The Income Tax Department has released all income tax return (ITR) forms for the assessment year 2026-27, enabling individuals, businesses, and other entities to begin filing their returns for the financial year 2025-26.
The Income Tax department has enabled online filing for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2026-27, allowing small and medium taxpayers to file returns for income earned in the 2025-26 fiscal year.
Taxpayers must provide more details to support deduction and exemption claims.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
The data may include details of foreign bank accounts, investment accounts, certain financial investments, interest income, dividends and other specified financial income held by Indian tax residents abroad.
162 officials of the Trade and Taxes department in Delhi, including three assistant commissioners, were transferred after Delhi Chief Minister Rekha Gupta discovered 'serious irregularities' during a surprise visit.
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
From the financial year 2025-2026, the government has introduced a new column in the tax return form for presumptive taxpayers, requiring them to disclose their year-end investments. This requirement was not present last year.
A Deputy Commissioner of the Commercial Tax Department in Karnataka was arrested for allegedly accepting a bribe of Rs 6 lakh from a businessman related to an Input Tax Credit case.
A growing conflict between India's insolvency law and tax rules is creating fresh uncertainty for companies undergoing resolution, with tax authorities increasingly denying the benefit of carrying forward past losses even after resolution plans have been approved by the National Company Law Tribunal (NCLT).
Actor Mohanlal has declared possession of 10 elephant tusks and 13 ivory idols to the Kerala Forest Department under an amnesty scheme. This new disclosure comes as he continues to face trial for alleged illegal possession of wildlife articles, a case that originated in 2011 and has seen the Kerala High Court direct the continuation of legal proceedings against him.
A senior tax assistant in the Income Tax department was sentenced to six months in jail and fined Rs 4000 in a bribery case by a special CBI court in Thane.
Police in Chhattisgarh's Mahasamund district seized 7.5 kilograms of gold worth Rs 9.17 crore from a car. The occupants of the car could not provide satisfactory answers about the gold's origin or produce relevant documentation.
The Income Tax Department conducted searches at multiple locations in Kolkata, including the residence of TMC MLA Debashis Kumar and Miraj Shah, a proposer of Mamata Banerjee's candidature. The TMC alleges the raids are politically motivated.
Infosys, India's second-largest IT services firm, has appointed company veteran Ashiss Kumar Dash as CEO designate, with the leadership transition scheduled for April 1, 2027, after current CEO Salil Parekh completes his second term.
The investigation pertains to alleged irregularities in CMRL's financial transactions and its links with Veena's now-defunct company Exalogic Solutions Private Limited.
Police in Dahod, Gujarat, seized over Rs 2.56 crore in unaccounted cash from a car during a routine vehicle check. The cash was being transported from a courier firm to Vadodara, and the driver could not provide documentation for the money's source.
Uttarakhand GST officials conducted an elaborate undercover operation, creating fake firms to expose a company evading over Rs 150 crore in taxes.
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.
A Special Investigation Team (SIT) probing the alleged embezzlement of donation money at the Ram Temple in Ayodhya is expected to question people associated with the Shri Ram Janmabhoomi Teerth Kshetra Trust and review banking arrangements for donations.
Punjab's Finance Minister announces record tax enforcement outcomes for the financial year 2025-26, driven by intelligence-led actions and robust revenue protection, including significant penalties imposed and recovered from fraudulent networks.
The Income Tax Department has clarified the applicability of TDS (Tax Deducted at Source) on interest income for banking companies under the Income Tax Act, 2025, aligning it with the Banking Regulation Act, 1949.
A farmer in Budaun, Uttar Pradesh, received tax notices for Rs 14.66 crore due to a fraudulent firm operating in his name in Delhi, prompting an official investigation.
The Commercial Taxes Department has arrested Mohammed Tauqeer for his involvement in generating and routing fraudulent ITC across multiple states, unearthing a GST fraud worth Rs 410 crore.
The Uttar Pradesh Public Works Department has declared a 3-km road passing through SP leader Azam Khan's Mohammad Ali Jauhar University campus in Rampur as a public road, erecting signboards to ensure unrestricted access. The road, built by the PWD in 2016-17, had its access restricted by the university since 2019, leading to a legal dispute that is still ongoing in the Allahabad High Court.
Salaried taxpayers should not use these forms blindly to file their income-tax returns.
A farmer in Uttar Pradesh, India, was shocked to receive tax notices for millions of rupees due to a fraudulent firm operating under his name in Delhi. An investigation has been launched to address the identity theft and tax evasion.
A 59-year-old man was arrested in Bengaluru for allegedly defrauding an Income Tax department official by posing as a 'parrot astrologer' and promising career growth and a better life through rituals.
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The United States has implemented a 10 per cent tariff on goods imported from India and 16 other countries, citing efforts to combat forced labour in production.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
A joint team of police and SSB seized over Rs 85 lakh in Indian and Nepalese currency and detained six persons along the Indo-Nepal border in Bahraich district.
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
Divestment has emerged as a priority for the government following a moderation in direct tax collections.
The Enforcement Directorate has issued a fresh summons to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, for questioning on June 17 in a money laundering case involving Cochin Minerals and Rutile Ltd (CMRL). The probe focuses on alleged payments of Rs 2.78 crore from CMRL to Veena's IT firm, Exalogic Solutions, without services rendered, and loans from an associated company.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
rediffGURU T S Khurana answers readers' personal income tax queries
Amid the buzz over a split in the ranks of Lok Sabha MPs of Shiv Sena-Uddhav Balasaheb Thackeray through "Operation Tiger", Maharashtra Chief Minister Devendra Fadnavis on Sunday said the "operation" has been successful. His deputy and Shiv Sena president Eknath Shinde said he never leaves an operation incomplete.
