Income Tax

Allahabad High Court said tax authorities cannot make an invalid notice valid by later adding a legal heir, and must instead issue fresh notice directly to legal representative within prescribed time

The court said the issue requires detailed examination and directed the Income Tax Department not to process judges' returns under the disputed arrangement

Contractual penalties imposed on Infosys for delay in IEC project, outages

Complete this task with care, as failure to disclose foreign assets with an aggregate value exceeding ₹20 lakh can attract a penalty of ₹10 lakh under the Black Money Act

CBDT has enabled foreign asset and overseas income information in the Annual Information Statement to help taxpayers accurately disclose such details in income tax returns

The income tax department has increased the Cost Inflation Index for the current fiscal for calculating long-term capital gains arising from the sale of immovable property, securities and jewellery. The Cost Inflation Index (CII) is used by taxpayers to calculate gains from the sale of capital assets after adjusting inflation. The Cost Inflation Index for FY 2026-27 is 384, as per a notification of the Central Board of Direct Taxes (CBDT). The CII for fiscal 2025-26 was 376. AMRG Global Managing Partner Rajat Mohan said the annual notification of the Cost Inflation Index reflects the government's commitment to maintaining an objective inflation-adjustment mechanism wherever indexation benefits continue under the new tax framework. It provides taxpayers, valuers and tax professionals with clarity for computing the indexed cost and reduces interpretational disputes, Mohan added. CII or Cost Inflation Index is notified under the Income-tax Act, 1961 every year. It is popularly used

The Delhi Tax Bar Association has challenged a CBDT memorandum that restricts tax benefits on judges' allowances to the old income-tax regime

Over 1.7 crore I-T returns have been filed for 2025-26 financial year so far, the Income Tax Department said on Saturday. The last date to file ITRs 1 and 2 for income earned in 2025-26 fiscal year is July 31. "Over 1.7 Crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27," the department said on X. Of this, more than 10 lakh returns were filed on Friday. ITR Form 1 (Sahaj) is a simpler form that caters to a large number of small and medium taxpayers. Sahaj can be filed by a resident individual having annual income up to Rs 50 lakh and who has salary income, one house property, and agricultural income up to Rs 5,000 a year. ITR-2 is filed by individuals and Hindu Undivided Families (HUFs) not having income from profits and gains in business or profession, but having income from capital gains.

The tax department will upload foreign financial information received under international information-sharing agreements into taxpayers' AIS and Form 26AS to improve transparency and compliance

No penalty is levied for revising a return, provided the original return was filed on time

The decision is between choosing a tax system to guide your investments, or separate investing from taxation

The CBDT has identified six categories of taxpayers for mandatory complete scrutiny in FY27. Understanding the triggers can help taxpayers stay prepared

If you have multiple income sources, calculate the gross to find out the amount you need to pay as tax

Today's Opinion highlights the RBI's policy choices, soaring IPL franchise valuations, fiscal challenges, climate targets and a timely examination of contemporary China

The Supreme Court expressed surprise over long-pending vacancies in the Income Tax Appellate Tribunal and sought the Attorney General's assistance to expedite appointments

The Supreme Court on Tuesday sought response from the Centre on a plea regarding staff and member vacancies across the Income Tax Appellate Tribunal and asked the high courts to send judicial officers on deputation to meet the requirements. A bench of Chief Justice of India Surya Kant and Justice Joymalya Bagchi issued notice to the Centre and sought assistance from Attorney General R Venkataramani on the issue. "Petition to be supplied to the office of Attorney General to ensure that the unfilled posts are filled at the earliest in the Income Tax Appellate Tribunal. As a stop gap measure tribunals may request HC to send judicial officers on deputation where such officers can be spared," the bench said. The top court was hearing a PIL filed by a ex-vice president of the ITAT Parveen Kumar Bansal concerning vacancies in Income Tax Appellate Tribunal. Senior advocate Mukul Rohatgi, appearing for the petitioner, submitted that all posts of officers, including registrars, are lying vac

CBDT has asked banks, mutual funds and other reporting entities to ensure timely and error-free filing of Statements of Financial Transactions

Lender says it has strong legal grounds to contest the tax demand as investors cheer the end of a key regulatory overhang on the stock

Under the Insolvency and Bankruptcy Code (IBC), financially stressed companies can be taken over by new owners through a resolution process

Reconcile investment details with bank records, Form 26AS and AIS before tax filing