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.
Filing a belated return is far better than not filing at all.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
Finance Minister Nirmala Sitharaman on Friday proposed to double the limit for Tax Deduction at Source (TDS) on interest income for senior citizens to Rs 1 lakh, and also increase the threshold to Rs 6 lakh on rent from the current Rs 2.4 lakh.
Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income.
rediffGURU T S Khurana answers readers' personal income tax queries
The old tax regime remains unchanged. 'Taxpayers opting for it will continue to follow the existing slab rates and deductions.'
Deductions missed in Form 16 can still be claimed while filing ITR.
Think again. Not filing could cost you. Here's who must file, who should, and why it matters. What's more, the deadline to file your ITR has been extended till September 15, 2025
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
'If you invest in a rush at the last moment, you could compromise on selecting the best tax-saving options.'
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.
The income tax department will allow people to file 'belated return' until December 31.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
rediffGURU T S Khurana answers readers' personal income tax queries.
rediffGURU T S Khurana answers readers' personal income tax queries.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
What many don't realise is that including their spouse and children in their tax planning can enable them to reduce their tax burden legally.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
As the policy was going to be revised, the BCCI staff including the finance, operations and media department were not paid their daily allowances for the IPL and WPL but now that the policy has been formulated, their dues should be cleared soon.
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
Net direct tax collection grew 13.13 per cent to over Rs 21.26 lakh crore so far this fiscal aided by by higher advance tax mop up, government data showed on Monday. During the year, the government collected Rs 10.44 lakh crore from four instalments of advance tax as against Rs 9.11 lakh crore in the previous fiscal, registering a growth of 14.62 per cent.
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
It is important to have the necessary documents on hand to verify the information in the form.
Form 16 contains details of salary income, deductions, and exemptions.
The time limit is proposed to be extended from the current two years to four years.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
As part of Budget 2013-14 proposals, it is considering widening the scope of source-based taxation to more areas to improve reporting mechanism for transactions.
Use forms 15G and 15H to avoid tax at source.
Salaried persons whose liability is fully deducted as tax deducted at source by their employer need not worry about advance tax payments, unless they have other sources of taxable income.
rediffGURU T S Khurana answers readers' personal income tax queries
Tax experts answer your budget-related queries
Non-resident Indians (NRIs) haven't gone big on the Indian stock market story despite the post-pandemic boom. While domestic participation through mutual funds (MFs) and dematerialised accounts has soared, NRI participation figures show limited signs of a similar rise.
'Tax officials view most taxpayers as evaders.' 'The I-T department has a perverse incentive to raise unreasonable demands since the one-fifth tax collected counts towards officials' collection targets,' observes Harsh Roongta.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
