The Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying pro ...More

The Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying property from non-residents. From October 1, 2026, residents can use their PAN instead of obtaining a TAN for taxing purposes. This change is aimed at making tax compliance easier in such real estate transactions. Eligible resident individuals and Hindu undivided families can use Form 141 to report TDS deductions. ...Less

Income tax recovery no longer includes arrest or prison detention. Other recovery methods like property a ...More

Income tax recovery no longer includes arrest or prison detention. Other recovery methods like property attachment remain available to authorities. New rules require detailed disclosures for valuer registration. Valuers and tax practitioners have an extended transition period. This change balances taxpayer protection with tax collection needs. ...Less

The Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 202 ...More

The Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electronic communication and tax recovery processes. The deadlines for registering valuers and income tax professionals have been pushed back, allowing applicants until March 31, 2027, to finalize their registrations. ...Less

The proposed transaction shall be subject to satisfactory completion of due diligence, receipt of all req ...More

The proposed transaction shall be subject to satisfactory completion of due diligence, receipt of all requisite approvals and execution of the JDA. ...Less

The recent invocation of JAAR, a GAAR-type tool in the armoury of the taxman, in a certain case has stunn ...More

The recent invocation of JAAR, a GAAR-type tool in the armoury of the taxman, in a certain case has stunned many. Even though technically the tax department has the power to invoke JAAR, the recent move was entirely unforeseen following the CBDT assurance and subsequent change in the law to spare grandfathered shares from GAAR. ...Less

FAST-DS 2026 prescribes detailed rules for valuing foreign assets, but how should undisclosed foreign inc ...More

FAST-DS 2026 prescribes detailed rules for valuing foreign assets, but how should undisclosed foreign income be computed for the ₹1-crore limit? This article examines whether such income should be computed under the Income-tax Act and converted into Indian rupees under Rule 115 and why CBDT clarification would help taxpayers. ...Less

India's net direct-tax collections saw a nearly thirteen percent rise. Advance tax payments grew over six ...More

India's net direct-tax collections saw a nearly thirteen percent rise. Advance tax payments grew over sixteen percent, boosting overall collections significantly. Corporate advance tax collections increased by over eighteen percent year-on-year. Gross direct tax collections rose fifteen percent, while refunds also jumped. These figures indicate strong economic activity and taxpayer confidence. ...Less

From October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. ...More

From October 1, 2026, Indian property buyers can buy properties from non-residents without getting a TAN. Instead a new system has been launched by the Finance Ministry under which the buyer needs to file Form 141 and fill Schedule E and then issue the TDS certificate in Form 132 to the non-resident. Earlier this system was very complicated, now it has been made comparatively easier. ...Less

Notices have been issued to prominent Delhi voters regarding electoral roll discrepancies. Former RBI gov ...More

Notices have been issued to prominent Delhi voters regarding electoral roll discrepancies. Former RBI governor Bimal Jalan and ex-IAF chief NAK Browne are among those notified. These notices are part of an ongoing exercise covering over 97 lakh registered voters. The electoral authorities are examining submitted documents for verification purposes. Final electoral rolls are scheduled for publication on November 4. ...Less

A parliamentary committee convened to evaluate the fees associated with UPI transactions and explore reve ...More

A parliamentary committee convened to evaluate the fees associated with UPI transactions and explore revenue strategies. Opposition members expressed strong concerns regarding the government's choice to impose such charges. Previously, the committee had advocated for a sustainable financial model to support UPI. Furthermore, officials reiterated that cryptocurrency does not align with India's economic goals. The committee is poised to complete its report on virtual digital assets shortly. ...Less

A government task force will examine reviving Formula One and motorsports in India. This group will asses ...More

A government task force will examine reviving Formula One and motorsports in India. This group will assess taxation issues and other growth challenges for the sector. It will also evaluate potential international and economic benefits of hosting motorsport events. The task force will identify infrastructure needs and policy frameworks for sustainable development. This initiative considers bringing Formula 1 back to the Buddh International Circuit. ...Less

Private sector financing is crucial for India's ambitious Viksit Bharat vision. Government budgets alone ...More

Private sector financing is crucial for India's ambitious Viksit Bharat vision. Government budgets alone cannot meet the scale of transformation required. States are identifying sector-specific financing needs and innovative funding means. Increased domestic savings and efficient capital allocation are essential for sustained growth. Fiscal discipline and attracting more capital are vital for navigating global challenges. ...Less

The RBI's MDR introduction on UPI transactions above ₹2,000 faces criticism. This move may discourage dig ...More

The RBI's MDR introduction on UPI transactions above ₹2,000 faces criticism. This move may discourage digital payments and encourage a return to cash. Savings from reduced currency printing should cover fintech expenses instead. Digital payments have significantly reduced RBI's currency printing expenditure. Incentivizing digital payments is crucial for curbing the parallel economy. ...Less

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept s ...More

How wife’s 35 yrs old marriage and inheritance helped her win case in ITAT Mumbai after Income Tax Dept seized her gold, diamond, silver items and jewellery kept in house and bank locker ...Less

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing be ...More

Missed the ITR filing deadline? Don't panic! You might still claim your TDS refund. Learn about filing belated returns, potential fees, interest, and the crucial condonation process if even that window has passed. Understand the implications for carry-forward losses and deductions. Avoid common mistakes to ensure your refund is processed smoothly. ...Less

Updated income tax returns have increased significantly over four years. New tax regime adoption shows st ...More

Updated income tax returns have increased significantly over four years. New tax regime adoption shows strong uptake among taxpayers filing returns. Karnataka ranks second in direct tax collections, contributing substantially to national revenue. Technology-driven systems enhance transparency and encourage voluntary taxpayer compliance. The department processes returns rapidly and issues refunds efficiently to taxpayers. ...Less

A parliamentary committee will meet on September 3 to discuss direct tax reforms. The meeting will focus ...More

A parliamentary committee will meet on September 3 to discuss direct tax reforms. The meeting will focus on simplification, rationalization, and ease of compliance. Discussions will also cover the Income-tax Act, 2025, and revenue performance. This session follows a previous cancellation regarding virtual digital assets. Representatives from the Ministry of Finance will attend the important deliberations. ...Less

A parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking ...More

A parliamentary committee has identified compliance issues with the new Income Tax Act. They are seeking detailed data from the CBDT on its overall impact. The committee wants to understand changes in taxpayer numbers and revenue collection. Technology-driven tax processes and faceless decisions also presented certain challenges. Further discussions are planned with tax authorities to address these concerns. ...Less

FAST-DS 2026 raises an important question for taxpayers who have voluntarily disclosed foreign income thr ...More

FAST-DS 2026 raises an important question for taxpayers who have voluntarily disclosed foreign income through a valid ITR-U. Can such income still remain “undisclosed” under the Black Money Act even though it may no longer qualify as “undisclosed foreign income” under FAST-DS 2026? This article examines the apparent statutory disconnect and the need for clarification from CBDT. ...Less

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional ...More

The Income Tax Department is set to enhance its Annual Information Statement by incorporating additional data. This revision extends to GST returns, foreign remittances linked to mutual funds, off-market securities, and overseas investments. Furthermore, data from another taxpayer's income tax returns will be added, aiming to fortify the verification of income and transaction details for taxpayers. ...Less

Transactions were either not reported, were undervalued or had suspected benami ownership; deals span bul ...More

Transactions were either not reported, were undervalued or had suspected benami ownership; deals span bulk land purchases, agri land & other high-value properties ...Less

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, file ...More

Gamer invested Rs 2.61 crore to play online Rummy, poker games; loses net Rs 28 lakh, stops playing, files ITR reporting Rs 4 lakh income; gets tax notice; he wins case in ITAT Bangalore. Waseem Ahmed, the Accountant Member, and Soundararajan K., the Judicial Member of ITAT Bangalore heard this case. ...Less

The Supreme Court will hear a plea challenging anonymous cash donations below Rs 2,000. This provision of ...More

The Supreme Court will hear a plea challenging anonymous cash donations below Rs 2,000. This provision of the Income Tax Act is questioned for its lack of transparency. The petitioner seeks disclosure of all political funding sources and donor particulars. The plea also requests that no cash amounts be received by political parties. This aims to ensure greater transparency in political funding and election processes. ...Less

India's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This volu ...More

India's FAST Scheme 2026 provides a unique opportunity for taxpayers to declare foreign assets. This voluntary disclosure window closes on December 31st, 2026, offering significant benefits. Taxpayers can regularize undisclosed foreign assets and income by paying a specified tax and penalty. Failure to declare by the deadline will result in harsher penalties under the Black Money Act. This scheme is crucial for individuals with unreported overseas investments and income. ...Less

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remitta ...More

The Income Tax Department has launched a nationwide verification exercise into suspicious foreign remittances after identifying several entities that allegedly remitted large amounts of foreign exchange despite reporting little or no turnover, the Central Board of Direct Taxes (CBDT) said. ...Less

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer servi ...More

Senior Income Tax officials met in Jaipur for a two-day conclave. They discussed improving taxpayer services and reducing litigation for the department. Discussions also covered strengthening infrastructure and creating an actionable future roadmap. E-HRMS, service matters, and capacity building were extensively deliberated upon. The conclave concluded with a focus on future departmental functioning and priorities. ...Less

Selling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax o ...More

Selling inherited property? Know who among the brothers and sisters are liable to pay capital gains tax on it and how to claim tax relief. ...Less

There is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain fo ...More

There is an important caveat: the Black Money Act provides relief from Schedule FA penalty for certain foreign assets, other than immovable property, where aggregate value does not exceed Rs 20 lakh. Such taxpayers should first determine whether any penalty actually arises before opting for FAST-DS. ...Less

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on ma ...More

An Indian resident successfully challenged the tax department's claim of undisclosed foreign income on maturity proceeds from a Dubai life insurance policy. The ITAT ruled that foreign insurer policies are not automatically subject to the Black Money Act, especially when premiums originate from non-taxable foreign earnings. This landmark decision offers clarity for NRIs and returning NRIs. ...Less

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays n ...More

Constructs house for Rs 47 lakh in Tilak Nagar, sells old property in Paschim Viharfor Rs 53 lakh, pays no tax, tax dept sent notice, man wins case in ITAT Delhi; Know how. This Paschim Vihar property was purchased on July 20, 2005 for Rs 6.48 lakh (including stamp duty). ...Less

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implement ...More

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 has moved from Budget proposal to implementation. This article explains its two categories, tax and fee implications, eligibility for resident and present non-resident taxpayers, the ₹20 lakh threshold, and key considerations for reviewing past foreign-asset reporting lapses under the Income-Tax Act, 1961 and the Black Money Act, 2015 ...Less

Good news: Save huge tax penalty as CBDT notifies Foreign Assets of Small Taxpayers disclosure scheme rul ...More

Good news: Save huge tax penalty as CBDT notifies Foreign Assets of Small Taxpayers disclosure scheme rules; Know who can use it by December 31, 2026. Know how much tax you need to pay. ...Less

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an ...More

Son inherited 50% of mother’s land and took it in his real estate business as business stock; brought an even larger plot for Rs 2 crore claimed Section 54F tax exemption; tax dept denies it; Here’s how a 1983 CBDT circular (No. 359 dated May 10, 1983) helped him win the case in ITAT Surat. Read the article. ...Less

The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a di ...More

The Delhi High Court has halted the processing of judges' income tax returns. This action stems from a dispute over certain allowance exemptions under new tax rules. The court directed private secretaries to submit necessary details to tax authorities. It also ordered that any demand raised shall remain in abeyance. The petition argues the tax department's stance interferes with judicial independence. ...Less

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspici ...More

Based on ground intelligence and analysis of data, Income tax dept Income tax dept has identified suspicious entities who sent money abroad; Know what to do ...Less

Indian residents' outward remittances have significantly increased, reaching a record USD 31.73 billion b ...More

Indian residents' outward remittances have significantly increased, reaching a record USD 31.73 billion by FY2023-24. Digital reforms and infrastructure upgrades have streamlined the process for investing abroad. Online Form A2 submissions and remote identification now allow faster transactions. Recent changes have removed value caps and widened permissible remittance purposes. These developments make global markets more accessible for millions of Indians. ...Less

The 50% presumptive taxation rule for professionals largely continues under the new Income-tax Act. Howev ...More

The 50% presumptive taxation rule for professionals largely continues under the new Income-tax Act. However, Section 58(4) introduces a wider restriction on deductions and losses against presumptive income. Here is what professionals need to know before filing their returns. ...Less

Mauritius Cabinet approved the India-Mauritius DTAA Protocol ratification on July 17, 2026. This decision ...More

Mauritius Cabinet approved the India-Mauritius DTAA Protocol ratification on July 17, 2026. This decision followed extensive stakeholder discussions and detailed clarifications from India. The Protocol ensures genuine investments receive protection while maintaining Mauritius' credibility. India confirmed that investments made before April 1, 2017, will receive grandfathering protection. This Protocol strengthens the economic partnership and investor confidence between both nations. ...Less

The revised guidance, issued by the central board of direct taxes (CBDT), lays down an updated compliance ...More

The revised guidance, issued by the central board of direct taxes (CBDT), lays down an updated compliance framework for reporting financial institutions (RFIs), including banks, mutual funds, insurers, custodians and other investment entities, on identifying reportable accounts, validating tax residency and reporting financial information under the country's Automatic Exchange of Information (AEOI) commitments. ...Less

Due to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai g ...More

Due to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine deduction cannot be denied merely because it was reported under an incorrect schedule in the ITR ...Less

Investors from abroad are pressing regulators for a decrease in securities transaction taxes to alleviate ...More

Investors from abroad are pressing regulators for a decrease in securities transaction taxes to alleviate the burden of double capital gains taxes. With the Reserve Bank of India's stringent leverage rules potentially pushing trading activities offshore, there's a risk of reduced government revenues and diminished market liquidity. Authorities are considering these issues in light of the recent tax cuts on government securities. ...Less

The July 31, 2026, income tax return filing deadline remains unchanged for many taxpayers. Those who miss ...More

The July 31, 2026, income tax return filing deadline remains unchanged for many taxpayers. Those who missed this date must now file a belated return and pay a late fee. Taxpayers with business income and those requiring a tax audit have different filing deadlines. The due date for business income without audit is August 31, 2026. Taxpayers needing a tax audit must file by October 31, 2026. ...Less

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he ...More

Retired teacher from Mysore deposits Rs 1.33 crore cash in bank, files no ITR; tax dept issues notice; he wins case in ITAT Bangalore as tax notice was issued 26 days after the limitation period had expired. Know how he won case in ITAT Bangalore. ...Less

India is closer to becoming a global rough diamond hub. A new tax exemption will attract foreign companie ...More

India is closer to becoming a global rough diamond hub. A new tax exemption will attract foreign companies to trade rough diamonds. This measure offers a 15-year income tax holiday for eligible firms. It aims to boost trading activity within India's Special Notified Zones. The government's move is expected to enhance India's diamond industry competitiveness. ...Less

Higher monetary limits for tax appeals have reduced disputed tax demand by about ₹16,690 crore, with over ...More

Higher monetary limits for tax appeals have reduced disputed tax demand by about ₹16,690 crore, with over 23,000 departmental cases withdrawn or not filed across ITAT, high courts and the Supreme Court. ...Less

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Expe ...More

ITR filing deadline: Nearly 5.44 crore taxpayers filed income tax returns for AY 2026-27 by July 30. Experts suggest the July 31 deadline extension for income tax returns is unlikely. The e-filing portal has been functioning smoothly with no widespread technical issues reported. Taxpayers should file their returns by the July 31 deadline to avoid penalties. The government has previously extended deadlines due to significant technical problems. ...Less

NRIs selling under-construction property must use the allotment date for capital gains. This date determi ...More

NRIs selling under-construction property must use the allotment date for capital gains. This date determines long-term versus short-term capital gains tax treatment. The Bombay High Court and other rulings support the allotment date as the acquisition point. This principle applies even when possession or registration occurs much later. Proper documentation of the allotment letter is crucial for NRIs. ...Less

India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries m ...More

India now requires crypto exchanges to collect user tax residency details. Digital asset intermediaries must share transaction data annually with tax authorities. This aligns with the OECD's global Crypto Asset Reporting Framework. The Central Board of Direct Taxes issued a detailed compliance framework for reporting. Data sharing with participating jurisdictions begins next financial year. ...Less

ITR filing 2026: The government has addressed concerns regarding the income tax e-filing portal's perform ...More

ITR filing 2026: The government has addressed concerns regarding the income tax e-filing portal's performance. While usage has increased, the portal has largely remained stable, according to officials. The managed service provider, Infosys, has faced contractual penalties for project delays and outages. ...Less

The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements ...More

The CBDT’s decision to upload foreign financial information into taxpayers’ annual information statements may be more than an administrative exercise. Read alongside the Finance Act, 2026, it appears to set the stage for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026, and signals a new era of tax transparency. ...Less

NaBFID will issue zero-coupon bonds valued at twenty thousand crore rupees. This move supports the instit ...More

NaBFID will issue zero-coupon bonds valued at twenty thousand crore rupees. This move supports the institution's long-term capital mobilization for infrastructure projects. Investors will receive the full redemption amount after a ten-year maturity period. The Central Board of Direct Taxes approved the necessary tax framework for this issuance. NaBFID can issue these bonds until March thirty-first, twenty twenty-eight. ...Less

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Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm ...More

Finance Minister Nirmala Sitharaman urged tax officials to ensure taxpayer convenience. She stressed firm action against tax evasion and economic certainty. Officials must adopt an empathetic approach while enforcing tax laws. Sitharaman outlined five priorities for the Income Tax Department. She advised officials to exercise their powers with humility and agility. ...Less

Mauritius cabinet ratified a tax protocol granting Indian officials more questioning powers. This allows ...More

Mauritius cabinet ratified a tax protocol granting Indian officials more questioning powers. This allows direct challenges to offshore entities suspected of tax evasion. The principal purpose test will deny treaty benefits if tax avoidance is a primary aim. This change follows the Tiger Global verdict and strengthens genuine substance requirements. The protocol aims to ensure treaty benefits are for legitimate commercial purposes. ...Less

India's Central Board of Direct Taxes has set the Cost Inflation Index at 384 for the financial year 2026 ...More

India's Central Board of Direct Taxes has set the Cost Inflation Index at 384 for the financial year 2026-27. This index is pivotal in gauging the inflation-driven changes in costs over time. Annually published through gazette notices, it pertains to long-term capital assets sold. ...Less

Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow ...More

Overseas financial account information will now be included in taxpayers' Form 26AS. This move will allow taxpayers to view their foreign financial data with the Income Tax Department. It helps reconcile overseas income and assets with tax filings effectively. The CBDT has directed the Director General of Income-tax (Systems) to upload this information. Information relating to 2022, 2023, and 2024 will be uploaded within ninety days. ...Less

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an ad ...More

This is a CBDT order dated July 8, 2026 issued under Section 119 of the Income-tax Act, 1961. It is an administrative order that authorizes the Income-tax Department to upload foreign financial information received under Automatic Exchange of Information (AEOI) into taxpayers' Annual Information Statement (AIS) in Form 26AS/AIS. Know more. ...Less

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his ...More

To purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange bureau; she got tax notice for unexplained property investment; she fights and wins case in ITAT Mumbai for this reason. Know how she won the case in ITAT Mumbai. ...Less

Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), has received a six-month tenure exten ...More

Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), has received a six-month tenure extension, keeping him in the role until December 2026. The 1988 batch IRS officer was set to retire on June 30. The Appointments Committee of the Cabinet approved his re-appointment on a contractual basis, a move made in relaxation of recruitment rules. Agrawal initially took charge in June 2024. ...Less

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electr ...More

Taxpayers can now e-verify their Income Tax Returns using multiple online options. Aadhaar OTP and Electronic Verification Code (EVC) are convenient methods available. Net banking and Demat accounts also facilitate this essential tax process. The Income Tax Department provides clear steps for each verification method. Completing this verification ensures your tax return is officially processed. ...Less

Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know ...More

Filed revised ITR but lost Rs 2.99 lakh capital loss carry forward benefit claimed in original ITR; Know how a man challenged tax dept's decision and won case in ITAT Bangalore. Know how the taxpayer won the case in ITAT Bangalore. ...Less

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Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosure ...More

Indian taxpayers face new foreign asset reporting rules for AY 2026-2027. Schedule FA requires disclosures for foreign shares and overseas bank accounts. Employee stock options and cryptocurrencies also demand careful reporting considerations. Jointly held foreign accounts need accurate disclosure based on fund ownership. Accurate reporting is crucial to avoid penalties under the Black Money Act. ...Less

The Central Board of Direct Taxes has granted income-tax exemption to NCCL's Core Settlement Guarantee Fu ...More

The Central Board of Direct Taxes has granted income-tax exemption to NCCL's Core Settlement Guarantee Fund. This tax benefit will continue for assessment years 2019-20 through 2026-27. The exemption ensures continued tax relief under the new Income-Tax Act provisions. This relief remains available as long as the fund files its income-tax returns. The notification removes uncertainty over the tax treatment of this important market safeguard. ...Less

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications fi ...More

Existing tax benefits and approvals will continue under the Income Tax Act, 2025. Pending applications filed before March 31, 2026, will be processed under the new law. Lower or nil TDS certificates issued previously remain protected and valid. New applications filed after April 1, 2026, will follow the 2025 Act. Taxpayers need not take additional action for this transition. ...Less

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty p ...More

India's virtual digital asset taxation remains among the world's toughest. Investors face a flat thirty percent tax on gains and one percent TDS. Specific provisions govern the taxation of cryptocurrencies and non-fungible tokens. Airdrops and staking rewards are taxed as income upon receipt. Non-disclosure of overseas holdings can invite severe penalties and prosecution. ...Less

New Reserve Bank of India norms will prevent lenders from reselling acquired assets to defaulting borrowe ...More

New Reserve Bank of India norms will prevent lenders from reselling acquired assets to defaulting borrowers. These prudential rules apply to banks, small finance banks, and NBFCs starting October 2026. Specified non-financial assets are those obtained when resolving stressed loans from borrowers. Lenders must establish board-approved policies for acquiring and disposing of these assets. These assets will be disclosed separately on balance sheets, not as NPAs. ...Less

The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, s ...More

The Income Tax Department has announced the Cost Inflation Index for the upcoming tax year. This index, set at 384, will adjust asset acquisition costs for capital gains. It becomes effective from April 1, 2026, impacting future tax calculations. ...Less

The Central Board of Direct Taxes (CBDT) has signed a multi-year contract with telecom giant Bharti Airte ...More

The Central Board of Direct Taxes (CBDT) has signed a multi-year contract with telecom giant Bharti Airtel to provide network and connectivity solutions for CBDT's Taxnet-2.0 programme. Airtel will offer robust dual connectivity with Software Defined Network for WAN and Secure LAN, modernizing the current system for collection, processing, monitoring, and accounting of direct taxes. ...Less

New Income Tax Return forms for AY 2026-2027 introduce significant reporting changes. Taxpayers must now ...More

New Income Tax Return forms for AY 2026-2027 introduce significant reporting changes. Taxpayers must now report futures and options trading turnover and income. Disallowance of MSME interest under Section 43B(h) requires specific disclosure. Partners in firms need to provide additional details on interest and remuneration. These updates aim to enhance transparency and compliance for all taxpayers. ...Less

Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCI ...More

Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCIT) were eligible for being considered for appointment as Member, CBDT. CBDT, on November 11, sought to widen the catchment of officers by making eligible all officers of the rank of Principal Commissioner of Income Tax and above. ...Less

Property sellers may need to re-compute advance tax after the Cost Inflation Index release. This delay im ...More

Property sellers may need to re-compute advance tax after the Cost Inflation Index release. This delay impacts individuals selling property acquired before July 23, 2024. Advance tax payments for the first quarter were due before the index was notified. Underestimating tax liability could lead to interest charges for deferred payments. Taxpayers can adjust subsequent installments or claim refunds if overpaid. ...Less

Senior bureaucrat Sushil Chandra was today given one-year extension till May 2018 as chairman of the Cent ...More

Senior bureaucrat Sushil Chandra was today given one-year extension till May 2018 as chairman of the Central Board of Direct Taxes (CBDT). ...Less

New CBDT Chairperson Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperso ...More

New CBDT Chairperson Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperson with incumbent Atulesh Jindal retiring on Sunday. ...Less

Following directives from the Rajasthan and Karnataka High Courts, the CBDT extended the tax audit report ...More

Following directives from the Rajasthan and Karnataka High Courts, the CBDT extended the tax audit report deadline to October 31, 2025. Subsequently, the Gujarat High Court further directed CBDT to extend the ITR due date for tax audit cases to November 30, 2025, addressing the gap created by the audit report extension. ...Less

The "Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), ...More

The "Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member Central Board of Direct Taxes (CBDT) as chairman, Central Board of Direct Taxes from the date of assumption of the post," according to the order issued on June 25. The post of the CBDT chief was being held in an additional capacity by board member and 1986-batch IRS officer Sangeeta Singh after J B Mohapatra retired on April 30. ...Less

The court was hearing a plea by the Central Public Information Officer (CPIO) of CBDT seeking quashing of ...More

The court was hearing a plea by the Central Public Information Officer (CPIO) of CBDT seeking quashing of the November 30, 2022 order of the CIC which had directed that the CPIO would revisit certain points made in the application under the Right to Information Act and provide information within 15 days from the receipt of the order. ...Less

The charge of I-T investigations, usually, is handled by a separate Member in the Central Board of Direct ...More

The charge of I-T investigations, usually, is handled by a separate Member in the Central Board of Direct Taxes (CBDT). ...Less

There had been rumours that the deadline may be extended again. There had been images of an order issued ...More

There had been rumours that the deadline may be extended again. There had been images of an order issued by the CBDT circulated in social media. Consequently, CBDT has issued a clarification. ...Less

The CBDT, the apex policy making body of the income-tax department, has so far received 42 application fo ...More

The CBDT, the apex policy making body of the income-tax department, has so far received 42 application for India-US bilateral APAs. ...Less

The Appointments Committee of the Cabinet has approved the appointment of Jindal as Chairman CBDT, an ord ...More

The Appointments Committee of the Cabinet has approved the appointment of Jindal as Chairman CBDT, an order issued by DoPT said. ...Less

Charitable trusts and institutions that missed the 80G registration renewal deadline have received a one- ...More

Charitable trusts and institutions that missed the 80G registration renewal deadline have received a one-time reprieve from the CBDT. The tax department has condoned delays for applications filed between October 1, 2025, and March 31 this year. This crucial relief ensures that donors can continue to claim tax deductions on their contributions, safeguarding the financial stability of these non-profit organizations. ...Less

CBDT Member (Revenue and Tax Payer Services) will oversee the related services in Central Board of Direct ...More

CBDT Member (Revenue and Tax Payer Services) will oversee the related services in Central Board of Direct Taxes, the CBDT said in a statement. ...Less

The CBDT has given some 90 startups an assurance and registered them for Startup India Action Plan. ...More

The CBDT has given some 90 startups an assurance and registered them for Startup India Action Plan. ...Less

Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investig ...More

Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT. ...Less

CBDT is probing 18 Kolkata-based cos for allegedly helping Kalaignar TV, promoted by the family of Karuna ...More

CBDT is probing 18 Kolkata-based cos for allegedly helping Kalaignar TV, promoted by the family of Karunanidhi, to repay a loan of Rs 200 crore. ...Less

The CBDT said any admission of unaccounted money should be done only when there is strong and credible ev ...More

The CBDT said any admission of unaccounted money should be done only when there is strong and credible evidence and not under pressure. ...Less

The Punjab & Haryana High Court and the Himachal Pradesh High Court have extended the income tax return f ...More

The Punjab & Haryana High Court and the Himachal Pradesh High Court have extended the income tax return filing deadline for tax audit cases. The new deadline is November 30, 2025. This follows a similar order from the Gujarat High Court. Tax professionals are urging the CBDT to issue a nationwide circular. ...Less

The CBDT is continuing with the earlier stand in case of service tax, where the amount payable was not gr ...More

The CBDT is continuing with the earlier stand in case of service tax, where the amount payable was not grossed up with the service tax component ...Less

It is not immediately clear the conditions the CBDT will have to fulfil before tapping telephones of any ...More

It is not immediately clear the conditions the CBDT will have to fulfil before tapping telephones of any individual. ...Less

CBDT had hiked the threshold limit for the department to file appeals in ITAT and courts in order to brin ...More

CBDT had hiked the threshold limit for the department to file appeals in ITAT and courts in order to bring down litigation between the I-T Department and the assessee substantially. ...Less

She took over the top charge after her appointment was made by the government as incumbent CBDT Chairman ...More

She took over the top charge after her appointment was made by the government as incumbent CBDT Chairman K V Chowdary retired on October 31, a senior official said. ...Less

Bharti Airtel and the CBDT have finalized a multi-year agreement where Airtel will serve as the network a ...More

Bharti Airtel and the CBDT have finalized a multi-year agreement where Airtel will serve as the network and connectivity partner for the income tax department. This partnership includes dual connectivity using Software Defined Networks for WAN, Secure LAN, and other technology solutions under the Taxnet-2.0 program. The initiative aims to modernize tax collection, processing, monitoring, and accounting systems. Financial details of the contract were not disclosed. CBDT officially awarded the contract to Airtel, with both parties formalizing their acceptance at a recent signing event attended by Sunil Mittal and CBDT chairman Ravi Agarwal. ...Less

Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central ...More

Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central Board of Direct Taxes (CBDT). ...Less

Ravi Agarwal has been serving as a member, CBDT (Administration) since, July 2023. According to the order ...More

Ravi Agarwal has been serving as a member, CBDT (Administration) since, July 2023. According to the order issued by the Appointments Committee of the Cabinet on Saturday Ravi Agrawal, will be chairman of the CBDT, effective, July 1 up to the date of his superannuation on September 30. ...Less

A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the S ...More

A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate. ...Less

The income tax department has extended the deadline for charitable and religious trusts to submit registr ...More

The income tax department has extended the deadline for charitable and religious trusts to submit registration applications with tax authorities until June 30. The Central Board of Direct Taxes (CBDT) had previously extended the due date for filing Form 10A and Form 10AB for such trusts, institutions, and funds multiple times, with the last extension until September 30, 2023. This extension aims to avoid genuine hardships to taxpayers, allowing trusts to file Form 10A/Form 10AB for income tax exemption or renewal of permanent registration by the new deadline. ...Less

CBDT has issued a consolidated circular reiterating clarifications issued so far on taxation issues hurti ...More

CBDT has issued a consolidated circular reiterating clarifications issued so far on taxation issues hurting startups, including the so-called angel tax. ...Less

The Appointments Committee of the Cabinet has approved the appointment of Aditya Vikram and Pramod Chandr ...More

The Appointments Committee of the Cabinet has approved the appointment of Aditya Vikram and Pramod Chandra Mody as the CBDT members. ...Less