Income Tax Department of India: News
ITR‑2, ITR‑3 Excel forms released—Are you required to file one?
The Income Tax Department has launched the Excel utilities for ITR-2 and ITR-3 for Assessment Year 2025-26.
I-T department eyes probe into Jane Street after SEBI ban
The Income Tax (I-T) department is mulling a probe into US-based trading firm Jane Street, after allegations of market manipulation by the Securities and Exchange Board of India (SEBI).
Tax rules for NRI children earning interest in India
When Indian-origin children move abroad and become Non-Resident Indians (NRIs) for tax purposes, their income earned in India comes under the scrutiny of Indian tax authorities. This includes interest on bank accounts.
Online filing of ITR-1 and ITR-4 now live—Who can apply?
The Income Tax Department has enabled online filing of ITR-1 and ITR-4 forms for the financial year 2024-25 (Assessment Year 2025-26).
Protean eGov shares plunge 34%: Should you sell or hold?
Protean eGov Technologies Ltd's shares have plummeted over 34% in just two trading sessions.
Dr. Reddy's slapped with ₹2,400cr tax notice by I-T authority
Dr. Reddy's Laboratories has received a show-cause notice from the income tax authorities.
IT department issues notice to Prithviraj Sukumaran: Here's why
Amid the several controversies surrounding his latest directorial L2: Empuraan, actor-director Prithviraj Sukumaran has received a notice from the Income Tax (IT) department.
FY26 begins today: How new slabs affect your income tax
India's new income tax regime comes into effect today, marking a major shift in the country's fiscal policy.
Income Tax deadline today: Finish these tasks to avoid penalties
As the financial year 2024-25 comes to an end today, taxpayers are reminded of important tasks that need to be finished to avoid penalties, interest charges, or loss of tax benefits.
IndiGo to contest ₹944cr tax penalty imposed by IT department
IndiGo's parent company, InterGlobe Aviation Ltd, has been slapped with a hefty ₹944.20 crore penalty by the Income Tax (I-T) department.
File updated ITR before March 31 deadline: Here's how
The Income Tax Department has launched a new form, ITR-U, for taxpayers to file updated Income Tax Returns (ITR).
Why super-rich Indians are facing ED and I-T's probe
The Enforcement Directorate (ED) and Income Tax (I-T) Department are reportedly intensifying their probe against Indian high-net-worth individuals (HNIs) with undisclosed foreign assets.
Income Tax Bill 2025: All major changes coming for taxpayers
The Indian government is gearing up to introduce the new Income Tax Bill 2025, which will replace the existing Income Tax Act of 1961.
Income Tax Bill 2025 to redefine taxation on online gaming
The new Income Tax Bill should be introduced in the Parliament tomorrow.
No AY, FY! Income Tax Bill simplifies tax year terminology
The Indian government will introduce the new Income Tax Bill 2025 in the Lok Sabha on February 13.
New Income Tax Bill to replace 1961 Act: What's changing
The Union Cabinet, led by Prime Minister Narendra Modi, has approved a new Income Tax Bill.
Union Cabinet likely to approve new Income Tax bill tomorrow
The new Income Tax bill is likely to be approved in a Union Cabinet meeting tomorrow, India Today reported citing anonymous sources.
Relief for taxpayers: Income tax exemption limit increased to ₹4L
The Union Budget for the fiscal year 2025-26 has brought a major change in the income tax structure. The basic exemption limit under the new tax regime has been increased from ₹3 lakh to ₹4 lakh.
Budget 2025: Annual income up to ₹10L may become tax-free
The new tax regime is likely to undergo major changes in the upcoming Union Budget 2025-26, a Business Standard report said.
'Game Changer' producer Dil Raju faces IT raids in Hyderabad
The Income Tax Department has launched raids on the properties of Game Changer producer Dil Raju in Hyderabad.
Modi government to introduce new income tax bill in Parliament
The Indian government is all set to introduce a new income tax bill in the upcoming Budget session of Parliament, as per PTI.
Budget 2025: Joint taxation for married couples could be introduced
The Union Budget 2025 could bring a major overhaul to India's taxation system with the introduction of joint taxation for married couples.
How 'royalty income' is Taxed in India: Key rules explained
Earning money from intellectual property? Wondering how royalties are taxed in India?
Modi government denies using Digi Yatra to catch tax evaders
The Indian government has denied allegations that the Digi Yatra app, a travel initiative using facial recognition technology, will be leveraged by the Income Tax Department to target tax evaders.
Deadline for settling I-T disputes without penalties extended: Check date
The Income Tax Department has announced an extension to the deadline for the Vivad Se Vishwas Scheme 2024.
January 2025 tax calendar: Key deadlines you shouldn't miss
As we enter the new year, it's important to note the tax-related deadlines for January 2025. Timely compliance with these dates is imperative to avoid penalties and interest charges.
I-T relief expected in 2025: Which income group will benefit?
The Indian government is reportedly considering a reduction in income tax rates for the upcoming 2025-26 Union Budget, particularly for individuals earning up to ₹15 lakh annually.
Want to resolve tax dispute? Avail this scheme before year-end
The Direct Tax Vivad Se Vishwas Scheme, announced in Budget 2024, is a government scheme to resolve pending tax disputes.
Attention taxpayers! Disclose foreign income ASAP or hefty face penalty
The Income Tax Department has reminded taxpayers to disclose any undisclosed foreign income or assets before the year ends.
Deciphering key income tax provisions for Indian taxpayers
Understanding the intricacies of the Income Tax Act in India is crucial for taxpayers to maintain compliance and optimize their tax liabilities efficiently.
How to get a new PAN card instantly on email
The Income Tax Department has launched a new facility for taxpayers, allowing them to get their Permanent Account Number (PAN) through email.
Net direct tax collection surges to ₹11.26L crore in FY24-25
India's net direct tax collection for the fiscal year 2024-25, has jumped by a whopping 18.35% to nearly ₹11.26 lakh crore till October 10, data from the Central Board of Direct Taxes (CBDT) showed.
You can now suggest changes to Income-tax Act, 1961
The Central Board of Direct Taxes (CBDT) has constituted an internal committee to carry out an exhaustive review of the Income-tax Act, 1961.
Income Tax audit report submission date extended: Check new deadline
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing various audit reports, including the income tax audit report, for the previous year 2023-24.
Why thousands of TCS employees have received tax demand notices
A significant number of Tata Consultancy Services (TCS) employees have received tax demand notices from the Income Tax Department.
Advance tax deadline on September 15: Who needs to pay?
The deadline for the second installment of advance tax for FY 2024-25 is fast approaching, with the due date set for September 15.
Waiting on your ITR refund? Know reasons behind the delay
Many taxpayers in India are currently experiencing delays in receiving their income tax refunds, leading to frustration and confusion.
ITR refund scam: How to spot it and protect yourself
The Income Tax Department of India is urging taxpayers to be vigilant against a recurring scam targeting ITR refunds for FY2023-24 (assessment year 2024-25).
What happens if you miss ITR filing deadline? Explained here
The Income Tax Department has not extended the deadline for filing income tax returns (ITRs) for the fiscal year 2023-24, which was set for July 31.
Filed ITR? Here's how to check your refund status online
The deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 is today, midnight.
Waiting for ITR refund? Here's how long it may take
An Income Tax Refund (ITR) is issued by the Income Tax Department when you've overpaid your taxes.
Traveling overseas? Centre says tax clearance certificates are not mandatory
In response to public backlash on social media, the Indian government clarified today that tax clearance certificates are not mandatory for all overseas travelers.
New tax slabs announced in Union Budget 2024
In her budget speech, Finance Minister Nirmala Sitharaman announced updates to the new tax regime.
Filing done? Now verify ITR online with these simple steps
The Income Tax Department of India has made it mandatory for taxpayers to verify their Income Tax Return (ITR) within 30 days of filing.
India's net direct tax collection surges 19.5% to ₹5.74L crore
The Income Tax Department has reported a significant 19.54% increase in net direct tax collection for the fiscal year (FY) 2024-25 so far, reaching ₹5.74 lakh crore by July 11, 2024.
Why you must file your ITR before July 31
The last date to file income tax returns (ITR) for the financial year 2023-24, corresponding to the assessment year 2024-25, is July 31, 2024.
Income Tax Department sets FY25 Cost Inflation Index at 363
The Income Tax Department has released the Cost Inflation Index (CII) for the fiscal year (FY) beginning in April 2024.
How to use Income Tax Department's new real-time feedback updates
The Income Tax Department of India, has announced a new feature in its Annual Information Statement (AIS), that offers taxpayers real-time updates on their feedback status.
Godrej family's billion-dollar business restructuring won't attract tax: Here's why
The Godrej Group, a 127-year-old family-owned conglomerate, has recently declared its decision to split into two separate entities.
AAP's Sanjay Singh mounts attack against BJP over electoral bonds
Sanjay Singh, an MP from the Aam Aadmi Party, has accused the Bharatiya Janata Party (BJP) of corruption in relation to electoral bonds.
'Won't recover dues during polls': Centre's breather for Congress
In a relief to the Congress ahead of the 2024 elections, the Centre told the Supreme Court on Monday that it will not act against the party to recover tax dues amounting to ₹3,500 crore.
Congress gets fresh income tax notice worth Rs. 1,745 crore
The Congress Party has received another income tax notice from the Income Tax Department totaling more than Rs. 1,745 crore.
Congress gets Rs. 1,700 crore demand notice by I-T department
The Income Tax Department has issued a demand notice of Rs. 1,700 crore to the Congress on Friday, news agency ANI reported.
Delhi HC rejects Congress plea in tax penalty case
The Delhi High Court on Wednesday rejected the Congress's plea to halt the income tax demand notice for the recovery of Rs. 105 crore in outstanding taxes.
Congress's plea to stay action against its bank accounts dismissed
The Income Tax Appellate Tribunal (ITAT) has rejected the Congress Party's request to stay the Income Tax Department's actions against its bank accounts.
Rs. 50 crore-worth luxury cars seized from tobacco mogul's home
The Income Tax Department conducted raids in over 20 different locations, including Kanpur, Delhi, Mumbai, and Gujarat, linked to Banshidhar Tobacco Company, on Thursday.
IT Department alleges insurance companies evaded taxes worth Rs. 25,000cr
The Income Tax Department is about to issue tax demand notices totaling Rs. 25,000 crore by the end of March, to various insurance companies.
Income Tax e-filing website unavailable from February 3-5: Here's why
The Income Tax department has announced that its e-filing portal will be temporarily unavailable from 2pm on February 3 to 6am on February 5, due to scheduled maintenance activities.
Last day to file ITR for FY2022-23 ends today
The clock is ticking for taxpayers, as the deadline to file Income Tax Returns (ITR) for the financial year 2022-23 is set for today (December 31).
Geo-surveillance, managers questioned: Raids continue at Dhiraj Sahu's Jharkhand home
The Income Tax Department's marathon raids at Congress MP Dhiraj Sahu's residence in Jharkhand continued on Wednesday.
Advance tax payment deadline nears: All you need to know
The Income Tax Department has issued a reminder to taxpayers that the deadline for the third installment of advance tax payment is December 15, 2023.
Over Rs. 350 crore cash seized from Congress MP-linked distillery
The Income Tax Department has so far seized Rs. 353 crore in cash from properties of an Odisha-based distillery group across three states.
'Whose money'—BJP questions RaGa over Rs. 300cr Congress MP-linked recovery
The Bharatiya Janata Party (BJP) on Sunday took a dig at Congress leader Rahul Gandhi after the Income Tax (I-T) Department recovered over Rs. 300 crore in cash from raided properties of an Odisha-based distillery group.
'Rs. 300cr and counting': Cash-counting at Congress MP-linked distillery expedited
The Income Tax Department has reportedly deployed additional manpower and machines to expedite the counting of cash seized during its raids on properties of an Odisha-based distillery group.
I-T Department's Rs. 290cr 'biggest cash-recovery' linked to Congress MP
At least Rs. 290 crore in cash has reportedly been recovered by the Income Tax Department from premises linked to the Congress's Rajya Sabha MP Dheeraj Sahu in Odisha, Jharkhand, and West Bengal.
Kerala HC notice to CM Vijayan, daughter over bribery allegations
The Kerala High Court on Friday issued notices to Kerala's Chief Minister Pinarayi Vijayan, his daughter T Veena, and some other leaders seeking their response to a plea seeking an investigation into the bribery allegations against Veena's IT firm.
Odisha: Rs. 100 crore recovered from almirahs of Congress MP
The Income Tax Department, on Friday, seized over Rs. 100 crore in cash from locations connected to Congress leader and Rajya Sabha MP Dheeraj Sahu in Odisha.
Over Rs. 150cr recovered during raid at liquor manufacturing company
Income Tax (IT) Department officials conducted raids at multiple locations linked to Boudh Distilleries Private Limited (BDPL) on Wednesday and recovered significant amounts of cash in the last two days.
Budget 2024 gunning for 10.5% rise in direct tax collections
The Union Budget 2024 aims for a 10.5% increase in direct tax collections, despite a sluggish global economy and a high revenue base in the current fiscal year, Moneycontrol has reported.
Aviva Life Insurance's India office searched for alleged tax evasion
Income Tax Department officials recently conducted a search at the New Delhi office of Aviva Life Insurance, a subsidiary of the UK-based insurance giant.
7.85cr ITRs filed till October 31, highest ever in India
The filing of Income Tax Returns (ITR) has reached a record-breaking milestone in 2023, with 7.85 crore filings documented by October 31 in FY23-24.
35 lakh income tax refunds delayed in India: Here's why
Income tax refunds for around 35 lakh taxpayers are currently "held up" due to mismatch and validation issues with their bank accounts, as per Central Board of Direct Taxes (CBDT) Chairperson Nitin Gupta.
NewsClick founding-editor, HR head sent to 7-day police remand
NewsClick founder and Editor-in-Chief, Prabir Purkayastha, along with the news portal's Human Resources (HR) head, Amit Chakravarty, have been sent to a seven-day police remand.
FirstCry founder under IT scanner over alleged $50mn tax evasion
Supam Maheshwari, founder of FirstCry, Globalbees Brands, and Xpressbees, is facing an investigation by the Income Tax Department of India for allegedly evading over $50 million in taxes.