Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
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.
Indian banks are projected to achieve healthy profit growth in the second quarter of financial year 2027 (Q2FY27), driven by lower credit costs, robust advance growth, and fee income. However, net interest margins (NIMs) are expected to face pressure due to significant mobilisation of foreign currency non-resident (bank) FCNR(B) deposits.
The Union Government has extended the last date for filing Income-Tax to October 31 , 2004. Take the Rediff Business Quiz and find out how much you know about Income-Tax.
The Indian government has informed the Lok Sabha that the income-tax return (ITR) e-filing portal is functioning in a 'largely stable and efficient manner' despite a significant increase in traffic during the peak filing season. However, it acknowledged transient technical issues and disclosed that contractual penalties have been imposed on Infosys for project delays and service-level agreement failures.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
The CBI has filed a closure report in the 2002 disinvestment of Hindustan Zinc Ltd, stating that allegations of irregularities could not be substantiated. This comes despite a 2022 Supreme Court directive by then-CJI D Y Chandrachud to register a regular case, citing sufficient material and concerns over undervaluation and the role of a global advisor. The special court will now decide on the report.
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
A group of 124 former IAS, IFS, IPS, and allied services officers have issued an open letter defending the Election Commission (EC) and the Special Intensive Revision (SIR) process. They argue that the electoral system cannot be deemed rigged only when a party loses, citing instances where the ruling BJP lost elections under the same EC. The officers highlight the legitimacy and necessity of the SIR for cleaning voter rolls and underscore the robust safeguards within India's electoral system.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
Passenger vehicle dispatches in the domestic Indian market are estimated to have surged by 33 per cent to approximately 4.7 lakh units in July, with market leaders Maruti Suzuki and Hyundai reporting record sales, alongside significant growth from Tata Motors and Mahindra & Mahindra.
The Central Information Commission (CIC) has directed the Income Tax Department to disclose 'generic details of the net taxable income/gross income' of an estranged husband to his wife for pursuing maintenance proceedings. The commission stated that such information cannot be denied on privacy grounds in matrimonial disputes.
Fitch Ratings has increased India's GDP growth forecast for the current fiscal year (FY'27) to 6.9 per cent, up from 6.4 per cent, attributing the revision to robust economic growth in the June quarter and overall economic resilience. The agency also anticipates the Reserve Bank of India (RBI) will raise interest rates by 0.25 per cent in October.
A senior tax assistant in the Income Tax department was sentenced to six months in jail and fined Rs 4000 in a bribery case by a special CBI court in Thane.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
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.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego will answer your tax queries related to the Union Budget 2026-2o27.
The goal is to ensure that your bank works for you, providing liquidity and convenience without charging you for the privilege of holding your own money.
Finance Minister Pranab Mukherjee wants the income tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Delhi government has notified detailed guidelines for the Delhi Lakshmi Yojana, outlining strict provisions for beneficiaries found ineligible, including discontinuation of financial assistance, recovery of disbursed funds, and potential fraud charges. The scheme provides Rs 2,500 monthly to eligible women, with specific rules for fund disbursement via RD/FD accounts and CBDC wallets, along with clear eligibility and exclusion criteria.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
The Indian rupee experienced its sharpest single-day decline in eight weeks, settling at 94.83 per dollar, primarily due to escalating crude oil prices and persistent risk-off sentiment driven by heightened geopolitical tensions and limited foreign inflows.
Finance Minister Pranab Mukherjee has revised the Income Tax rates.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
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.
The Allahabad High Court has barred four advocates from entering any court premises in Lucknow and ordered a confidential inquiry by the Intelligence Bureau (IB) into their background and activities following an alleged assault on a litigant and Delhi lawyers.
In a relief for the Congress, the Income Tax department on Monday told the Supreme Court that it will not take any coercive action against the opposition party for tax demand notices of Rs 3,500 crore approximately in view of Lok Sabha elections.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
Many people invest in insurance with a view to saving taxes. So what are the tax rebates available to an individual in respect of premium paid on life insurance policies?
'Since the category has a limited track record, assess the fund manager's experience across equity and debt market cycles rather than relying only on past returns.'
