Bengaluru Gets 50% HRA Tax Exemption in New Income Tax Draft Rules
Bengaluru's salaried workforce is set for significant tax savings as draft Income Tax Rules propose 50% HRA exemption, placing the city alongside Delhi, Mumbai, Kolkata, and Chennai.
Category : GST & Taxation
Income Tax Raids on VIP-Linked Panorama Group in Bihar
The Income Tax Department conducted extensive simultaneous raids at multiple locations linked to the Panorama Group and its CMD Sanjeev Mishra in Purnia and Supaul districts of Bihar. Over 20 officials scrutinized financial records and properties in a maj
New Income Tax Rules 2026: PAN Thresholds Hiked, Crypto Reporting Mandated
The government's draft Income Tax Rules 2026 propose significant increases in PAN quoting thresholds for vehicle purchases, cash transactions, property deals, and hotel bills, while mandating crypto exchange reporting and including CBDC as electronic paym
Old Rules for IT Returns in 2026-27, July 31 Deadline for Many
Income tax returns for the assessment year 2026-27 will follow existing regulations, with deadlines set for July 31, 2026 for ITR-1 and ITR-2 filers, and August 31 for ITR-3 and ITR-4.
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New Income Tax Rules Simplify Filing, Raise PAN Limits
India's draft income tax rules propose simplified forms for seniors, higher PAN thresholds, mandatory crypto reporting, and CBDC inclusion, aiming to reduce compliance burden.
New I-T Rules: PAN Limit Up, Meal Allowance Hiked
The draft Income-tax Rules 2026 propose raising the PAN threshold for bank deposits to ₹2 lakh and increasing tax-exempt meal limits. Rules aim to simplify filing and reflect current economic realities.
Draft Tax Rules: Higher PAN Thresholds, Crypto Reporting Norms
The Central Board of Direct Taxes has released draft income tax rules proposing to raise the PAN threshold for cash transactions and introduce new reporting requirements for crypto assets, effective from 2026.
New Income Tax Act 2025 Draft Rules Released for Feedback
The Income Tax Department has issued draft rules and forms under the new Income Tax Act, 2025, aiming to simplify provisions and reduce compliance burdens. Stakeholders can submit feedback until February 22, 2026.
CBDT Draft Income Tax Rules Open for Public Feedback
The Central Board of Direct Taxes has released draft income tax rules and forms for public consultation until February 22, 2026, ahead of implementing the new Income Tax Act 2025 from April 1, 2026.
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Draft Income Tax Rules 2026 to be Notified in March by CBDT
The Income Tax Department will notify draft Income Tax Rules 2026 in early March, aligning with the new Income Tax Act 2025 effective April 2026. The rules feature simplified forms and language to ease taxpayer compliance.
Budget 2026-27: Youth-Driven Tax Reforms and Simplified Compliance
Union Finance Minister Nirmala Sitharaman's Budget 2026-27 emphasizes youth empowerment and administrative simplification, with no changes to income tax slabs but key reforms like the new Income Tax Act 2025 and extended filing deadlines.
Rs 5,000 Crore Gaming-Fintech Syndicate Uncovered by DGGI
The Directorate General of GST Intelligence has exposed a massive illegal gaming-fintech network worth over Rs 5,000 crore operating through online platforms, shell companies, and fintech firms in Hyderabad.
Telangana Tax Collections Up 3% After GST 2.0 Implementation
Telangana's commercial tax revenue grew by 3% to ₹64,914 crore from April 2025 to January 2026, driven by GST and VAT increases, with liquor tax surging 8%.
CBDT: No Sunset Date for Old Tax Regime, 95% Refunds Done
CBDT Chairman Ravi Agrawal states there is no sunset date for the old tax regime, with 95% of tax refunds disbursed. He discusses budget proposals, tax base widening, and STT hike impacts.
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Income Tax Act 2025 Aims to Simplify Compliance, Modernize Structure
Supreme Court Justice R Mahadevan announced the Income Tax Act 2025 will replace the 1961 Act from April 1, focusing on simplification, modernization, and global alignment. The seminar also addressed AI risks in tax advocacy.
Indore Tax Body Demands Additional GST Tribunal Bench
The Madhya Pradesh Tax Consultant Association has formally requested a new GST Appellate Tribunal bench in Indore, citing high litigation volume, taxpayer convenience, and the city's economic prominence.
Draft Income Tax Rules Aim to Simplify Filing, Ease Compliance
The Income Tax Department has released draft rules to simplify tax filing, reduce disputes, and enhance compliance. The rules, effective from April 1, feature faceless assessments and public feedback until February 22.
I-T Dept Releases Draft Rules for New Income Tax Act
The Income Tax Department has published draft rules and forms for the new tax regime, inviting public feedback until July 29. This move aims to streamline compliance and implement recent legislative changes.
Tax Raid on Muzaffarpur Cloth Showroom, Holi Stock Sealed
A special sales tax department team conducted a major raid on a cloth showroom in Muzaffarpur's Motijheel area, targeting suspected tax evasion involving unbilled Holi stock. The showroom was sealed, and officials are examining all financial records.
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Income Tax Dept Seeks Feedback on Draft Rules for Simplified Filing
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.
New Income Tax Rules 2026: Draft Released for Public Feedback
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.
Budget 2026: Key Taxpayer Changes and Ease of Living Focus
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 OTS-2025 Recovers Rs 110 Crore, Deadline Extended
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.
Madras HC Dismisses Vijay's Plea Against Rs 1.5 Crore Tax Penalty
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.
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Jayalalithaa's Poes Garden May Be Auctioned for Tax Dues
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.
Noida Launches One-Time Tax for Commercial Vehicles
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 Extends ITR 3 & 4 Deadline to Aug 31, Details Tax Plan
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 Chief Details India's New Direct Tax Code
CBDT chairperson Ravi Agrawal outlines the simplified Income Tax Act 2025, reduced penalties, smart forms, and streamlined procedures effective from April 2026.
88% Taxpayers Choose New Regime, No Sunset Clause for Old
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.
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Budget 2026: Focus on Stability, Tech Tax Breaks, and Simplification
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.
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