Income Tax Collection

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The Income Tax Department on Wednesday enabled online filing of ITR-2 for the assessment year 2026-27 on the e-filing portal. "Online filing and Excel utility for ITR-2 for AY 2026-27 are now enabled on the e-filing portal," the I-T Department said in a post on X. ITR-2 is filed by individuals and HUFs who do not earn any income from business or profession, but have receipts from capital gains. The department had, on May 15, enabled online filing of ITR-1 and ITR-4, which are filed by small and medium taxpayers, for the assessment year 2026-27. These forms for filing ITRs for income earned in the 2025-26 fiscal were notified on March 30. With online filing and the Excel utility now enabled, assessees can now start filing tax returns. The last date for filing income tax returns by individual taxpayers in ITR-1 and ITR-2 is July 31, while for non-audit taxpayers filing ITR-4, the deadline is August 31.

Mahendra Singh Dhoni was the highest individual taxpayer across Bihar and Jharkhand during the financial year 2025-26, even as the Income Tax Department collected around ₹20,000 crore from two states

The government has marginally exceeded the indirect tax collection target for fiscal 2025-26, an official said on Thursday. The total indirect tax collection, which includes customs, excise and GST, as per Revised Estimates (RE) was pegged at over Rs 15.52 lakh crore for FY26. This includes Rs 2.58 lakh crore from customs duty, Rs 3.38 lakh crore from excise duty, and Rs 9.58 lakh crore from Central Goods and Services Tax (CGST). Without giving actual figures, the official said that revenues from customs duty came in at 102 per cent of RE, while in case of excise duty it was 101 per cent of RE. The Central GST collection came in at 100.8 per cent of RE for FY26. "Overall, GST plus non-GST collection came in at 101.2 per cent of RE," the official said. However, the collection from health and national security cess, which is levied on pan masala manufacturing has missed the target. The RE had pegged Rs 2,330 crore from the health and national security cess collection in FY26. Howeve

"So, the economy is no longer narrow, and it's not just confined to the elite. The middle-class basket is widening. Between 2013-14 and 2024-25, the number of taxpayers, that is, people filing returns

I-T dept invites stakeholder views on draft rules, forms under new Income Tax Act

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

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

Smaller states such as Odisha and Telangana are emerging as the fastest-growing contributors to GST and direct taxes, challenging the long-held dominance of India's traditional economic powerhouses

New excise and cess proposals aim to boost central revenue as GST compensation period ends; states won't share proceeds

Alerts target taxpayers flagged through global data on undisclosed foreign holdings.

International agreement on data sharing allows government to flag overseas assets missing from tax returns filed

Move aims to nudge 25,000 taxpayers to disclose foreign assets and income

TDS, compliance rules and policy shifts have reshaped filing patterns, but rising nil returns and stagnant tax-paying filings point to gaps that need closer scrutiny

The Centre has budgeted Rs 25.2 trillion in direct tax collections for FY26. In the previous year, net direct taxes rose 13.6 per cent to Rs 22.26 trillion, surpassing the Budget estimate

The second of a two-part series on tax litigation looks at the time it takes for high courts to wind up cases

The Income Tax Department has started issuing notices and levying penalties on these non-compliant entities, directing field officers to complete the process by end-November

The new paper proposes a three-tier approach to decriminalise minor tax offences and retain criminal liability only for wilful and high-value evasion

Under the new Income Tax Act 2025, tax officers get wider powers from April 2026, allowing them to question anyone with access to records during searches

The confusion usually arises because both sections are about presumptive taxation, but their applicability is different