In an hour-long chat on rediff.com on Thursday, direct tax expert Vikas M Gandhi replied to many such readers' queries.
'Filing a nil ITR serves as a formal declaration to the tax authorities that your earnings fell below the taxable threshold in the given financial year, and you had no tax liability during that period.'
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
It is important to have the necessary documents on hand to verify the information in the form.
The last date of filing returns for the FY 20009-10 has just passed us. It is quite possible that some of us may not have been able to file returns before the last date. What happens then? Is there any way out?
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Experts said that earmarking of funds for public health at par with national security indicates a key policy shift.
Some individuals opt for the new regime without a comparative analysis of the tax liability under the two regimes.
rediffGURU T S Khurana answers readers' personal income tax queries.
Central Board of Direct Taxes on Tuesday said stakeholders can send their inputs for drafting Income-tax rules and related forms pertaining to the proposed Income Tax Bill, 2025. The Income Tax Bill, 2025 was introduced in Parliament last month and is currently under examination by the Select Committee for detailed consideration.
After Maharashtra Deputy Chief Minister Ajit Pawar announced that the sale deed executed by his son Parth's firm for a prime land in Pune has been scrapped, officials said the company will have to cough up double the stamp duty, which comes to Rs 42 crore, to get the transaction cancelled.
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.
ICICI Bank on Wednesday said tax authorities have slapped a demand notice of Rs 49.11 crore on it for alleged short payment of GST.
Homegrown FMCG player Emami Ltd on Monday reported a 29.7 per cent decline in consolidated profit after tax at Rs 148.35 crore in the second quarter ended September 30, 2025, impacted by temporary trade disruption in expectation of GST rate cut and excessive rains affecting certain product categories.
The cost of any flight from Delhi and Mumbai could rise by up to Rs 3,000 soon unless the airport regulator is able to reverse a court order.
Review your family emergency fund and replenish it if needed. Revisit financial goals to see if there is any change in timeline or the corpus required.
The petition points out that Shami's annual income, as disclosed in his Income Tax Return for 2021-22, stood at nearly Rs 48 crore, while she has been forced to live in "downtrodden conditions", struggling to meet even basic expenses.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
ITRs with zero tax liability have increased to 55.7 million in FY25.
Nearly 96 per cent of new applicants will benefit from this simplified approval route.
'Always keep accurate and transparent records of the source of the investment or property's funding: Loan agreements, transfer records of the property, and bank statements of co-owners if available.'
'Don't wait until the last minute. Instead, cultivate the habit of monitoring your Form 26AS throughout the year.'
'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.'
Tata Steel on Wednesday reported a 272 per cent year-on-year (Y-o-Y) jump in consolidated net profit, attributable to owners, at Rs 3,101.75 crore in the second quarter of 2025-26 (Q2FY26) led by higher sales volumes in India and planned cost takeouts across geographies.
'...but I would not like to put a timeline to it'
Advance preparation in this financial year 2008-09 itself can help you avoid the last-minute anxiety
Satyam Computer Services Ltd (rebranded as Mahindra Satyam to reflect its new ownership by Tech Mahindra) has filed a fresh lawsuit in a New York court, challenging the tax payment claims made by mobile payment services company Upaid Systems.
rediffGURU T S Khurana answers readers' personal income tax queries.
The Supreme Court is scheduled to hear a plea challenging the detention of climate activist Sonam Wangchuk under the National Security Act (NSA). The plea, filed by Wangchuk's wife, argues the detention is illegal and violates his fundamental rights.
Maharashtra CM Devendra Fadnavis assures impartial action in the Pune land deal case involving a company linked to Deputy CM Ajit Pawar's son, Parth Pawar.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Aditya Birla Group's Hindalco Industries on Friday reported a 21.3 per cent year on year rise in its consolidated net profit to Rs 4,741 crore in the second quarter of 2025-26 (Q2FY26), driven by its Indian business and its US-based subsidiary, Novelis.
'Everyone involved in this transaction must be punished and penalised.'
Those paying more than Rs 25 lakh in service tax will soon have to file their returns every month instead of once in six months.
Three men in Aligarh, Uttar Pradesh, received income tax notices demanding crores of rupees despite earning meager salaries, highlighting the growing issue of identity theft in India. The victims, who earn between Rs 8,500 and Rs 15,000 per month, were shocked to receive notices for Rs 33.88 crore, Rs 3.87 crore, and Rs 7.79 crore respectively. The authorities believe that businesses have been conducting large-scale transactions using forged Aadhaar and PAN cards in the names of these individuals.
