Income Tax Act

Govt to notify all rules under new income tax law by December 31

Administrative groundwork for the new tax system accelerates as Budget preparations near; government aims to finalise around 400 rules and 180 forms for a leaner framework

Sonam Wangchuk claims I-T summons received despite tax exemption for Ladakh. Check what law says

Section 10 (26) of the Income Tax Act provides exemption to scheduled tribe members residing in Tripura, Mizoram, Manipur, Nagaland, Assam, Arunachal Pradesh and Ladakh

How do criteria for determining residential status under Income Tax Act differ from FEMA?

The criteria for determining residential status under the Income Tax Act differ from those under FEMA.

New Income Tax Act: CBDT plans FAQs, streamlined rules to aid taxpayers, says RN Parbat

The new income tax Act will come into effect from April 1, 2026

Income-Tax Act 2025 receives President's assent

The Act paves way for a simplified and modernised tax regime from April 2026.

Income Tax Bill 2025: Finance Ministry issues corrigendum on interest on advance tax shortfall

Advance tax is generally payable by individuals, companies, and other entities with a tax liability of Rs 10,000 or more in a financial year, in four instalments. Senior citizens without business income are typically exempt.

Insurance FDI: Guardrails being put in place to ensure investments, profits stay in India, says FM

The finance minister has said the government’s focus has not shifted from capital expenditure to consumption expenditure

SEBI proposes way to apply for reduction or waiver of interest on penalty, following I-T Dept's move

Earlier this month, the Income Tax Department had issued a circular, which empowers tax officers of a certain rank to reduce or waive interest that accumulates on penalty

FM Nirmala Sitharaman chairs meeting to review Income Tax Act

During the Union Budget 2024-25 that was presented on July 23, Sitharaman announced the review of the decades-old law and simplify it

IT Act review to focus on simplification, substantive changes likely in phase II in FY26

The IT Act review in the first phase will look at making the Act simpler. The second phase in FY 26 will address substantive changes, specifically, introducing new policies and structures aimed at streamlining tax dispute resolution and compliance.

Income Tax Act review committee report likely by October

Finance Minister, Nirmala Sitharaman had announced a review of the Income Tax Act to make it simple. The committee, led by Chief Commissioner of Income Tax, VK Gupta, is in the process of finalising and submitting the report by October.

Union Budget may facilitate cheaper funds for IREDA, HUDCO

The government is considering including IREDA and HUDCO under Section 54EC of the Income Tax Act, offering capital gains tax exemptions to investors purchasing their bonds

MC Exclusive | Union Budget may decriminalise over 100 provisions to boost ease of doing business

The Jan Vishwas Bill II to propose replacing criminal prosecution provisions in key laws with fines.

MC Explains: What is the 'safe harbour' clause under Section 9A of Income Tax Act, and why does it need a relook?

Capital-market experts, in a meeting with the FM Nirmala Sitharaman, have asked for a revisiting of some conditions under this clause.

Excl: Govt likely to decriminalise minor I-T offences in Budget

The Government is looking at compounding the offences so that there is no prosecution for minor offences, only penalty.

SC refuses to entertain plea by Vyapar Mandal against 45 days pay rule under income tax law

The apex court asked the MSMEs, which are a part of the Vyapar Mandal, to approach the high courts should they need any relief.

Decriminalise more provisions in tax laws in Budget 2024, say lawyers and CAs

Right now, criminal prosecution in income tax law gets triggered even for trivial human errors such as delays in deposit of withholding taxes, they say. These and similar other provisions do not help build an environment of trust between the taxpayer and the authorities, experts say.

NFRA slaps Rs 50 lakh fine on auditor for professional misconduct in Quess Corp case

In August 2022, Director General of Income Tax (Investigation), Bengaluru, had shared information about the claim of deduction under Section 80JJAA of Income Tax Act totalling Rs 1,135.41 crore by Quess based on Form 10DA issued by two chartered accountants for 2016-17, 2017-18, 2018-19, 2019-20, and 2020-21.