Income Tax

Experts welcomed the recommendation, saying it could lower transaction costs and litigation, making India more competitive against peer economies

Experts suggest direct ITAT access and stronger dispute resolution mechanisms to tackle 5.4 lakh pending tax appeals and ease litigation backlog

As Budget 2026 approaches, senior citizens are watching closely. Rising medical costs, fixed incomes, and outdated tax limits have sharpened expectations.

As the Finance Minister readies Budget 2026, salaried taxpayers remain split on whether lower rates can truly replace deductions

As Union Budget 2026 approaches, salaried taxpayers are once again at the centre of the income tax debate. After last year’s big relief under the new tax regime,

Tax experts say the Centre is expected to strengthen the new tax regime through slab rationalisation and higher rebates rather than expanding deductions

The deduction claimed must be in proportion to their ownership share and actual EMI contribution

Experts argue cost-of-living relief can reduce the sharp tax jump after ₹12 lakh

Net direct tax collection grew 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11, the Income Tax Department said on Monday. The mop-up includes net corporate tax collection of over Rs 8.63 lakh crore and tax from non-corporates, including individuals and HUFs, of Rs 9.30 lakh crore. Securities Transaction Tax collection stood at Rs 44,867 crore between April 1 and January 11. Refunds dropped 17 per cent to Rs 3.12 lakh crore during the period. Gross direct tax collection increased 4.14 per cent to about Rs 21.50 lakh crore till January 11 of this fiscal. In the current fiscal (2025-26), the government has projected its direct tax collection at Rs 25.20 lakh crore, up 12.7 per cent year-on-year. The government aims to collect Rs 78,000 crore from STT in FY26.

What the Income Tax Act, 2025 changes and what stays the same for taxpayers

Tax specialists warn higher surcharges could push wealth and talent overseas

The government should refrain from raising income tax surcharge on the super-rich and reintroducing wealth tax in the upcoming 2026-27 Budget, as the move could prompt persons in high-income brackets to leave the country for low-tax jurisdictions, according to tax experts. Currently, a surcharge on income tax is payable by high-income individuals with earnings above Rs 50 lakh. A 10 per cent surcharge is levied on income between Rs 50 lakh and Rs 1 crore, 15 per cent (Rs 1-2 crore), and 25 per cent (Rs 2-5 crore). Those earning above Rs 5 crore and are in the new income tax regime pay a 25 per cent surcharge, while those under the old tax regime pay a surcharge at a 37 per cent rate. According to estimates by independent economists, the GST rate cut and lower income tax collections are likely to cost the exchequer around Rs 2 lakh crore in the current fiscal. Any additional source of revenue in FY27 could help the government in additional allocations towards defence and other ...

Beginning April 1, the Income Tax Act, 2025, will come into force replacing the six-decade old tax law and the changes made in tax laws in 2026-27 Budget will be incorporated in the new legislation. The 2025 I-T law is revenue neutral with no change in tax rates. It has only made direct tax laws simple to understand, removed ambiguities thus reducing scope for litigations. It reduces text volume and sections by about 50 per cent vis-a-vis the 1961 income tax act. The new law simplifies the tax timeline by doing away with the distinction between the assessment year and the previous year, replacing it with a single 'tax year' framework. It also allows taxpayers to claim TDS refund even when ITRs are filed after deadlines, without any penal charges. Any changes with regard to taxation of individuals, corporates, HUFs and others, which are announced in the Budget for 2026-27 on February 1 will be incorporated in the new I-T Act, 2025. The rules to implement the new Income Tax law are .

Move aimed at making safe-harbour rules more attractive and practical

The notices have been issued under Section 142(1) of the Income-tax Act, which empowers the department to seek information or documents during assessment proceedings

CBDT's NUDGE campaign prompts over 1.5 mn taxpayers to revise their returns as the tax department cracks down on donation claims linked to unrecognised political parties and trusts

Section 247 under the new Act allows authorised officers to access computer systems or virtual spaces, but strictly during search and survey operations where there is credible evidence of evasion

'Act fast: Rectification can save your refund if ITR isn't processed by year-end,' say experts

Authorities clarify that compliance alerts for high-value transactions are prompts for voluntary correction rather than a precursor to enforcement action

Emails about high-value transactions in Annual Information Statements nudge people on compliance processes, say experts