Income Tax Collection

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

A sharper new income-tax law simplifies the landscape for individuals and corporations, expands the reach of enforcement authorities

When the new law was introduced in Parliament on February 13, the government also set up a committee to draft the accompanying rules and forms

These refunds, reckoned to be close to ₹1,000 crore, largely relate to tax demand cases in which taxpayers had secured favourable orders from appellate authorities

The Finance Ministry has clarified that the penal interest on advance tax shortfalls remains unchanged at 3% per quarter (1% per month for 3 months), correcting a drafting error in the Income Tax Bill

Net direct tax collections fell to Rs 6.63 trillion till August 11 in FY26 due to higher corporate refunds, while gross collections also declined 1.9%