A Mumbai tenant received tax relief after selling a property he obtained for surrendering his tenancy rights. The Income Tax Appellate Trib...

NRIs can significantly reduce tax on NRE deposits in India, as this income is tax-exempt. While NRO account interest is taxable in India, N...

India's direct tax collections have seen a significant jump. Net collections reached Rs 5.21 lakh crore by June 17, marking a 14.64% increa...

American shoppers spent more in May than anticipated. This boost came from tax refunds and a stock market rise. However, this spending has ...

States' spending surged 131 percent from 2015-16 to 2024-25. Welfare and development drove this growth. Revenue expenditure remained the la...

India's states continued to face mounting fiscal pressures in 2024-25, with all 28 states reporting fiscal deficits and their combined liab...

India's government is reviewing potential budget spending cuts. Higher oil prices are increasing subsidy costs and threatening fiscal goals...

In a commendable feat, the Indian government has hit its FY26 fiscal deficit goal of 4.4% of GDP, largely due to prudent expenditure manage...

Google co-founder Sergey Brin has stepped into San Francisco’s heated tax debate with a USD 500,000 political donation aimed at opposing a ...

The Reserve Bank of India announced a record surplus transfer to the government for FY26, though it falls short of budget estimates. This s...

Net direct tax collections reached approximately Rs 23.40 lakh crore, marking a 5.12% increase as of March 31. This growth was bolstered by...

Axis Bank's net profit saw a slight dip in the fourth quarter. This was impacted by trading losses and a new provision for potential risks....

New ITR forms for AY 2026-27 mandate Non-Resident Indians (NRIs) opting for the presumptive income scheme to separately disclose gross rece...

Income tax audit: The deadline to submit income tax audit report is September 30, 2024 for those who are liable to conduct one. Question is...

With the state governments' fiscal deficit projected at a relatively modest 3.3 per cent of GDP in FY2022, the general government fiscal de...

India’s federal government revised its borrowing plan for a second time to a record 13 trillion rupees ($177 billion), with the additional ...

Dilip Lakhani Senior Chartered Accountant, answers queries from our readers on income tax and other levies.