'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
Deductions missed in Form 16 can still be claimed while filing ITR.
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The Income-Tax (I-T) Department has detected widespread tax evasion involving cryptocurrencies and, according to media reports, has issued emails to thousands of defaulting taxpayers seeking transaction details. Investors must understand the tax rules governing crypto assets and respond promptly to these emails.
The Instagram video has drawn significant attention due to the controversial backgrounds of both Lalit Modi and Vijay Mallya.
Robert Vadra, husband of Priyanka Gandhi Vadra, appeared before the Enforcement Directorate for questioning in connection with the Sanjay Bhandari money laundering case.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
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.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
The tax department has created many circular traps -- flawed reporting formats, penalties for those who point out the flaws, and faceless assessors with no accountability. The result: Millions of taxpayers face needless harassment and procedural dead ends, highlights Harsh Roongta.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
With 17 films crossing the Rs 100 crore mark in the first six months, this year relied less on big-ticket blockbusters.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
Union Minister Nitin Gadkari voiced concerns about increasing poverty and wealth concentration, advocating for wealth decentralization and job creation in rural areas. He also highlighted the need for balanced sectoral contributions to GDP and discussed infrastructure development initiatives.
From tackling visa woes to admission counselling, rediffGURU Dr Karan Gupta helps you choose the right course and country to study abroad.
The Income Tax Department has notified ITR forms 1 and 4, which are filed by individuals and entities with annual total income of up to Rs 50 lakh for FY 2023-24 (AY 2024-25). Individuals, besides Hindu Undivided Families (HUFs), firms having income up to Rs 50 lakh and those having earnings from business and profession in the current fiscal (April 2023-March 2024) can start filing returns for the income earned this financial year.
Conservative investors seeking equity-like tax benefits with low risk may go for them.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Ask tax gurus Mihir Tanna, Samkit Maniar, Vivek Lala, Anil Rego, T S Khurana and Mahesh Padmanabhan your Budget-related tax questions
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
Central GST (CGST) field offices will remain open on March 29-31, the Central Board of Indirect Taxes and Customs (CBIC) said on Friday. The CBIC directive came days after a similar directive from the Central Board of Direct Taxes (CBDT) regarding income tax department offices "to facilitate completion of pending departmental work.
The income tax department has notified ITR forms 1 and 4 for assessment year (AY) 2025-26 that are to be filed by individuals and entities with total income of up to Rs 50 lakh a year. Now individuals having long-term capital gains of up to Rs 1.25 lakh in a fiscal year can also file ITR-1.
Wednesday's joint protest march in Patna marked a significant moment, with Rahul Gandhi, the Leader of the Opposition in the Lok Sabha, and Tejashwi Yadav, the Leader of Opposition in the Bihar assembly, leading a unified demonstration -- perhaps a first in the state's recent political history.
Despite similar tax treatment, debt MFs enjoy certain advantages over FDs.
Banks offer a wide range of group insurance plans -- personal accident, health, hospital cash, home insurance, credit protection, and critical illness.
In a stunning victory, Indian-American lawmaker Zohran Kwame Mamdani defeated former governor Andrew Cuomo in the Democratic primary race for New York City mayor
This is important because he is to be seen as a sure winner before criss-crossing the state to campaign for candidates of the party or an alliance, highlights N Sathiya Moorthy.
India's real GDP growth in FY26 will slide further to 6.2 per cent in FY26 from 6.5 per cent in FY25, a Japanese brokerage said on Monday. In a research report, Nomura said there is a "divergence" between the growth in GST collections and across other high-frequency growth indicators like auto sales and bank credit growth.
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.
'The protection of secrecy and anonymity gets lost with this linking.'
Handbags, wrist watches, footwear and sportswear, priced above Rs 10 lakh will now attract 1 per cent Tax Collected at Source (TCS), as per a notification issued by the Income Tax department. TCS at 1 per cent rate is currently being levied on motor vehicles costing above Rs 10 lakh effective January 1, 2025.
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
Indian-origin lawmaker Zohran Kwame Mamdani stunned in the Democratic primary race for New York City mayor, upsetting former governor Andrew Cuomo.
'Sindoor symbolises our culture, honour and dignity. Modiji has acted rightly against Pakistan by naming it Operation Sindoor.'
Finance Minister Nirmala Sitharaman presented her eighth budget on Saturday.
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