'AIS helps taxpayers check whether all income streams and reportable transactions -- such as interest from old bank accounts, small dividend receipts or transactions across multiple brokers -- have been properly disclosed.' 'Mismatches between these transactions and declared income may trigger automated notices or scrutiny.'
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.
As India marks a decade of the Goods and Services Tax (GST), the focus is shifting towards enhancing efficiency through artificial intelligence, data sharing, and process simplification. The reform, which unified India's indirect tax system, has significantly broadened the tax base and boosted revenues, with future plans including a streamlined two-tier rate structure and continued technological integration to reduce compliance costs and combat evasion.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries
Taxpayers should reconcile returns with AIS, Form 26AS and maintain all supporting records.
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.
Algo strategies must be registered with stock exchanges.
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Taxability in property transactions depends on the actual source of funds and beneficial ownership, not on whose name appears in the purchase agreement.
Investors should do thorough due diligence when selecting a platform.
A key mistake would be continuing to rely on provisions of the Income-Tax Act, 1961, where the new law now applies, and vice versa.
In the rush to complete tax-saving investments at the end of the financial year, many taxpayers choose instruments that do not match their long-term financial goals.
Defending champion Jannik Sinner heads to Wimbledon under scrutiny after his French Open disappointment, but coaches and experts believe the world No. 1 remains the favourite to retain his title despite fitness concerns.
A former Income Tax officer has been sentenced to six months' rigorous imprisonment by a special CBI court in Thane in a 19-year-old bribery case. The officer was convicted of taking a bribe of Rs 20,000 to finalise a tax security assessment.
Non-resident Indians (NRIs) in the Gulf region are increasingly purchasing term life insurance policies from India, driven by geopolitical uncertainties in West Asia and the significant cost advantages offered by Indian products, with the GCC region now contributing over half of the total NRI demand.
With Income Tax Act 2025 in force, your tax choice can quietly cost you big money if you're not paying attention. Ramalingam Kalirajan explains how
DBS Bank India has launched a direct tax payment facility after authorisation from the Central Board of Direct Taxes (CBDT). Utkarsh Small Finance Bank partners with Mumbai Indians as banking partner for T20 League 2026.
Read all account documents, ask questions, and conduct basic due diligence before agreeing to become a joint holder.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
The demerger of Vedanta's four new entities - Vedanta Aluminium Metal, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel - has led to a 16% appreciation in aggregated market capitalisation, with Vedanta Aluminium Metal identified as a likely near-term top performer due to its scale, low production costs, and favourable commodities cycle.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
A gang posing as Income Tax officials robbed a contractor's home in Dhar, Madhya Pradesh, stealing gold and cash.
Donald Trump agreed with Xi Jinping's assessment of the US as a 'declining nation,' but attributed the decline to the policies of the Biden administration.
LAMF allows investors to access liquidity while staying invested.
Automobile manufacturers have informed NITI Aayog that they face significant challenges in tracing 20-25-year-old vehicles due to multiple ownership changes, hindering their ability to meet Extended Producer Responsibility (EPR) targets for end-of-life vehicles (ELVs). They are seeking government support, including access to updated Vahan registration records, to locate these vehicles and encourage owners to use authorised scrapping centres.
Nikhat Zareen expresses her disappointment over the administrative issues between the Boxing Federation of India and the Sports Authority of India, which she believes negatively impacted the boxers' preparations for major events.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Bharti Airtel reported a 33.5 per cent decline in consolidated net profit to Rs 7,325 crore for the March 2026 quarter, primarily attributed to one-time provisions for statutory and tax liabilities.
Bank of Baroda economists project India's GDP to grow 6.5-6.8 per cent in FY27 but warn that the fiscal deficit could overshoot the budgeted 4.3 per cent target, potentially reaching 4.7-4.8 per cent of GDP due to subsidy overruns, excise duty cuts, and oil marketing company losses.
The most common mistake is investing without assessing suitability and long-term implications.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Tata Steel reported a significant 124.9 per cent year-on-year increase in consolidated net profit to 2,925.74 crore for the fourth quarter of FY26, driven by higher volumes and an improved product mix in India, alongside planned cost reductions across its global operations.
'In practical terms, a Master Circular is not merely desirable; it is a necessary transition tool to ensure that the promise of simplification under the Income-Tax Act, 2025, is fully realised.'
The Budget offers a limited-time regularisation window with clear thresholds, defined payments, and immunity from penalty or prosecution.
The Trump administration has announced a temporary authorisation for countries to purchase Russian oil stranded at sea, aiming to stabilise global energy markets amid rising oil prices and tensions with Iran.
A section of industry may need to begin compliance immediately, even as most states are yet to notify their rules.
The Punjab Assembly has passed the Punjab Prisons and Correctional Services Bill, 2026, to modernise the prison system, and the Societies Registration (Punjab Amendment) Bill 2026, to enhance transparency and accountability of societies.
The conflict may disrupt Budget 2026-2027 projections, squeezing revenues and raising subsidies, prompting fiscal adjustments and potential reforms, echoing lessons from the Covid-era shock, points out A K Bhattacharya.
After the last Budget's announcement of a major tax relief for those earning an annual salary of less than Rs 12 lakh, there is not much that individuals can look forward to in the forthcoming Budget, points out A K Bhattacharya.
The Delhi High Court quashed income tax notices issued to NDTV founders Prannoy Roy and Radhika Roy, citing arbitrary proceedings and ordering the department to pay costs.
