*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
- Government extends CBDT chief Ravi Agrawal's tenure by 6 months
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
- Filing ITR? Here's what AIS and Form 26AS tell the income tax department about you
As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS ...More
As taxpayers gear up for ITR filing in AY 2026-27, understanding the consolidated Form 168 (formerly AIS and Form 26AS) is crucial. This unified document offers a comprehensive view of your financial footprint, detailing income sources, investments, and tax credits. Reviewing it meticulously against your records helps ensure accurate reporting, prevent mismatches, and avoid potential tax notices, streamlining your return submission. ...Less
- ED questions CMRL Joint MD again in CMRL-Exalogic money laundering probe
The Enforcement Directorate (ED) has questioned Sharan S Kartha, Joint Managing Director of CMRL, for the ...More
The Enforcement Directorate (ED) has questioned Sharan S Kartha, Joint Managing Director of CMRL, for the second time in a money laundering probe. The investigation centers on alleged financial transactions between CMRL and Exalogic Solutions Pvt Ltd, owned by former Kerala CM Pinarayi Vijayan's daughter, Veena T. The ED is examining payments made by CMRL to Exalogic without services rendered, and loans extended by a related entity. ...Less
- Do taxpayers need to file two ITRs for FY 25-26 income? I-T Department explains
AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assess ...More
AY 26-27 and TY 26-27: Confusion surrounding the new Income Tax Act, 2025, and its transition from Assessment Year (AY) to Tax Year (TY) is clarified by the Income Tax Department. Taxpayers will not need to file two returns for income earned between April 1, 2025, and March 31, 2026. ...Less
- Income tax dept identifies up to 20,000 cases of individuals who used the ‘swapped provisions’ trick to reduce net tax liability; Know what to do now to fix this
The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' tri ...More
The Income Tax Department has flagged 15,000-20,000 cases of individuals using a 'swapped provisions' trick to unfairly reduce their tax liability. This involves manipulating claims like House Rent Allowance (HRA) for undue benefits. Taxpayers who engaged in this practice are advised to voluntarily pay the correct tax and interest, or seek condonation from the department to avoid penalties and potential legal action. ...Less
- Husband has to pay income tax on wife’s earnings from FD, gold, shares under clubbing of income in these cases
ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income T ...More
ITR filing: Transferring investments to your spouse to save taxes is a common misconception. The Income Tax Department scrutinises fund sources and can club income back to the original provider. This applies to FDs, shares, and gold, where income or capital gains from gifted assets are often taxed in the transferor's hands. Proper documentation and reporting are crucial to avoid penalties and tax demands. ...Less
- Has Form 168 replaced Form 26AS for FY 25-26? Here's what taxpayers need to know for ITR filing
Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Informat ...More
Form 168: The Income Tax Department has unveiled Form 168, a comprehensive upgrade to the Annual Information Statement, effectively superseding the traditional Form 26AS. This new form consolidates all tax-related and financial transaction data linked to your PAN, offering a holistic view of your tax compliance. It's automatically generated, so taxpayers don't need to file it. ...Less
- ITR filing season AY 2026-27: Received Section 143(2) notice for AY 2025-26? What it means and how to respond
As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 202 ...More
As Section 143(2) scrutiny notices for AY 2025-26 reach taxpayers during the ITR filing season for AY 2026-27, this article explains why taxpayers receive scrutiny notices, how they should respond, the consequences of non-compliance and under-reporting of income, the relief available under Section 270AA, and the key compliance lessons for filing current-year returns. ...Less
- Didn’t report FD interest in your ITR? Here’s how you can still correct the mistake
Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it ...More
Missed reporting your Fixed Deposit interest in your Income Tax Return? Don't worry, you can still fix it. The Income Tax Department receives FD interest details, so omissions can be flagged. Filing an Updated Return (ITR-U) within four years allows you to declare missed income and rectify errors, though additional tax and penalties may apply. This voluntary step helps avoid future disputes and keeps your tax records accurate. ...Less
- ITR-3 release date: Who should file this income tax return form as I-T Department enables online filing, Excel utilities for it
The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assess ...More
The Income Tax Department has launched online filing and Excel utility for Income Tax Return-3 for Assessment Year 2026-27. This form is for individuals and HUFs with business or professional income. Taxpayers not eligible for simpler forms must use ITR-3. The due date for salaried individuals is July 31, 2026. ...Less
- Ram Temple embezzlement issue: Trust advances crucial July 6 meeting; Champat Rai's future in focus
The Shri Ram Janmabhoomi Teerth Kshetra Trust's meeting has been moved to July 6, where the future of Gen ...More
The Shri Ram Janmabhoomi Teerth Kshetra Trust's meeting has been moved to July 6, where the future of General Secretary Champat Rai and member Anil Mishra, who have reportedly resigned, will be decided. The Trust will also discuss operational restructuring for transparency, potential new members, and improving visitor facilities, especially for extreme heat. Treasurer Govind Dev Giri requested the early meeting due to several critical issues. ...Less
- Income Tax department labels her stock market trader, denies investor status; she fights and wins Rs 54 crore capital loss claim at ITAT
Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term ca ...More
Dolly Khanna successfully challenged the tax department's classification of her Rs 54 crore short-term capital loss as a business loss. The ITAT Chennai ruled she is an investor, not a trader, allowing the loss to be treated as a capital loss. This decision was supported by a 2016 CBDT circular and her consistent investment history. ...Less
- Ex-Kerala CM's daughter appears before ED in PMLA case for second time
Veena T, daughter of former Kerala CM Pinarayi Vijayan, faced a second round of questioning by the Enforc ...More
Veena T, daughter of former Kerala CM Pinarayi Vijayan, faced a second round of questioning by the Enforcement Directorate (ED) in Kochi regarding a money laundering case. The probe centers on allegations that her firm, Exalogic Solutions, received Rs 2.78 crore from CMRL without providing services. The ED is investigating potential "proceeds of crime" generated through these transactions, building on an SFIO complaint. ...Less
- Rs 17.25 lakh income of an employee was added as taxable salary despite working in UK; ITAT Delhi gives him relief under India-UK DTAA
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual ...More
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that even if a non-resident salaried individual has received any ‘per-diem’ payments from his Indian employer due to his overseas work, then this payment is not taxable under Article 16 of India-UK Double Tax Avoidance Treaty (DTAA). ...Less
- What is DTAA? How to avoid double taxation on foreign income and claim tax credit in India
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and d ...More
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 108th part of this series, Riju Mehta explains how the Double Taxation Avoidance Agreement helps taxpayers. ...Less
- ED summons former Kerala CM's daughter again in CMRL money laundering case
The Enforcement Directorate has summoned Pinarayi Vijayan's daughter, Veena T, for a second round of ques ...More
The Enforcement Directorate has summoned Pinarayi Vijayan's daughter, Veena T, for a second round of questioning on June 29 regarding a money laundering case. The probe centers on alleged payments of Rs 2.78 crore from mining firm CMRL to Veena's defunct IT company, Exalogic Solutions, without services rendered. ED sources indicate further questioning is necessary after reviewing initial statements and evidence. ...Less
- Retired employee claims tax exemption on Rs 19 lakh leave encashment; I-T dept issues notice and caps it at Rs 3 lakh; ITAT Chennai grants him full relief
When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got ...More
When Mr Balasubramanian Venkatachalaperumal from Jagadamal Street retired from ONGC in FY 2019-20, he got Rs 19.05 lakh as leave encashment and thus he filed his income tax return (ITR) on October 29, 2021. In his ITR he declared a total income of Rs 31.62 lakh after claiming tax exemption for the entire amount of leave encashment under Section 10(10AA)(ii). ...Less
- ED probes auditors, vendors for colluding with CMRL MD in Kerala money laundering case
The Enforcement Directorate is investigating Cochin Minerals and Rutile Limited (CMRL) for alleged money ...More
The Enforcement Directorate is investigating Cochin Minerals and Rutile Limited (CMRL) for alleged money laundering, focusing on payments to an IT firm owned by Veena T, daughter of a former Kerala CM. A Serious Fraud Investigation Office report details how CMRL's MD, SN Sasidharan Kartha, allegedly orchestrated financial irregularities, including misrepresenting expenses and colluding with auditors and transport vendors for inflated payments totaling ₹182 crore. ...Less
- Income tax alert: These taxpayers could receive scrutiny notices by June 30, 2026 under Section 143(2)
The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY ...More
The CBDT has set June 30, 2026, as the deadline for issuing scrutiny notices under Section 143(2) for FY 2025-26 returns. An internal deadline of June 15, 2026, requires tax officers to forward selected cases for scrutiny. Taxpayers with errors can file updated returns or provide explanations during scrutiny. ...Less
- ITR filing 2026: Foreign income and overseas assets? Avoid these 7 costly disclosure mistakes
Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more ...More
Returning Indians face new tax filing complexities. Foreign retirement accounts now necessitate the more detailed ITR-2, moving away from the simpler ITR-1. Tax authorities are leveraging global information exchange to track overseas assets and income. Accurate reporting in Schedule FA is crucial to avoid penalties under the Black Money Act. Taxpayers must diligently disclose all foreign holdings, including dormant accounts and employee stock options, to ensure compliance. ...Less
- Delhi HC rules EY US secondment fees taxable in India, MNCs face higher costs for foreign talent
Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. ...More
Multinational corporations in India face a new tax challenge following a High Court ruling against EY US. The court determined that payments for employees deputed to India constitute taxable 'foreign technical services' (FTS), not mere cost reimbursements. This decision could increase the cost of bringing in foreign expertise by up to 10%, prompting companies to re-evaluate their secondment arrangements and potential GST liabilities. ...Less
- Kolkata woman made Rs 26 crore profit in stocks and paid zero tax: Here's how she did it legally
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital ...More
A Kolkata businesswoman, Saroj Goenka, legally saved ₹26 crore in taxes by reinvesting long-term capital gains from share sales into constructing a residential bungalow. This move, facilitated by Section 54F of the Income Tax Act, saw her win an appeal against tax objections. The case highlights prudent tax planning for high-net-worth individuals and offers valuable insights for retail investors looking to manage capital gains tax through real estate investment. ...Less
- TDS Challan correction for Income Tax Act, 2025 needs to be done using the old TRACES portal; Here’s how to do it
Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the ...More
Taxpayers must correct TDS challans for Tax Year 2026-27 on the old TRACES portal. This is crucial if the challan was mistakenly filed under FY 2025-26. Failure to correct will prevent TDS credit for Tax Year 2026-27, increasing tax liability. The new TRACES portal does not yet support this correction. Timely correction ensures proper tax credit and avoids disputes. ...Less
- Sena (UBT) crisis: Operation successful, says Fadnavis; I never leave operations incomplete, asserts Shinde
Maharashtra Chief Minister Devendra Fadnavis declared "Operation Tiger" successful, indicating defections ...More
Maharashtra Chief Minister Devendra Fadnavis declared "Operation Tiger" successful, indicating defections from the Shiv Sena (UBT) to the Eknath Shinde-led faction. Deputy CM Shinde affirmed his commitment to completing operations. Fadnavis emphasized Shinde's leadership as carrying forward Balasaheb Thackeray's true ideology, urging Uddhav Thackeray to introspect. He also clarified adjustments to the Ladki Bahin scheme and defended the farm loan waiver's eligibility criteria. ...Less
- Homebuyer wins full refund with Rs 1.57 crore interest in MahaREAT as builder delays possession by 3 years, citing MHADA-MCGM dispute
Homebuyers have won a significant victory as MahaREAT ruled a builder cannot use inter-authority disputes ...More
Homebuyers have won a significant victory as MahaREAT ruled a builder cannot use inter-authority disputes to justify possession delays exceeding three years. The tribunal emphasized that the MHADA-MCGM dispute predated the agreed possession date, making the builder liable for delays. Buyers are now entitled to a full refund with interest, reinforcing buyer rights under RERA. ...Less
- Income Tax Department issues ITR scrutiny guidelines: These ITR filers may face compulsory scrutiny in FY 26-27
The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting r ...More
The CBDT has released new guidelines for compulsory income tax return scrutiny in FY 2026-27, impacting returns filed in FY 2025-26. Specific risk parameters will mandate detailed examination by the I-T Department. A June 30, 2026 deadline is set for issuing scrutiny notices under Section 143(2). ...Less
- What crypto investors need to know for tax season 2026
India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New repo ...More
India's tax season now demands greater scrutiny for crypto investors as enforcement intensifies. New reporting requirements, including transaction-by-transaction entries in Schedule VDA and cross-referencing with exchange data, are crucial. Failure to comply accurately can lead to significant penalties, making diligent record-keeping essential for all participants. ...Less
- Paying tax won't legitimise cash stashes
The taxman is tightening its grip on undeclared cash, with a recent tribunal ruling allowing the benami w ...More
The taxman is tightening its grip on undeclared cash, with a recent tribunal ruling allowing the benami wing of the Income Tax department to confiscate it. Even if tax is paid, individuals can't escape benami law if they fail to reveal the source of the money, impacting those trying to regularize unaccounted wealth. ...Less
- Ashok Gehlot backs Rahul as INDIA bloc face, says contest should be 'Modi Vs Rahul'
He also said the time has come for "BJP versus all" rather than "Congress versus all", and claimed that i ...More
He also said the time has come for "BJP versus all" rather than "Congress versus all", and claimed that if former prime minister Indira Gandhi were in power today, she would have banned a party like the BJP for practising politics in the name of religion. ...Less
- Can you sell household items worth more than Rs 2 lakh in cash? Check the tax rules
A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash ...More
A woman successfully challenged the Income Tax Department's addition of Rs 10.80 lakh as unexplained cash. The ITAT Chennai ruled in her favor, accepting her explanation for cash deposits from a property sale and sale of household items. The tribunal noted individual transactions for household items were below the Rs 2 lakh threshold. ...Less
- Paid tax on black money? 7 reasons you can still lose it all
...More
...Less
- Court allows ED access to SFIO documents in CMRL-Exalogic money laundering case
A court has granted the Enforcement Directorate access to documents from the Serious Fraud Investigation ...More
A court has granted the Enforcement Directorate access to documents from the Serious Fraud Investigation Office. These documents are crucial for a money laundering investigation involving CMRL and Veena T. The ED is examining transactions that could be proceeds of crime. ...Less
- ITR filing 2026: 9 key checks every taxpayer must make for AY 2026–27
India's income tax administration has become increasingly data-driven, with information from TDS/TCS repo ...More
India's income tax administration has become increasingly data-driven, with information from TDS/TCS reporting, SFT filings and other sources being integrated into the Annual Information Statement (AIS) and used to cross-check taxpayer disclosures. In this environment, filing an accurate and complete ITR is essential to avoid refund delays, tax demands, penalties, compliance alerts and notices. ...Less
- Want to exchange old gold for new jewellery? Beware of these taxes
Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income ...More
Indians exchanging old gold for new should be aware of potential taxes on sales and purchases. The Income Tax Department monitors high-value gold transactions, including large cash deposits or unexplained sources of funds. Proper documentation is crucial to avoid scrutiny and penalties, especially when dealing with inherited, gifted, or imported gold. ...Less
- Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027
Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. Th ...More
Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to discrepancies and potential tax notices. ...Less
- Man sold unlisted shares, bought Rs 5.65 cr house, faced income tax scrutiny; he fought back and won in ITAT Delhi despite low income declaration
Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long- ...More
Mr. Bansal successfully appealed a tax demand after claiming Section 54F exemption on Rs 7.59 crore long-term capital gains from unlisted shares. The ITAT Delhi ruled that depositing unutilized funds in the Capital Gains Account Scheme was unnecessary as the property was purchased before filing the ITR. The tribunal also clarified ownership of a single residential unit and independent computation of capital gains. ...Less
- Hong Kong-based son gets tax notice after father buys insurance policy in his name with cash; he fights back and wins case in ITAT Mumbai
An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to hi ...More
An NRI in Hong Kong faced an income tax dispute after withdrawing cash from his NRE account to give to his father. The father used this money to buy an insurance policy in his son's name, leading to an 'unexplained cash credit' notice. ITAT Mumbai ultimately ruled in favor of the NRI, finding his explanation of the funds' origin satisfactory. ...Less
- ET Prime Special Series: Multibagger or IBC - Part 62: This quiet auto ancillary now earns in 3 months what it once earned in a year
The stock has multiplied many times over in just a few years, the order book has never been bigger, and t ...More
The stock has multiplied many times over in just a few years, the order book has never been bigger, and the value packed into every vehicle it supplies is set to keep climbing. Electric cars barely dent its core, because what it makes is needed whether a vehicle burns fuel or runs on a battery. ...Less
- Digital arrest: How India’s fastest-growing scam uses fake investigations and video calls to siphon off crores
They pose as the police, put you under ‘digital arrest’, and tether you to a video call till your savings ...More
They pose as the police, put you under ‘digital arrest’, and tether you to a video call till your savings are gone. How India’s fastest growing fear scam, and other cyber frauds, work. ...Less
- Waiting for Form 16? Here’s when employers may issue it for AY 2026-27 ITR filing
Salaried employees await Form 16 for Assessment Year 2026-2027. Employers must issue this crucial tax doc ...More
Salaried employees await Form 16 for Assessment Year 2026-2027. Employers must issue this crucial tax document by June 15, 2026. This form simplifies Income Tax Return filing. Those without Form 16 can still file using salary slips, Form 26AS, and bank statements. The deadline for filing ITR for this period is July 31, 2026. ...Less
- I-T department to move Supreme Court against HC relief in public trust row
The rift stems from the Income-tax department's demand that deeds of these religious and charitable trust ...More
The rift stems from the Income-tax department's demand that deeds of these religious and charitable trusts must categorically state that the trusts are 'irrevocable'. ...Less
- Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts
Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now ...More
Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void if the individual becomes a Non-Resident. ...Less
- Mumbai man received tax notice over unreported income, not filing ITR; ITAT rules in his favour on TDS benefit, tax demand reduced
Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based ...More
Manoj Soman had not filed an ITR for the relevant assessment year, which is FY 10-11 in this case. Based on information available through the AIR mechanism and other departmental databases, the Income-tax Department noticed substantial cash deposits in the taxpayer's bank account. ITAT Mumbai, however, ruled in the assesse’s favour, saying TDS cannot be denied even if ITR is not filed. ...Less
- Amit Shah pushes district-level plans and security grid along border
Union Home Minister Amit Shah has instructed border district administrations to create specific Standard ...More
Union Home Minister Amit Shah has instructed border district administrations to create specific Standard Operating Procedures. These will help identify infiltrators and address threats from drones and narcotics. A strict zero-tolerance policy is mandated for any unauthorized encroachments within 15 kilometers of the international border. Close monitoring of radicalization centers in border areas is also a key directive. ...Less
- TDS credit must be allowed even without income tax return, says Income Tax Appellate Tribunal
The Income Tax Appellate Tribunal has ruled that tax deducted at source credit cannot be denied once inco ...More
The Income Tax Appellate Tribunal has ruled that tax deducted at source credit cannot be denied once income is taxed. This decision came in a reassessment case involving a Navi Mumbai taxpayer. The tribunal stated that taxes deducted and deposited cannot be disregarded on technical grounds. This ruling reinforces the linkage between taxing income and granting TDS credit. ...Less
- Lady sold apartment, took Rs 2.5 lakh cash, bought new apartment from son-in-law, paid no tax, got income tax notice; she fights back and wins case in ITAT Chennai
A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, includin ...More
A Chennai woman successfully appealed a tax notice after selling her apartment for Rs 35.5 lakh, including Rs 2.5 lakh in cash, and buying a new one from her son-in-law. The ITAT Chennai ruled in her favor, upholding the validity of registered documents and bank transactions, and deleting additions made under Section 69A. ...Less
- AIS data errors, wrong PAN entries causing ITR filing trouble
Errors in Permanent Account Number entries and duplicate transactions are creating problems for taxpayers ...More
Errors in Permanent Account Number entries and duplicate transactions are creating problems for taxpayers. The Income-tax Department is working with reporting entities to improve data accuracy. This initiative aims to prevent mismatches and simplify tax filing. The department is enhancing reporting quality to ensure a smoother process for everyone. ...Less
- Pension is salary, family pension is not: Key tax rules pensioners must know before filing ITR for AY 2026-27
Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to ...More
Pension and family pension are taxed differently under the Income-Tax Act, yet many taxpayers continue to confuse the two while filing returns. As AY 2026-27 return filing gathers pace, pensioners must understand the correct tax treatment, deductions, TDS provisions and compliance reliefs available to avoid errors and unnecessary notices. ...Less
- D K Shivakumar: Congress troubleshooter to Karnataka CM
D K Shivakumar's four-decade political journey, from village lanes to Karnataka's highest office, is mark ...More
D K Shivakumar's four-decade political journey, from village lanes to Karnataka's highest office, is marked by resilience and loyalty to Congress. Known as 'Kanakapura Bande' and the party's 'troubleshooter,' he has overcome challenges, including imprisonment, to lead the Congress to a significant victory in the 2023 Assembly elections and is set to become the next Chief Minister. ...Less
- ITR-2 online filing and excel utility for A.Y. 2026–27 are now enabled on the e-Filing ITR portal
Individuals and HUFs without business income but with complex income sources like salary, multiple house ...More
Individuals and HUFs without business income but with complex income sources like salary, multiple house properties, or capital gains can file ITR-2 for AY 2026-27 by July 31, 2026. Key errors to avoid include misclassifying capital gains, neglecting foreign asset disclosures, and incorrect residential status determination. ...Less
- Rs 400 crore agricultural income but no land: CBDT digs up names of rich ‘farmers’ without farms
Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individua ...More
Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individuals claimed exemptions worth thousands of crores without owning any land. These claims were used to evade taxes and legitimize black money. The Income Tax Department used advanced data analytics and satellite imagery to identify these fraudulent activities. Genuine farmers are not affected. ...Less
- Gujarat govt's 'revolutionary' decision to provide Rs 1,500 cr financial relief to sugar cooperatives
Gujarat Chief Minister Bhupendra Patel approved sugarcane prices paid by cooperative societies to farmers ...More
Gujarat Chief Minister Bhupendra Patel approved sugarcane prices paid by cooperative societies to farmers. This decision benefits over two lakh farmers and cooperative societies by an estimated Rs. 1,500 crore. The move addresses past Income Tax demands. A Union Ministry of Cooperation amendment in 2023 enabled this State Government approval strengthening the cooperative sector and farmer interests. ...Less
- Understanding India's evolving crypto discourse
India is actively shaping its digital asset future. Authorities are implementing stricter rules for crypt ...More
India is actively shaping its digital asset future. Authorities are implementing stricter rules for crypto platforms and transactions. Tax collections are rising, and law enforcement is building capacity. Investor interest is shifting towards long-term allocation. New regulations are formalising real-world asset tokenisation. India is setting a global precedent in this evolving financial space. ...Less
- Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason
A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after t ...More
A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds into a Capital Gains Account Scheme was not necessary. ...Less
- Filing your ITR early for AY 2026–27? Why you should wait till June 15
With the utilities for ITR filing for AY 2026–27 being available now, many taxpayers are planning to file ...More
With the utilities for ITR filing for AY 2026–27 being available now, many taxpayers are planning to file their returns early. However, incomplete AIS data, pending TDS filings, and delayed financial reporting may lead to mismatches, notices, and revised returns. Taxpayers should prioritise accurate reconciliation and complete reporting over speed in tax compliance. ...Less
- Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal
Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ...More
Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns. ...Less
- New PAN norms 2026: Where quoting is relaxed and where it’s now mandatory
New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and ...More
New Income Tax Rules, 2026 have relaxed PAN quoting for several transactions, including cash deposits and debit card applications. However, PAN is now mandatory for certain property transactions and annual cash withdrawals exceeding Rs 10 lakh. Form 97 replaces Form 60 for declarations without PAN. ...Less
- Parliamentary panel expresses concern over investments in cryptocurrencies
A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. Th ...More
A parliamentary panel has expressed alarm over thousands of crores invested in virtual digital assets. The committee is studying global approaches to regulation. They advocate for continuing taxes on all such digital transactions. This move aims to ensure revenue stays within India. The panel will make recommendations after further deliberations. ...Less
- New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official
Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, ...More
Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance. ...Less
- Gujarat Police recover nearly 3 crore unaccounted cash from car in Dahod district, probe underway
Gujarat Police seized over Rs 2.56 crore in unaccounted cash during a routine vehicle check in Dahod dist ...More
Gujarat Police seized over Rs 2.56 crore in unaccounted cash during a routine vehicle check in Dahod district, allegedly being transported from an Angadia firm to Vadodara. In a separate operation, 93 child labourers were rescued from saree packing units in Surat, with investigations ongoing to reunite them with their families. ...Less
- India recasts rules for foreign tax info exchange: New framework from July 1 aims to curb cross-border tax evasion & speed up case closure
India has updated its rules for sharing tax information with other countries. New rules make foreign tax ...More
India has updated its rules for sharing tax information with other countries. New rules make foreign tax requests high priority, requiring information within 15 days. This aims to speed up cases and stop tax evasion. India will also track its own requests to foreign nations. These changes prepare India for sharing crypto asset data starting April 2027. ...Less
- Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27
Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes ...More
Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxes' Central Action Plan for 2026-2027 outlines a roadmap for a more taxpayer-centric and technology-driven tax administration. This plan aims to streamline processes, enhance efficiency, and improve overall taxpayer services, leading to a more predictable and responsive tax governance framework. ...Less
- SC refuses to reopen 2021 ruling exempting foreign software payments from royalty tax
The Supreme Court has once again dismissed the income tax department's review petitions concerning the ta ...More
The Supreme Court has once again dismissed the income tax department's review petitions concerning the taxation of software payments to non-residents. The court reiterated its March 2021 ruling that such payments are not royalty, as end-user licenses do not transfer copyright. This decision provides significant tax relief for Indian companies acquiring software. ...Less
- Who can file ITR-1 this year? Common mistakes to avoid while filing ITR-1 for AY 2026-27 on or before July 31, 2026
Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for residen ...More
Individuals eligible for ITR-1 filing for AY 2026-27 must file by July 31, 2026. This form is for resident individuals with income up to ₹50 lakh from salary, one house property, and other simple sources. Avoid common errors like using Aadhaar enrolment IDs instead of verified Aadhaar numbers. Ensure accurate reporting of loans and bank accounts. ...Less
- Salary hike this appraisal season? New labour codes and tax rules may change your real take-home pay
Appraisal season this year saw companies begin aligning salary structures with new labour codes and updat ...More
Appraisal season this year saw companies begin aligning salary structures with new labour codes and updated income tax rules. While some firms implemented changes from April, broader adoption remains gradual. Higher basic pay and social security contributions may reduce take-home salaries despite hikes. The choice between old and new tax regimes now depends on deductions, HRA claims and paperwork readiness. ...Less
- SC order turns up tax heat on old benami transactions
The Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate ass ...More
The Supreme Court has ruled that tax authorities can retroactively apply the benami law to confiscate assets from transactions predating 2016. This decision allows for the seizure of properties and prosecution of individuals involved in disguised ownership deals, even those masked through succession plans. The ruling reinforces the law's intent to unmask prohibited arrangements and prevent tax avoidance. ...Less
- Lady took loan for investment into venture capital fund, claimed Rs 1.49 crore interest deduction, was denied by I-T dept; ITAT allows it in a landmark ruling
A lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Ve ...More
A lady won a tax case in ITAT Mumbai. She claimed Rs 1.49 crore interest deduction on a loan taken for Venture Capital Fund investments. The tax department denied this. ITAT ruled in her favour, allowing the deduction. The tribunal cited consistency in accepting similar claims and sufficient proof of fund utilisation for income generation. ...Less
- Fake income tax emails target Indians: Kaspersky warns of ‘SilverFox’ hacker attack
Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the S ...More
Cybersecurity firm Kaspersky has warned Indian consumers about a sophisticated phishing campaign by the SilverFox hacker group. These malicious emails, disguised as official Income Tax Department notices, aim to trick users into downloading malware. The attackers use a multi-stage approach, deploying backdoors like ValleyRAT and ABCDoor to gain remote access and steal sensitive data. ...Less
- 'Politics of hate will not work in here': Punjab CM Mann responds to ED action against minister
Punjab Chief Minister Bhagwant Mann on Saturday launched a sharp attack on the Bharatiya Janata Party (BJ ...More
Punjab Chief Minister Bhagwant Mann on Saturday launched a sharp attack on the Bharatiya Janata Party (BJP), alleging that the party "does not love Punjab but hates it," while accusing it of fomenting unrest in different parts of the country. ...Less
- Indane LPG Gas Cylinder Update: Are you getting warning messages on mobile? Here's what you should know
Indane Gas Booking News: Consumers receiving subsidised LPG cylinders face new warnings. Oil companies ar ...More
Indane Gas Booking News: Consumers receiving subsidised LPG cylinders face new warnings. Oil companies are now cross-referencing customer data with Income Tax records. Those with an annual taxable income above Rs 10 lakh may lose their subsidy permanently. This move aims to ensure benefits reach eligible lower-income households. Customers have seven days to respond if they believe the information is incorrect. ...Less
- Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include
The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements f ...More
The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners. ...Less
- Tamil Nadu cabinet ministers list: Meet Chief Minister Vijay’s A-team
TVK founder C Joseph Vijay was sworn in as Tamil Nadu Chief Minister on Sunday at Chennai’s Jawaharlal Ne ...More
TVK founder C Joseph Vijay was sworn in as Tamil Nadu Chief Minister on Sunday at Chennai’s Jawaharlal Nehru Indoor Stadium, marking the first time a non-Dravidian party has formed the government in the state, ending the long-standing dominance of the DMK and AIADMK. ...Less
- US-based son gets tax notice in India over Rs 11 lakh cash deposit made on behalf of parents during demonetisation; ITAT Delhi cancels notice for this reason
A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lak ...More
A US-based son, Mr. Bussi, successfully challenged an Indian income tax notice after depositing Rs 11 lakh cash into his parents' account during demonetisation. The ITAT Delhi cancelled the notice, acknowledging the funds were genuine remittances from earlier years, ruling in favor of the NRI after a six-year legal battle. ...Less
- Income tax department moves SC in Genpact tax case
The Income Tax Department is moving the Supreme Court in Geppact tax case. This follows a Delhi High Cour ...More
The Income Tax Department is moving the Supreme Court in Geppact tax case. This follows a Delhi High Court ruling that blocked reopening Genpact Consulting Singapore's tax assessment for 2014-15. The department claims the share sale was a tax avoidance scheme. The Supreme Court will hear the case soon. This involves a significant tax dispute between the department and the Genpact group. ...Less
- Rajinikanth is the highest tax-paying actor in Tamil Nadu; daughter Aishwaryaa beams with pride, collects award on his behalf
Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...More
Rajnikanth will next be seen in Nelson Dilipkumar’s ‘Jailer’. ...Less
- I-T appellate body upholds rejection of Paisabazaar’s Rs 145.91 crore expense claim
Paisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commi ...More
Paisabazaar has received an order disallowing expenses worth Rs 145.91 crore for FY23 and FY22. The Commissioner of Income Tax (Appeals) upheld an earlier order. This increases the company's taxable income. The matter is under appeal and has no immediate financial impact. The appellate authority will verify the adjustment of past losses against current income. ...Less
- Company's income not taxable in shareholders' hands: HC
The Delhi High Court ruled shareholders do not own company assets. They only own shares. Therefore, they ...More
The Delhi High Court ruled shareholders do not own company assets. They only own shares. Therefore, they cannot be taxed on a company's income. Dividend income may be taxed. The court dismissed appeals by the Income Tax Department. It upheld a tribunal's order. Shareholders were not beneficial owners of company assets. ...Less
- Opposition parties back Mamata Banerjee; her decision not to quit a protest against Centre & EC, says Sanjay Raut
Sanjay Raut and NCP (SP) back Mamata Banerjee's decision not to resign as West Bengal Chief Minister. The ...More
Sanjay Raut and NCP (SP) back Mamata Banerjee's decision not to resign as West Bengal Chief Minister. They allege democratic processes were subverted and central agencies misused to influence the assembly poll outcome. Raut calls for unity against the Centre's dictatorship and the Election Commission's partisan behaviour. Banerjee claims the verdict was engineered. ...Less
- May 2026 income tax calendar: Important TDS, TCS deadlines and other due dates explained
Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposit ...More
Taxpayers, mark your calendars for May 2026! Crucial compliance deadlines loom, including TDS/TCS deposits for April and certificate issuances. Remember to file key statements and declarations under the Income-tax Act, 2025, to avoid penalties. Stay informed to meet these important dates. ...Less
- 12 key income tax form changes every taxpayer should know: From Form 16 to Form 168
A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old one ...More
A new Income-tax Act arrives on April 1, 2026. It brings fresh income tax forms and replaces many old ones. Taxpayers will use these new forms for various reporting needs. Key changes include updated PAN application forms and new TDS certificates. This marks a significant shift in tax compliance procedures for individuals and businesses. ...Less
- West Bengal polls: Asset declaration of Trinamool nominee under I-T probe
The Income-Tax Department is probing Trinamool Congress MLA Debasish Kumar over alleged asset discrepanci ...More
The Income-Tax Department is probing Trinamool Congress MLA Debasish Kumar over alleged asset discrepancies after searches uncovered jewellery, bullion worth ₹1.75 crore, and cash. A report has been submitted to the Election Commission ahead of his re-nomination from Kolkata’s Rashbehari seat. ...Less
- Meesho receives Rs 14.29 crore GST notice for non-collection of TCS
Value commerce platform Meesho is contesting a Rs 14.29 crore tax demand. The Goods and Services Tax Appe ...More
Value commerce platform Meesho is contesting a Rs 14.29 crore tax demand. The Goods and Services Tax Appellate Tribunal issued the demand for alleged failure to collect tax at source on certain seller transactions. These transactions occurred between October 2018 and March 2020. Meesho states the demand is unsustainable and without merit. ...Less
- Income Tax dept seeks details from NRIs, offshore firms on unlisted share deals, flags valuation and fund source concerns
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, se ...More
India’s tax department has asked NRIs and offshore entities to justify investments in unlisted shares, seeking details on fund sources and valuations. Using demat data, authorities are probing deals from 2019–23 for potential tax evasion, round-tripping and money laundering, with non-compliance likely to trigger scrutiny, tax demands and litigation. ...Less
- No PAN, no purchase allowed - not even with Form 97; PAN is now mandatory for these high value transactions under new tax rules
New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. For ...More
New Income Tax Rules, 2026, effective April 1, 2026, mandate PAN for several high-value transactions. Form 97 replaces Form 60, but its use is significantly reduced. Transactions like purchasing motor vehicles over Rs 5 lakh, opening demat accounts, and investing in mutual funds above Rs 50,000 now require a PAN. ...Less
- Income Tax Department searches Pipavav's premises
The Income Tax Department on Wednesday searched the premises of Nikhil Gandhi-promoted Pipavav Defense an ...More
The Income Tax Department on Wednesday searched the premises of Nikhil Gandhi-promoted Pipavav Defense and Offshore Engineering Company in Mumbai. ...Less
- Professionals under I-T lens for incomplete disclosure
City-based lawyers, doctors and film professionals are under Income-Tax department scanner, the departmen ...More
City-based lawyers, doctors and film professionals are under Income-Tax department scanner, the department is planning to carry out a series of raids on such professionals, on grounds of incomplete disclosures. ...Less
- Income-Tax Department probes restaurants for hidden sales
The Income-Tax Department is currently investigating restaurants across multiple cities. This action foll ...More
The Income-Tax Department is currently investigating restaurants across multiple cities. This action follows a Hyderabad probe that uncovered alleged sales under-reporting through manipulated billing software. Officials are surveying restaurant premises to understand their billing systems. The exercise aims to assess the extent of possible tax evasion, which could run into crores of rupees. ...Less
- Income Tax department debuts on Twitter
The handle "incometaxindia_" is aimed to keep taxpayers and other users updated about the activities of t ...More
The handle "incometaxindia_" is aimed to keep taxpayers and other users updated about the activities of the department. ...Less
- Income-Tax Department raids Divi's Lab premises
The company said the raids were conducted by the officials of Income-Tax Department under Section 132 of ...More
The company said the raids were conducted by the officials of Income-Tax Department under Section 132 of the Income-Tax Act. ...Less
- Cabinet approves revamp of the income-tax department
The Cabinet on Thursday approved revamp of the income-tax department, paving way for recruitment of over ...More
The Cabinet on Thursday approved revamp of the income-tax department, paving way for recruitment of over 20k tax officials in the next 2 yrs ...Less
- Income Tax Department conducts searches in Chandigarh
The Central Board of Direct Taxes (CBDT) said that investigations regarding the holding of Benami shares ...More
The Central Board of Direct Taxes (CBDT) said that investigations regarding the holding of Benami shares worth Rs 140 crore were in progress, while cash amounting to Rs 4.29 crore and jewellery amounting to Rs 2.21 crore have been seized. The search covered 11 premises in Chandigarh, Delhi and Mumbai. ...Less
- Income Tax department to probe Saradha investment schemes
The Income Tax department will probe investments and finances of Kolkata-based Saradha group which is hit ...More
The Income Tax department will probe investments and finances of Kolkata-based Saradha group which is hitting headlines for allegedly defrauding thousands of depositors. ...Less
- Income Tax department working on strategy to prevent corruption
The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organ ...More
The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organisation. ...Less
- Acute shortage of taxmen in Income Tax department: Government
Investigation wing of the Income Tax department, thick in action against black money and tax evasion case ...More
Investigation wing of the Income Tax department, thick in action against black money and tax evasion cases, is facing an acute shortage of manpower. ...Less
- Income Tax department manpower shortfall at 29.47%
The Income Tax Department and Directorates had shortfall of 29.47 per cent manpower as of March 31, 2012, ...More
The Income Tax Department and Directorates had shortfall of 29.47 per cent manpower as of March 31, 2012, the Parliament was informed today. ...Less
- Income Tax department launches upgraded website for taxpayers
Income Tax department has launched an upgraded version of its official web portal featuring better links ...More
Income Tax department has launched an upgraded version of its official web portal featuring better links for taxpayer services and grievance redressal. ...Less
