As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
The FM proposed a rule-based automated process for small taxpayers in FY27 Budget.
What items did Finance Minister Nirmala Sitharaman make costlier?
Transporters across Maharashtra have announced a statewide strike to protest against e-challans and other issues, potentially disrupting transport services including school buses and commercial vehicles.
FMCG major Hindustan Unilever Ltd (HUL) on Thursday reported a two-fold jump in consolidated net profit to Rs 6,603 crore in the December quarter of FY'26, on a year-on-year basis, driven by a one-off positive impact from the demerger of its ice cream business.
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
Fino Payments Bank asserts its compliance with GST regulations following the arrest of its MD and CEO, Rishi Gupta, by the Directorate General of GST Intelligence (DGGI). The bank clarifies that the investigation pertains to program managers associated with multiple banks and not the bank's own GST compliance.
Bajaj Auto on Tuesday said it has received a tax demand of Rs 34.74 crore on account of the alleged misclassification of spare parts supplied by it.
Base revisions are technical exercises, but history shows they can significantly reshape the narrative around India's growth performance.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
The Union Budget for 2026-27, presented by Finance Minister (FM) Nirmala Sitharaman on Sunday, which was a first, had an excellent domestic macro backdrop. According to the first advance estimates, gross domestic product (GDP) in constant prices is projected to grow 7.4 per cent in the current financial year, against 6.5 per cent in 2024-25.
Organise your PAN, Form 16, Form 26AS, AIS, and all other proofs before e-filing.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
The West Bengal government has filed FIRs against five state government employees for alleged lapses in electoral roll revisions, following an Election Commission ultimatum. The action comes after the EC directed the state to initiate criminal cases against the accused for adding fictitious names to voter lists.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Restoring weighted tax deductions and adopting a petty patents regime can foster firm-level innovative activity critical for competitiveness, points out Nagesh Kumar.
Rahul Gandhi said that had an INDIA Bloc government negotiated the trade agreement with the US, it would have told US President Donald Trump that he should treat India as an equal.
Learn to track your ITR's progress and correct any errors.
C J Roy, founder and chairman of real estate firm Confident Group, died by suicide in Bengaluru. The incident occurred amidst ongoing Income Tax searches at his premises. Family alleges pressure from a central agency may have contributed to his death.
A speeding Lamborghini, allegedly driven by the son of a tobacco trader, injured at least six people in Kanpur after hitting pedestrians and two-wheelers.
Assam Congress alleges CM Himanta Biswa Sarma's family grabbed thousands of acres of land, prompting a defamation case announcement. BJP denies claims as baseless.
The tribunal granted partial relief to the appellants by modifying Sebi's directions on trading restrictions and account freezes, making them conditional on the deposit of the said amount.
UltraTech Cement on Saturday said it has received a GST demand notice for a total payment of Rs 782.2 crore, which it plans to contest before the appropriate forum.
The government on Monday extended the due date for filing income tax returns (ITRs) for Assessment Year 2025-26 by a day to September 16 as technical glitches disrupted filings on the last day. A record over 7.3 crore ITRs were filed till September 15, surpassing last year's 7.28 crore, the Central Board of Direct Taxes (CBDT) said in a post on X.
Most think tax-saving deductions exist only in the old regime. But the New one quietly retains 40+ ways to ease your tax load
Errors in filing income-tax returns frequently lead to scrutiny notices, additional liabilities, or delayed refunds.
Have income tax-related questions? Ask rediffGURUS Mihir Tanna, Vipul Bhavsar, T S Khurana, Vivek Lala and Anil Rego.
The Income Tax Department has clarified that the deadline for ITR filing for Assessment Year 2025-26 is September 15 and there is no further extension as circulated on social media. In a late night post on X on September 14, the department termed "fake" a statement in circulation on social media stating that the due date of filing ITRs has been further extended to September 30, 2025.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Manas Sood, a Class 12 student from the Delhi Public School, has distributed 2,650 boxes of Tax City Education and empowered over 12,000 students from 52 schools across India. His aim? To help young Indians understand taxes and become financially literate.
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
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.
It is very important to maintain your tax record even if you are not in the taxable income bracket as tax return papers are required when applying for a loan
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.
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 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.
The new Income Tax Bill, passed by Lok Sabha on Monday, has retained the provisions regarding ITR filing for TDS claims and tax exemptions for anonymous donations made to all religious-cum-charitable trusts, as in the existing tax laws. The original Income Tax Bill, which was brought in Parliament in February, had done away with this exemption and the ITR filing flexibility for claiming TDS refunds.
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.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances