Income Tax

I-T radar on senior executives earning over Rs 50 lakh for alleged misuse of exemptions

The executives have been served notices for failing to declare foreign assets and overseas income and exaggerating perquisites such as housing and travel allowances to suppress their taxable income.

Business families under scanner: Income Tax dept to send notices over undisclosed overseas assets

The families are based in major business centres such as Ahmedabad, Surat, Chennai, Hyderabad, Bengaluru and Mumbai, and hold foreign assets valued at several thousand crore rupees.

Net direct tax collections till February 10 at Rs 19.43 lakh crore, up 9.4% YoY

As compared to the corresponding period of last fiscal year, the net direct tax collections were up 9.4 percent on year.

Key PAN rule changes in draft Income Tax Rules that may affect your daily transactions

The draft Income-tax Rules, 2026 propose raising the PAN-quoting limits several transactions including cash deposits, purchase of motor vehicles and property and payments to hotels

Tax dept says there was no attempt to withhold refunds, which declined 17% so far in FY26

Advanced data analytics and AI-driven risk assessment tools are now identifying large volumes of incorrect or fraudulent refund claims that were earlier processed mechanically

Supreme Court to scrutinise PIL challenging sweeping digital search powers under income tax law

The petition questions provisions that allow searches of ‘computer systems’ and ‘virtual digital space,’ including the seizure of personal electronic devices, cloud servers and digital communications

Income Tax department releases draft rules for New Income Tax Act, invites feedback till February 22

While the new Act lays down the law, the rules explain how taxpayers, professionals and authorities will implement it in practice from valuation norms to filing formats.

Selling cumulative bonds before maturity: Is the gain taxed as LTCG or interest income?

Cumulative bonds carrying fixed coupon rate can be treated as capital asset. Any profit or loss made on sale of such bonds should logically be taxed under the head capital gains.

Only about 100 IT firms outside safe harbour; CBDT chairman assures APAs within two years for rest

The intent is very clear, no company in the IT, IT-enabled services or KPO space should be left without an avenue for tax certainty, whether through safe harbour or through APAs.

Union Budget 2026: FinMin proposes tax relief for employers, non-life insurers

Changes aim to ease compliance, reduce litigation, and simplify deductions under the Income Tax Act

Budget 2026: Interest on accident compensation to be fully exempt from income tax

At present, this interest is treated like regular taxable income

Income Tax Budget 2026 Updates: No change in tax slabs; buybacks taxed, TCS cut, ITR revision window extended

Income Tax Slabs 2026-27: ITR revision till March 31, overseas tour TCS cut to 2%, tougher penalties, buybacks as capital gains, IT safe harbour overhaul, cloud tax holiday till 2047.

What middle-class taxpayers want from Budget 2026?

Middle-class taxpayers want targeted income tax relief, primarily under the new regime, to boost disposable income amid rising living costs

Budget wishlist of Aam Aadmi - Rs 1 lakh deduction, higher 30% slab, LTCG relief

8th Pay Commission in focus as FM expected to preserve fiscal headroom

Budget 2026: Industry experts seek tax clarity on employer-provided EVs and hybrid cars

The Income tax Rules provide a detailed mechanism for calculating the car perquisite for fuel vehicles; the same clarity is absent for EVs.

Budget 2026 Income Tax Expectations: Middle-class relief likely as Budget 2026 eyes Section 80D under new tax regime

Section 80C limit of Rs 1.5 lakh will be hiked to Rs 2.5 lakh?

Budget 2026: Tax experts demand clarity on taxation of stock options for cross-border employees

ESOP taxation is clear for employees working only in India, but remains uncertain for cross-border employees. Tax experts say Budget 2026 should clarify rules for cross-border ESOPs.

Budget 2026: Tax relief for married couples? What joint taxation could mean for your taxes

The proposed reform by ICAI will allow couples to file a joint tax return, offering relief to families that depend on a single source of income

Budget 2026: Tax experts want stability, simpler compliance and fewer surprises

No rate cuts, fewer tweaks: tax experts want FM to focus on fixing everyday pain points that continue to trouble taxpayers

Budget 2026: Should the 30% income tax slab be raised and indexed to inflation?

Tax experts advocate increasing India's 30% tax slab from Rs 24 lakh to Rs 35 lakh to counter inflation, boosting middle-class disposable income and economic growth, amid Union Budget 2025-26 discussions

Bought under-construction flat? Check how Section 54 applies to LTCG exemption

Under-construction bookings qualify for LTCG exemption under Section 54 if possession is made within three years.

Tax department issues notices to 4–5 foreign digital firms over permanent establishment

The companies plan to challenge the assessments before income-tax officers or the Dispute Resolution Panel, as the matter centres around the definition and scope of permanent establishment

Budget 2026: Confused about income tax slabs? Here’s a quick refresher

As India prepares for the Union Budget 2026, here’s a quick run-down of income tax slabs under both old and new regimes— highlighting key differences in rates, exemptions, and deductions for taxpayers to make informed decisions.

Net direct tax collections till January 11 at Rs 18.37 lakh crore, up 8.8% YoY

As compared to the corresponding period of last fiscal year, the net direct tax collections were up 8.8 percent on year. This growth is lower than the projection made in the Budget.

Union Budget 2026: Equity investors push for lower LTCG tax and STT

Equity investors seek predictability and lower friction as tax costs weigh on post-tax returns