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A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Officer (AO) can step in...
A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Officer (AO) can step in...
India’s housing market is caught in an unusual bind – with the sales slipping, developers are now pulling back on new projects. Yet residential prices refuse to fall.Pan-India housing sales declined 7% year-on-year in Q4FY26, while new project launches dropped a sh...
Union Commerce and Industry Minister Piyush Goyal on Monday said India and Canada are working to conclude negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) by the end of this year, as both countries seek to reset bilateral ties and significantly...
For three decades, economic development followed a relatively predictable script: integrate into globalisation, industrialise through exports, attract foreign capital and move steadily up the value chain. That script is now breaking down. The age of frictionless globalisation...
The Indian rupee ended Monday’s trade on a positive note, as the currency appreciated sharply, returning to the 95 territory against the greenback, and hitting a two-week high. This was aided by growing optimism over a potential peace deal between US and Iran, which help...
India’s consumption story may no longer be best understood through supermarket sales or traditional household baskets. According to Kotak Mutual Fund’s latest study, consumption patterns now require looking beyond volume growth. Ticketed live events have climbed, p...
A series of hikes in petrol and diesel prices at the retail level has triggered concerns over rising inflation, with economists estimating an addition of around 30 basis points to the near-term outlook. However, they are yet to revise their inflation outlooks for the full fina...
Nvidia CEO Jensen Huang said on Saturday that his forecast of a $200 billion market for CPUs includes China, signalling Nvidia still sees significant long-term demand in the market amid ongoing U.S.-China technology tensions.Central processing units have taken centre stage as...
A string of startup shutdowns and strategic pivots in the artificial intelligence space is prompting venture capital (VC) firms to become more selective, with investors increasingly moving away from generic AI offerings and focusing instead on businesses with stronger differen...
The new Income Tax Act, 2025 and Income Tax Rules, 2026 have introduced significant changes relating to PAN quoting, PAN usage and Form 60 (now re-engineered as Form 97). With these new regulations, the requirement to quote PAN for specific transactions has either been elimina...
As part of the ongoing efforts towards strengthening data quality, traceability, and operational efficiency in the E-Way Bill (EWB) system, certain functional enhancements are proposed to be introduced in the EWB portal.The advisory covers the following proposed changes:a)Mand...
The government is likely to disable the editing option in the monthly summary return form GSTR-3B once the return is auto-populated from GSTR-1 and GSTR-2B.It aims to improve the monitoring of defaulting suppliers and reduce mismatches in the goods and services tax (GST) syste...
In a significant ruling related to disclosure of foreign income, the Income Tax Appellate Tribunal (ITAT), Chennai, cancelled a penalty of Rs 10 lakh imposed on a salaried taxpayer who had failed to declare ESOPs, his foreign company shares, in his income tax return.What&rsquo...
If you think filing your Income Tax Return (ITR) is the last step of the tax process, you might want to take a closer look at your AIS before you hit submit. The Income Tax Department these days uses a lot of data analytics and automated matching systems to compare the details...
ITR filing season for Assessment Year (AY) 2026-27 has started. Like every year, taxpayers would expect their refunds to come early, within days of filing their tax returns.But you must remember that filing a correct return is much more important than filing early, as even a s...
A taxpayer who claimed a tax exemption based on the details mentioned in his employer-issued Form 16 was hit with a steep penalty of Rs 51.20 lakh, but the Income Tax Appellate Tribunal (ITAT), Bangalore, has now ruled in his favour, saying the claim was made under a bona fide...
"Split this bill among 5 people and calculate how much each of us owe"It may not have been the intention of developers of generative artificial intelligence, but going by these prompts it has, over the years, turned into an intrinsic part of a person's daily life.Somewhere alo...
At a time when Prime Minister Narendra Modi has urged people to avoid buying gold for one year to save India’s foreign exchange reserves, one may consider exchanging old jewellery for redesigned ornaments. However, such exchanges are not a simple swap but a transfer of a...
The Income Tax (I-T) Department has released Excel utility versions of Income Tax Return (ITR) forms 1 and 4 for the Assessment Year 2026-27 (FY 2025-26) while also starting online filing for the same forms These tools are now available for download on the official income tax...
India's personal tax compliance framework is undergoing a decisive transformation, driven by digitisation, pre-filled data integration, and the introduction of simplified tax regimes by the Indian Income tax department.The Income tax return (ITR) forms for FY 2025-26 (AY 2026-...
A key amendment in the Corporate Laws (Amendment) Bill, 2026 restricting auditors and audit firms from providing non-audit services after their term completes, could potentially increase the compliance cost for domestic companies by 20-30%, top auditors working with Big Four f...
The Central Board of Direct Taxes (CBDT) has said a major compliance change is mandatory disclosure of bank balances under the revised income tax return forms for taxpayers filing ITR-4 for Assessment Year (AY) 2026-27. The government has been gradually increasing the disclosu...
In a bid to make the GST refund system more automated, the government is introducing an Annexure-B offline utility in place of the earlier PDF-based Annexure-B in Form GST RFD-01, making the refund filing process more streamlined, structured and system-driven.With this enhance...