The Madras High Court dismissed a petition by actor Vijay challenging an Income Tax department order to pay a Rs 1.50 crore penalty for alleged non-disclosure of income during 2015-16.
The new income tax returns (ITR) form based on the I-T Act, 2025, will be notified prior to 2027-28 fiscal year, Minister of State for Finance Pankaj Chaudhary said on Monday. The CBDT committee on simplification of ITR forms is carrying out extensive consultations with tax experts, institutional bodies, and field formations of the I-T Department, he said in a written reply in the Lok Sabha.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
He added that the family is focused on the cremation process and gathering more information from the office staff.
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.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
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.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
No income tax relief, but compliance burden eased for youth and middle class through lower TCS.
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.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.'
Is the parabolic rise in silver running out of steam or just getting started? Ramalingam Kalirajan offers his take on if you should invest in silver now?
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
What items did Finance Minister Nirmala Sitharaman make costlier?
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Priyank Kharge accused the RSS of money laundering, demanding transparency in their financial dealings and questioning their exemption from laws applicable to other organizations.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
C J Roy, founder and chairman of real estate firm Confident Group, died by suicide in Bengaluru. The incident occurred amidst ongoing Income Tax searches at his premises. Family alleges pressure from a central agency may have contributed to his death.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
GST Reform 2.0, which trims tax slabs from four to two, signals a push for demand-led growth, and together with recent income tax cuts, sets the stage for sustained economic growth, experts said. The Goods and Services Tax (GST) Council on September 3 approved an overhaul of the indirect tax regime by taxing essentials at 5 per cent and other goods at 18 per cent. A new 40 per cent tax will be applicable on luxury and sin items.
The Delhi High Court quashed income tax notices issued to NDTV founders Prannoy Roy and Radhika Roy, citing arbitrary proceedings and ordering the department to pay costs.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Around 24 paise will come from borrowings and other liabilities, 10 paise from non-tax revenue like disinvestment, and 2 paise from non-debt capital receipts, the Budget documents showed.
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.
'We kept this Budget on a larger plank, rather than on one incident, however serious.'
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
Among its 27 recommendations for the Union Budget is this: It has suggested that equity investments held for more than one year and up to three years should be taxed at 12.5 per cent on gains exceeding 2 lakh in a financial year.
Taxpayers should consider ITR-U if they omitted income, wrongly claimed deductions or exemptions, or made reporting errors that led to a shortfall in tax payment.
India is growing fast, but to keep growing strong, the government must make more things at home, create jobs, and spend money wisely, suggests Rajiv Memani, regional managing partner, Africa-India Region, EY.
'Among corporates, about 60% of income is now reported under the new tax regime.'
The finance minister said that consolidation of state-owned banks could proceed at any time without waiting for the recommendations of the proposed high-level committee on banking.
Budget 2026 sticks to fiscal discipline, shuns populist measures despite five key state elections coming up, but ends up rattling stock markets with a higher transaction tax on derivatives trading.
Finance Minister Nirmala Sitharaman's biggest challenge will be to find a new growth driver, particularly against the backdrop of a global economy ravaged by heightened uncertainty and fragmentation, financial markets on a precipice, and global commodity prices on a continued uptrend.
A nationwide strike called by central trade unions saw a mixed response across India, impacting various sectors and states differently, with some areas experiencing disruptions while others remained largely unaffected.
This single amendment, unfortunately, overshadows much of the Budget's promise, explains Harsh Roongta.
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
The Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
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