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India's net direct tax collection rises 23% to Rs 8.11 lakh crore as of August 10India's net direct tax collections grew 23.09 percent year-on-year to Rs 8.11 lakh crore. Gross direct tax collections increased 19.75 perc...- REIT, InvIT investors can benefit if trust switches income tax regime: Know how maximum effective tax rate of 34.94% under old tax regime comes down to 28.60% under new tax regimeEffective tax rate of 34.94% under old and 28.60% under new tax regime; know how REIT, InvIT unitholders can benefit if trusts' switch tax ...
- Tax liability of ITR-7 filers triples in 5 years to Rs 1,043 croreIn a significant financial shift, the tax burden for ITR-7 filers has climbed to Rs 1,043 crore in the Assessment Year 2025-26, a figure th...
- Paid Rs 6.5 crore and bought a property with stamp duty value of Rs 8.85 crore, got income tax notice for unexplained investment; He fought back won relief in ITATBuyer purchased Rs 8.85 crore worth property by paying Rs 6.5 crore; Tax dept sent notice for unexplained property investment u/s 69B; Know...
- Best tax saving mutual funds or ELSS to invest in August 2026Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) helps you to save income tax under Section 80C of the IT Act. You can inv...
- Finance panel calls for AI checks for tax refundsA parliamentary committee has identified a concerning surge in income tax refunds that are taking too long to process. To expedite genuine ...
- Sold land for Rs 7.24 crore, paid no tax, received income tax notice; Know how Google Earth photos and revenue records helped taxpayer to win this case in ITAT AhmedabadFamily member sold his 1/3rd share of agricultural land for Rs 7.24 crore, pays no tax, tax dept sent notice, he wins case in ITAT Ahmedaba...
- Sold property for Rs 94 lakh despite a stamp value of Rs 1.93 crore, received an income tax notice under Section 50C; ITAT Chennai grants relief for this reasonChennai man sold property for Rs 94 lakh despite Rs 1.93 crore stamp duty value; so tax dept sent notice u/s Section 50C to tax the differe...
- Centre proposes to curb powers of states to tax mineralsThe central government is poised to restrict state authority concerning taxation on mining activities. This initiative aims to enhance the ...
- REITs set to gain tax flexibility, cash flow boost under new BillIndian REITs could gain greater tax flexibility under the Taxation and Other Laws (Amendment) Bill, 2026, which allows SPVs to opt for conc...
- Independence Day 2026: When the British built a 4,000-km wall across India to extort taxBritish authorities constructed an enormous hedge across India to enforce a salt tax. This living barrier aimed to prevent smuggling of che...
- IRS tax credit could mean up to $8,231 for eligible workers: Who qualifies for the Earned Income Tax Credit, how much you could receive and what you should check before filingThe IRS Earned Income Tax Credit (EITC) can provide significant tax relief to eligible low- and moderate-income workers. For tax year 2025,...
- 6 reasons you may get income tax notice even after meeting July 31 ITR filing deadlineFiling your income tax returns punctually doesn't guarantee immunity from tax department notices. Often, discrepancies arise between report...
- Gratuity tax deduction denied due to ITR filing error? ITAT Chennai says genuine claims can't be rejectedDue to incorrect schedule in original ITR gratuity tax deduction under Section 43B denied; ITAT Chennai gives relief and says a genuine ded...
- Rs 1.33 crore cash deposit, no ITR filing, yet senior citizen wins income tax case; ITAT Bangalore explains whyRetired 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 ta...
- Tamil Nadu Assembly passes resolution batting for 'fair tax devolution' from CentreThe Tamil Nadu Assembly unanimously passed a resolution seeking fair tax devolution. This resolution aligns with constitutional principles ...
- HC seeks govt reply on auto TDS refund pleaThe Delhi High Court has asked the government for its response on a plea. This plea seeks automatic tax deducted at source refunds for indi...
- Wife paid husband Rs 7.5 crore after selling her shares and bought his Mumbai property, filed ITR claiming 54F tax exemption, got tax notice; she fought and won the case in ITAT MumbaiWife got tax notice as she claimed Section 54F tax exemption by purchasing her husband’s own Mumbai property for Rs 7.5 crore; ITAT Mumbai ...
- Govt cuts ₹16,688 crore in tax disputes after appeal threshold hikeThe government withdrew thousands of tax appeals after raising litigation limits. This action reduced disputed tax demand by over sixteen t...
- India proposes extending tax breaks for contract manufacturing in a boost for AppleIndia has proposed extending tax exemptions until 2041 for foreign companies supplying machinery and components to contract manufacturers, ...
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