Income Tax

Taxpayers want the Budget to make transition to new tax law simpler, slabs to be inflation-adjusted, deductions to be restored and easing of charitable trust rules

CBDT launches data-driven nudge campaign for AY26, flags bogus political donations

The initiative, which is advisory in nature, requires identified taxpayers to file revised income-tax returns (ITRs) by December 31, 2025.

Income Tax Notices: Employees nudged to declare their foreign assets

If the taxpayer has failed to report foreign assets and income in the original ITR, there is an opportunity to rectify this through filing a revised return

Net direct tax collections till December 17 at Rs 17.04 lakh crore, up 8% YoY

As compared to the corresponding period of last fiscal year, the net direct tax collections were up 8 percent on year. This growth is lower than the projection made in the Budget.

IT raids at Shilpa Shetty’s Bastian in Dadar Mumbai, a day after Bengaluru police FIR over late-night operations

The Income Tax Department conducted search operations at Bastian, the popular Mumbai restaurant co-owned by actor Shilpa Shetty, at its Dadar outlet on Wednesday, December 17.

Tax Saving Tips: How sections 54 & 54F can reduce tax to zero

If you have just sold a house, plot of land, gold or shares, a long-term capital gains (LTCG) tax bill can take a big bite out of your money. But did you know the Income Tax Act gives you a way to reduce that tax to zero? In this video, we break down Section 54 and Section 54F, two of the powerful tax-saving provisions for property and other asset sellers.

Vivo may also face I-T probe as SFIO flags profit diversion, findings to be shared with CBDT

The development comes as SFIO prepares to file its chargesheet against Vivo in a suspected diversion of more than Rs 2,000 crore

Preity Zinta gets big relief from Rs 10-crore tax: ITAT rules out in her favour

The Income Tax Appellate Tribunal in Mumbai has scrapped a nearly Rs 10-crore tax demand against Preity Zinta, noting that the reassessment initiated by the department was flawed and lacked proper justification.

Can a couple claim Section 80GG while owning flats in same or another city?

You cannot claim Section 80GG if you own a house in any other place that is kept vacant or reserved for your own occupation.

Pay your income tax the easy way, use Paytm, PhonePe or Google Pay

A quick way to clear your tax dues from your phone, without bank logins or branch visits.

Govt confident of meeting FY26 direct tax target despite likely STT shortfall

STT has seen slower growth this year as investor sentiment turned cautious amid market corrections in September and October.

Delhi Red Fort blast: Is ex gratia compensation taxable? Here’s what income tax experts say

Any amount received from the central government, state government, or local authority is exempt from income tax

How NRIs overseas save more on taxes when sending money back home as gifts or investments

Money sent by NRIs for various purposes have different tax treatment under the Income Tax Act and FEMA rules.

Reduce income tax rate for individuals earning up to Rs 50 lakh: PHDCCI's pre-Budget recommendation

The highest tax rate of 30 per cent is levied on individuals earning more than Rs 24 lakh in a year in the new income tax regime.

Tax litigation: FICCI flags Rs 18 lakh crore stuck in appeals, seeks overhaul of faceless system

Industry body urges filling vacancies, simplifying TDS structure, and granting tax neutrality for fast-track demergers to reduce litigation and improve ease of doing business

Gift tax rules: how much can you give to children or parents without paying tax?

A quick guide to India’s gift tax rules and how much you can give family without worrying about the taxman.

Does your gift of gold coin, jewellery on Diwali comes wrapped with tax liabilities?

Gold as gift from relatives is tax-exempt but the gifts that exceed Rs 50,000 from people other relatives in a fiscal year are taxable

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

Dhanteras 2025: Tax guide for gold jewellery, coins, gold ETFs and SGBs

Gold ETFs and sovereign gold bonds offer tax-efficient alternatives to physical gold, providing portfolio diversification, tax benefits, and flexibility, making them attractive options for investors seeking gold exposure

Net direct tax revenue jumps 6.3% to Rs 11.89 lakh crore till Oct 12

Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 6.55 lakh crore, up from over Rs 5.93 lakh crore in the same period of the last year

Security flaw in Income Tax website exposed bank, Aadhaar details of Indian taxpayers

A major bug in India’s Income Tax portal exposed taxpayers’ bank, Aadhaar, and personal details before it was fixed by the government.

Is income tax payable on gifting a flat to your wife?

Gift to your husband/wife is tax-free during transfer but future income from it has strings attached.

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

Rajasthan High Court extends due date for tax audit to October 31: Is similar notification expected across India? Tax expert clarifies

The Rajasthan High Court's Jodhpur Bench has issued an interim order in response to a writ petition filed by the Tax Bar Association Jodhpur. Similar petitions have been filed across the country.

No tax rebate for special-rate incomes, reiterates Income Tax Dept, asks taxpayers to pay up by December 31

No interest will be levied if the income tax due is deposited by December 31, says CBDT circular.