Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Mild tremors were felt in Kolkata and Imphal on Friday after a powerful 7.7-magnitude earthquake struck Thai capital Bangkok. The epicenter was in central Myanmar, about 50 km east of the city of Monywa. Mild tremors were reported from Kolkata and its adjoining areas. According to official sources, there have been no reports of damage to property or loss of life in the city due to the tremor. In Manipur, tremors caused panic among residents of Thangal Bazar in Imphal, where many old multi-storey buildings, are located. However, no damage has been reported so far, police said.
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 has surprised the industry is that the Bill has been tabled without any consultation. Critics warn the ban on real-money gaming could fuel black markets, endanger 200,000 jobs and billions in tax revenue.
In Q1FY26, the bank reported fresh slippages of 8,200 crore, up 71 per cent Y-o-Y and sequentially. Of this, 7,500 crore is from the retail segment.
Two Indian Air Force pilots were killed when a Jaguar trainer aircraft crashed near Churu, Rajasthan. A court of inquiry has been ordered to investigate the cause of the accident.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
'Ahaan Panday and Aneet Padda have captured the relevance to and imagination of Gen Z and millennial viewers.'
An FIR filed against Sigachi Industries following a fatal explosion at its Telangana unit alleges the company used outdated machinery despite warnings from employees.
Talking to reporters after a meeting of the state cabinet, he said Chief Minister Bhupendra Patel and the entire cabinet offered tributes to those who had lost their lives in the June 12 plane crash in Ahmedabad during the meet.
Customers must sign the agreement promptly to avoid disruptions. They should read it thoroughly and understand their rights and obligations.
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.
The epicentre was located 60 kilometres northwest of Rawalpindi, according to the National Seismic Monitoring Centre (NSMC).
A father and daughter in Himachal Pradesh displayed extraordinary bravery during recent flash floods, saving multiple lives. The floods caused widespread damage and loss of life in the Mandi district.
Dismissing allegations that Indian phacosrmaceutical companies copy products of Swiss firms, Commerce and Industry Minister Piyush Goyal on Tuesday said it is a long-standing myth and India respects intellectual property rights and never steals technology from others. He said that Swiss pharmaceutical companies have not shown even a single instance that Indian companies have illegally copied any of their trademarks or patents or copyrighted technology.
rediffGURU T S Khurana answers readers' personal income tax queries.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
'A positive momentum in the southern market as far as leasing, absorption, and rentals are concerned.'
'The market today is different -- more mature and conducive. As a national player, you can't not be in Mumbai. And competition is always good.'
The Enforcement Directorate (ED) has earmarked assets worth about Rs 15,000 crore that will be restored to victims of real estate, Ponzi and other frauds across India during the current financial year. The agency has been "aggressively" initiating this provision for restitution since last year to ensure rightful claimants duped by financial crime get their dues. The ED has already restored Rs 31,951 crore worth of assets under this provision, including Rs 15,201.65 crore from 2019-21 in cases related to Vijay Mallya, Nirav Modi and the National Spot Exchange Limited (NSEL). The ED Director has issued directions to all regions to actively work on cases marked for restitution of assets worth Rs 15,000 crore during the financial year 2025-26.
'Who will answer for these lives crushed under their neglect?'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
With a major network rollout on the cards, the government is not keen to change the pattern of tower monetisation for Bharat Sanchar Nigam Ltd (BSNL), officials at the state-owned telecom-service provider said. The monetisation target in the telecom sector had to be revised owing to a change in BSNL's approach to mobile-phone tower monetisation, which had shifted from a sale-based model to a lease-based one.
Cross-check key documents, maximise your deductions, avoid errors, and ensure you get your refund smoothly.
It further said that the owners, master and crew of the vessel handled the ship in a negligent manner despite being aware of the dangerous cargo it was carrying.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
US President Donald Trump's plan to sign an executive order to cut prescription drug prices by 30-80 per cent could lead to a global price adjustment with pharma firms pushing lower-cost countries like India to raise prices, according to the economic think tank GTRI. The US move could push prices in lower-cost countries like India as manufacturers would seek to recover losses and R&D costs from these nations.
All that you must know about the pros and cons of gift deeds, tax implications, essentials, documents required, conditions, etc...
'If you align your ambition with India's rise, the peak of your careers will unfold alongside the peak of India's power.'
Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2.
Several places in Bihar were jolted by a 5.5-magnitude earthquake that struck Nepal early on Friday, with tremors felt in Muzaffarpur, Samastipur and other bordering districts, officials said.
rediffGURU T S Khurana answers readers' personal income tax queries.
Curfew was lifted from the remaining four areas of Nagpur in Maharashtra on Sunday, six days after violence rocked the city. The violence erupted on March 17 after rumors spread about a chadar with holy inscriptions being burnt during a protest led by the Vishva Hindu Parishad (VHP) and Bajrang Dal. The rumors were later found to be baseless.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
There was no report of any loss of properties or casualty so far, a senior official of the Odisha revenue department said, adding that the impact of the earthquake was "negligible" as its centre was in the Bay of Bengal.
India has rejected remarks by Bangladeshi officials on violence in West Bengal, asking Dhaka to focus on protecting the rights of its minorities instead of indulging in "virtue signaling." The statement comes in response to comments made by Bangladeshi officials regarding the developments in West Bengal. India's spokesperson pointed out that Bangladesh has failed to contain attacks on minorities, especially Hindus, in the country and urged Bangladesh to focus on protecting the rights of its own minorities.
'India has not faced a major terrorism loss since the Mumbai terrorist attacks in 2008.'
'Five hours of bombardment by the Pakistanis should not have happened.' 'India should have sent the air force to bomb the Pakistanis where they were raining fire on us.'
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.
Actor Mahesh Babu has been summoned by the Enforcement Directorate (ED) in a money laundering case related to realty group Surana group and Sai Surya Developers. The actor is accused of receiving over Rs 5.5 crore for appearing in advertisements for the Surana Group. The ED earlier found illegal transactions worth Rs 100 crore and seized Rs 74.5 lakh in cash during searches at Surana group's affiliated companies. Surana Group is accused of fraud under the guise of real estate ventures and is alleged to have caused financial losses to numerous investors.
