.
This time, the linking of the Aadhaar number with of a taxpayer has been made mandatory for filing of an ITR, beginning July 1.
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 time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
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.
rediffGURU Anil Rego answers readers' personal income tax queries.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
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.
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.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'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 Income-Tax Department on Sunday cautioned taxpayers that failure to disclose assets held abroad or income earned in foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law. The department issued a public advisory as part a compliance-cum-awareness campaign launched recently by it on Saturday to ensure that such information is reported by the assessee in their Income Tax Return (ITR) for assessment year (AY) 2024-25.
Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data showed. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore.
'Despite a challenging FMCG environment, ITC Foods has grown at or above the industry rate.'
'Any earnings, regardless of location, will be subject to Indian income tax.'
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.
There is more to tax savings than Section 80C. These six can help you optimise your tax savings.
