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.
The tax is collected by brokers on behalf of the government and forms a key component of the Centre's tax revenues.
"Taxpayers with income from shares, mutual funds, crypto, ESOPs, or derivatives often incorrectly use ITR-1 instead of ITR-2 or ITR-3."
With more granular reporting and enhanced data matching, mismatches are likely to be identified more quickly.
Police in Kanpur have arrested a suspected mastermind behind a network of fake firms, forged documents, and suspected hawala transactions worth over Rs 3,200 crore.
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.
The company said Valcambi was the engine driving the group's business, but Valcambi's audited accounts showed revenues that were only a fraction of what the group reported. That raised a major red flag.
Meerut police have uncovered a Goods and Services Tax (GST) fraud involving crores of rupees, leading to the arrest of one individual. The investigation revealed a network of fake firms used to illegally claim input tax credits, causing significant losses to the government.
'Repeated adjournments are one of the largest contributors to lengthy litigation cycles.'
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
Under the TMC, Bengal has seen expansion of welfare, but not big-ticket private investment.
The rupee appreciated 53 paise to close at 89.67 against the US dollar on Friday, supported by corporate dollar inflows and easing crude oil prices. Forex traders said a positive trend in domestic equities and Brent crude oil prices hovering near $59 per barrel supported the domestic unit at lower levels.
Congress leader Rahul Gandhi has accused Assam Chief Minister Himanta Biswa Sarma of corruption and land grabbing, promising action if the Congress party wins the upcoming elections in Assam. Gandhi also criticised the BJP's governance and economic policies.
Enforcement agencies have highlighted risks related to money laundering and terror financing, prompting closer scrutiny of crypto platforms operating in India.
The verdict marks a notable shift from a series of recent wins for Trump at the Supreme Court.
The ruling is expected to have wide-ranging consequences for global trade, businesses, consumers, inflation trends and household finances across the country.
Trump also praised Chinese President as "a great leader of a great country" and said the two sides had "already agreed to a lot of things."
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
The government on Wednesday launched Rs 4,531 crore market access support (MAS) intervention scheme for a six-year period (FY26-31) to improve global reach, visibility and competitiveness of Indian exporters through 'structured and outcome-oriented' interventions.
New Delhi will substantially reduce tariffs on industrial and agricultural goods while continuing to protect sensitive sectors. Tariffs on some agricultural products that are not traditionally considered sensitive will be brought down to zero, while in the case of relatively sensitive items, duties will be reduced in a graded manner and quotas will be imposed.
Investors and startup executives are calling for extending the period for an entity to be recognised as a startup from 10 to 15 years for deep-tech companies.
'This Budget has a one-year agenda, which you can call the sprint, and the marathon is towards Viksit Bharat.'
'The hearing is not adversarial but inquisitorial in nature -- it allows Sebi to examine the context, the strategy, and the intent behind the trades, particularly when algorithmic and expiry-day trading are involved.'
These cases are being reopened under Section 147 of the Income Tax Act, which empowers the department to reassess income if it believes that taxable income has escaped assessment.
The reduction in the goods and services tax (GST) rates has increased the momentum in India's economic activity both on the supply and demand sides, while robust agricultural activity - reflected in the strong onset of rabi sowing and adequate reservoir levels - has reinforced the outlook for food supply and rural incomes, the finance ministry said on Thursday.
'Grassroots-level corruption, which disrupts the last-mile work, cannot be ignored in your enthusiasm and drive to get going to complete the project.' 'Like it was in MGNREGA, in some states, it is the case with the Jal Jeevan mission.' 'The last minute levels of corruption can ruin the intent of the project itself.' 'When you see that people can game a particular well-intended and well-crafted project, you need to correct that.'
The passing of bills without Parliament, including the treasury benches, having any real understanding of what they contained through any rigorous process has accelerated through the Modi era, points out Aakar Patel.
An Indian commerce ministry team will soon visit Washington for another round of talks on the proposed trade agreement with the US to iron out differences in sectors, like agriculture and automobiles, a government official said on Thursday.
Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, has been arrested under the anti-money laundering law in a case linked to alleged cheating of investors to the tune of Rs 200 crore by 'front-running' in trade activities, the Enforcement Directorate (ED) said on Sunday.
Traders in Karnataka are raising concerns over GST demand notices based on UPI transaction data. A tax official defends the action, stating it's within the law and recipients can respond with documentation.
Tax evaders, BEWARE! The Income Tax department is using AI data analytics to bust fake deductions, flag HRA fraud, and trace digital footprints.
The latest move removes one of the key friction points for visitors, temporary liquor permits, while allowing licensed hotels and restaurants operational flexibility.
I am inclined to believe that the Venezuela adventure is not an indication of American strength, alas, but rather of American weakness, points out Rajeev Srinivasan.
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.
India's new national accounts will leverage new data sources and surveys to enhance the measurement of the country's informal economy, and introduce double deflation methods across sectors, replacing the current system that relies on a single deflation mechanism in Gross Domestic Product (GDP) calculations.
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).
From the Sensex firms, Infosys climbed 3.86 per cent. HCL Tech, Tata Consultancy Services, Axis Bank, Kotak Mahindra Bank, Titan and Tech Mahindra were also among the gainers. However, Eternal, UltraTech Cement, Bharti Airtel and Adani Ports were among the laggards.
An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
