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.
'$125 million for the hull and the remaining of over $350 million for liability.'
The Canara Bank on Thursday informed the Bombay high court that it has withdrawn its order classifying as "fraudulent" the loan account of a firm linked to industrialist Anil Ambani. After the bank's disclosure, a bench of Justices Revati Mohite Dere and Neela Gokhale disposed of the petition filed by Ambani challenging the bank's order, saying nothing survives in it.
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
The nationality of the passengers onboard will define the minimum liability applicable to the airline operator as per the Montreal Convention, Prudent Insurance Brokers vice president (aviation & specialty lines) Hitesh Girotra said.
The size of the Reserve Bank's balance sheet as on March 31, 2025 increased by 8.20 per cent year-on-year, leading to a bumper dividend of Rs 2.69 lakh crore for the central government. Increase on assets side was due to rise in gold, domestic investments and foreign investments by 52.09 per cent, 14.32 per cent and 1.70 per cent, respectively, said the RBI's Annual Report for the Year 2024-25 released on Thursday.
For the time being, the RBI is done with the cuts. A cut in October, which many are still predicting, is not certain. Of course, if growth nosedives, the script will be different, expects Tamal Bandyopadhyay.
Possible convergence of interest among China, Pakistan, and Bangladesh may result in serious implications for India's stability and security dynamics, Chief of Defence Staff General Anil Chauhan said on Tuesday.
35,493 brides were killed in India between 2017 and 2022 -- averaging nearly 20 deaths a day -- over dowry demands, sometimes occurring even years after the wedding.
The opposition has been demanding a debate on Operation Sindoor -- the strike on terror sites in Pakistan by the Indian armed forces in response to the terrorist attack in Pahalgam on April 22.
'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.'
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
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.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
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.
'Geopolitically and diplomatically it's a very difficult situation for India.'
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
Many high-profile IPOs in India since 2021 have destroyed investor wealth due to overvaluation, weak business models, and post-listing disinterest, turning 1 lakh investments into as little as 3,500.
rediffGURU T S Khurana answers readers' personal income tax queries.
Tata Sons Ltd, the holding company of the $150 billion Tata group, may be forced to infuse fresh capital into its loss-making telecom arm, Tata Teleservices Ltd (TTSL). This is because TTSL has to pay Rs 19,256 crore adjusted gross revenue (AGR) along with other dues to the central government by March 2026.
Reserve Bank on Friday decided to cut Cash Reserve Ratio (CRR) by a huge 1 per cent, which will unlock Rs 2.5 lakh crore liquidity to the banking system for lending to productive sectors of the economy. With the reduction in four equal tranches ending November 29, 2025, the CRR would come down to 3 per cent.
GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file
Any industrial policy is only as good as how it is applied and the other reforms that support it. This was as true 40 years ago as it is now, points out Debashis Basu.
Master the online ITR filing process and then learn the differences between the old and new tax regimes to pick your best option.
They are not just underreporting income; they are reshaping what the income tax system perceives, says study.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
Additionally, rates in the aviation sector are also expected to increase due to huge claim outgo in the Air India crash.
rediffGURU T S Khurana answers readers' personal income tax queries.
Without changes to the taxation rules, buybacks are expected to remain scarce.
The crash has dealt a blow to the conglomerate's efforts to turn around Air India, especially following its merger with Vistara in 2024.
rediffGURU Samkit Maniar answers readers' personal income tax queries
Will cooperate with govt and judicial authorities: RCB after stampede FIR against it
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
Global cryptocurrency giant Binance has asserted that it never owned or controlled WazirX before or after the embattled Indian exchange was hacked in July that led to a security breach of more than $230 million. Binance added that there was no legal basis for the firm to be liable for claims made against the embattled crypto exchange. It refuted WazirX's claims that the global exchange owns the company, adding that it does not operate the platform.
X calls the home ministry's Sahyog portal a 'censorship portal', stating it usurps judicial functions.
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.
rediffGURU T S Khurana answers readers' personal income tax queries.
