19 articles and updates curated for tax and business readers.
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...
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...
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...
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-...
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...
The Central Board of Direct Taxes (CBDT) on Tuesday issued updated guidelines for referencing computer-generated Document Identification Numbers (DIN) in income-tax communications. It states that any correspondence such as notices, letters, orders, draft orders, or summons iss...
The Income Tax Department has clarified that taxation depends on the date of payment, not when the salary is earned. Salary paid by March 31, 2026, will fall under the Income-tax Act, 1961, while payments from April 1, 2026, will be taxed under the new Income Tax Act, 2025, as...
India's apex authority has been told by the court to step in amid a flurry of orders across the country demanding tax on bonuses and performance-driven remunerations received by partners of large tax, audit, consultancy and other professional partnership firms, including some...
The income tax department on Monday said "banking company" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS on interest income beyond the prescribed threshold.Under the Income Tax law, the tax is to be deducted at source if the interest income fr...
In the redevelopment of housing projects, homeowners hand over their rights to the builder, who then redevelops the project to add more units, space or both in the building. Homeowners can receive either cash compensation or extra carpet area in their current homes or both, ba...
Over the past few days, thousands of taxpayers across India have received an unexpected message from the Income Tax Department. The SMS or email said their refund claim had been “identified under the risk management process” and that processing had been put on hold...
The Centre in the Budget announced many important changes related to tax, especially to make TDS and TCS easy and simple. The purpose of these changes – which will be effective from April 1, 2025 – is to make tax compliance easier for common taxpayers and traders a...
The Central Board of Direct Taxes (CBDT) has issued a new circular, which states the new rules for tax deduction from salary under section 192 of the Income Tax Act, 1961. It also includes the changes made in the Finance Act 2024 and 2023. “The Form No. 16 has been amend...