The Delhi High Court has asked the central government why it cannot reduce the GST on air purifiers, considering the poor air quality in Delhi. The court's concern is that the current 18% GST makes air purifiers unaffordable for the common man.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
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
The Income Tax department will start sending SMS/emails to about 25,000 individuals, who are part of the "high-risk" cases identified for non-disclosure of foreign assets in the income tax returns (ITRs) filed for Assessment Year (AY) 2025-26, sources said.
The GST Council at its next meeting may consider a reduction in taxes on air and water purifiers as air quality across the country worsens and access to safe drinking water remains uneven.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
Many individuals filing tax returns declare zero tax liability. They accounted for two-thirds of the total individual returns filed.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
The Centre is considering amendments to the Recovery of Debt and Bankruptcy Act in the Budget to allow some Debt Recovery Tribunals to focus only on high-value cases.
Bhansali Productions will retain creative control, and Sanjay Leela Bhansali, founder, Bhansali Productions, said that for him, powerful and meaningful cinema requires time, trust, and a deep respect for the process, which the company was able to align with Saregama India.
The Supreme Court has ruled that motor vehicle tax is not applicable if a vehicle is not used or kept for use in a 'public place'. The ruling came on an appeal challenging a judgement of the Andhra Pradesh High Court.
The Delhi high court on Friday stayed a Rs 1,140 crore angel tax demand raised by the Income Tax department from hospitality and hotel aggregator Oyo's parent company Oravel Stays Private Limited for the assessment year 2020-21. The tax demand was issued under Section 56(2) (viib) of the Income Tax Act, commonly known as the "angel tax" provision, which applies when unlisted companies issue shares at a value exceeding their "fair" market price.
'We want to clear these pending refunds so that no issues arise once the new I-T Act takes effect.'
The income tax department has extended the date for filing audit report for 2023-24 by 7 days till October 7. In a circular, the I-T department said considering the difficulties faced by taxpayers in electronic filing of various audit reports under the Income Tax Act, the deadline is being extended from September 30 to October 7.
rediffGURU T S Khurana answers readers' personal income tax queries
The income tax act states, 'Profession implies apparent achievement in special knowledge as distinguished from mere skill, special knowledge has to be acquired only after study and application.'
Ask rediffGURU Naveenn Kummar your insurance mutual fund and personal finance-related questions.
Shares of Dr Reddy's Laboratories jumped 5.3 per cent on Thursday to Rs 1,217 apiece, making it the top gainer in the Nifty 50 and the BSE 100 indices. By comparison, the Nifty 50 was up 0.53 per cent at 25,289.
They are not just underreporting income; they are reshaping what the income tax system perceives, says study.
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 Supreme Court has sought responses from the Centre and others on a plea challenging the validity of a provision of the Income Tax Act that allows political parties to receive "anonymous" cash donations below Rs 2,000.
'If a common man wants to buy an air purifier for Rs 10,000, then he will have to shell out Rs 11,800 with 18 percent GST.' 'If he is charged GST at 5 percent the same air purifier will cost Rs 10,500.' 'This saves a one time amount of Rs 1,300 -- and that too just to breathe clean air.'
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.
Maharashtra has topped the list of states with the most favourable ecosystem for the growth of Farmer Producer Organisations (FPOs), replacing Madhya Pradesh, which has slipped to second place, according to the latest Ease of Doing Business for FPOs (EoDBF) ranking.
IT services firm HCLTech on Monday reported a 11.2 per cent decline in consolidated net profit to Rs 4,076 crore in the October-December quarter of FY26.
To digitise Customs processes, the Union finance ministry is planning to integrate the Indian Customs Electronic Gateway (ICEGATE), Risk Management System (RMS), and Indian Customs Electronic Data Interchange System (ICES) into a single unified national Customs platform, according to government sources.
If you are a new taxpayer or one who is struggling to obtain a foothold in the world of taxes, our attempt at simplifying the tax filing process seeks to help you sail through this. Read on. . .
Sahaj and Sugam, introduced last year, did not help much due to the stringent specifications for printing these forms.
'Bringing it back will help prevent reassessments of the income already disclosed.'
More than 8 crore income tax returns for assessment year 2024-25 have been filed this year, of which 74 per cent taxpayers have opted for new tax regime, a source said. Also, around 75 lakh updated ITRs have been filed this year in high garnered additional taxes of Rs 8,000 crore.
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 Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Maharashtra Minister Sanjay Shirsat received an Income Tax notice regarding an increase in his assets between the 2019 and 2024 elections. He initially claimed MP Shrikant Shinde also received a notice but later retracted the statement.
West Bengal Chief Minister Mamata Banerjee on Thursday dramatically turned up at the residence of Indian Political Action Committee (I-PAC) chief Pratik Jain amid an ongoing Enforcement Directorate raid, alleging that the central agency was attempting to seize the Trinamool Congress's internal documents, hard disks and sensitive data linked to its election strategy.
Eighteen new-age technology firms went public during the year, a near triple increase from the five firms that debuted in 2023 and 38 per cent more than 2024's tally of 13.
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
If you were deputed abroad, filing income tax can be tricky.
