The Income Tax Department has released draft rules under the Income Tax Act, 2025, aiming to simplify tax filing with reduced procedures and smart forms. Public feedback is invited until February 22.
The Income Tax Department has unveiled the draft Income-tax Rules, 2026, effective from April 1, 2026. The new framework reduces rules and forms significantly while introducing simplified ITR forms with prefilled information and clearer language.
The 2026 Union Budget prioritizes ease of living for taxpayers with simplified ITR forms, extended filing deadlines, and amnesty for foreign assets. Key changes include TCS rate cuts and buyback taxation shifts.
Punjab's one-time settlement scheme OTS-2025 has recovered Rs 110 crore while offering Rs 38,477 crore in waivers. The deadline has been extended to March 31, 2026, to boost voluntary compliance and ease financial burdens for traders.
The Madras High Court dismissed actor-politician Vijay's petition challenging a Rs 1.5 crore income tax penalty, ruling the department's action was legally valid and within limitation period.
Income Tax Department warns of auctioning former CM Jayalalithaa's properties including Poes Garden residence if legal heirs fail to pay Rs 20 crore tax arrears. Madras High Court hearing adjourned to February 2.
Commercial vehicle owners in Noida can now pay a one-time tax instead of recurring payments. The new system aims to reduce revenue losses and penalties.
CBDT Chairman Ravi Agrawal announces an extension for ITR 3 and 4 filers to August 31, discusses tax buoyancy targets, new Income Tax Act, and data-driven compliance initiatives to widen the tax base.
CBDT chairperson Ravi Agrawal outlines the simplified Income Tax Act 2025, reduced penalties, smart forms, and streamlined procedures effective from April 2026.
CBDT Chairman Ravi Agrawal reveals 88% of individual taxpayers have adopted the new income tax regime, with no plans to sunset the old system. Corporate migration also shows strong momentum.
Finance Minister Nirmala Sitharaman's Union Budget 2026 emphasizes capital expenditure, structural reforms, and tax certainty, with key proposals for AI-driven tech sectors and litigation reduction.
Budget 2026 introduces significant tax changes including immunity from penalty for misreporting income, fees for late ITR revision, and partial decriminalisation of prosecution provisions.
Indian customs authorities have increased duty-free baggage allowance for residents and Indian-origin travelers from ₹50,000 to ₹75,000, with special provisions for electronics and jewelry.
Union Budget 2026 presented by Finance Minister Nirmala Sitharaman focuses on targeted taxpayer reliefs like extended ITR deadlines, reduced TCS rates, and tax-free motor accident compensation, without altering income tax slabs.
Hyderabad authorities uncover widespread GST registration fraud exploiting automated approvals. Traders used fake addresses, forged documents to create shell entities, evading taxes post-GST-2 rollout.
Kanpur police arrested seven individuals for allegedly stealing Rs 7.03 crore in input tax credit through fake firms and invoices. The accused include a chartered accountant and a former corporator's son.
Telangana's commercial taxes department has activated comprehensive monitoring across all tax circles to detect fake addresses in GST registrations following an unprecedented spike in applications.
Kerala's railway budget allocation for 2026-27 sees a mere Rs 753 crore increase, raising concerns over delayed projects like line doubling and signal automation, while station modernisation gets priority.
An NRI in UAE invested LTCG proceeds in shares for tax exemption under Section 115F but plans to sell before 3-year lock-in. Learn when the exemption reverses and tax liability arises.
India's Union Budget 2026-27 brings significant changes for NRIs in UAE: doubled equity investment limits, simplified property tax compliance, and reduced TCS rates for remittances.
India's tax compliance landscape shows shifting patterns with ₹38.4 trillion unrealized tax. While settlement schemes reduce disputes, corporate tax disputes remain elevated at 51% share in FY25.
Budget 2026 clarifies that pre-construction housing loan interest will remain deductible under new tax laws, maintaining continuity with existing provisions while addressing taxpayer concerns.
Detailed analysis of Budget 2026 tax reforms including sovereign gold bond taxation changes, increased securities transaction tax on F&O, and overall tax simplification measures explained by experts.
CBIC Chairman Vivek Chaturvedi expresses confidence in meeting Budget targets, detailing Customs reforms focusing on duty exemptions, process simplification, and technology integration to boost approvals and revenue.
Individual and HUF taxpayers claimed the highest tax benefits of Rs 1,995.04 crore for political donations in FY 2024-25, surpassing corporates. Total revenue impact projected at Rs 3,126.12 crore.
International tax expert Mukesh Patel criticizes Union Budget 2026 for lacking direct tax relief for individual taxpayers, calling it a 'local shuttle' despite Viksit Bharat vision.
Gujarat's GST revenue rose 11.3% year-on-year in January 2026 to Rs 7,742 crore, significantly higher than India's 6.2% growth. Total state tax collections reached Rs 11,557 crore.
Andhra Pradesh recorded a 6.72% increase in net GST collections in January 2026, reaching Rs 3,073 crore despite GST 2.0 reforms that reduced rates on essentials and withdrew taxes on insurance.
Income Tax department raids on Baba Group of Industries and rice traders in Jharkhand and Bihar reveal undisclosed income exceeding Rs 80 crore, with seizures of cash, jewellery, stock, and properties.
Income Tax department raids on Baba Group of Industries and rice traders in Jharkhand and Bihar have uncovered undisclosed income exceeding Rs 80 crore, with seizures including cash, jewellery, and properties.