Tax

The government has come out with draft income tax forms that seek disclosure of tenant-landlord relationship for claiming I-T deductions and increased responsibility of auditors and companies for tax credit claims on foreign income. The draft forms also propose to entrust auditors with greater responsibility for checking PAN duplication and tax liability arising out of adverse audit observation. The new Income Tax Act, 2025, which replaces the six-decade-old law, will come into effect from April 1, 2026. The government has circulated draft Rules and Forms for stakeholder consultation. The final Rules and Forms will be notified next month. The new Form 124 requires disclosure of a relationship, if any, between a tenant (assessee) and a landlord, which tax experts said could act as a meaningful deterrent against fictitious or inflated rental claims, as it introduces transparency at the first point of reporting itself. An assessee claiming House Rent Allowance (HRA) is required to su

The government said it has also modified how it taxes dividend income, replacing the existing flat 10 per cent rate ‌with a split structure

In this session, Richa Sawhney, Partner – Tax, Grant Thornton Bharat talks about the new tax rules, business implications and gives tips to students aspiring to be in tax advisory roles

Under threat of retaliation from the US, G7 leaders pre-negotiated the new terms in June, and Inclusive Framework members rubber-stamped them last month to avoid picking another fight with Mr Trump

The United States has quietly updated its fact sheet on the interim India-US trade framework, removing references to pulses and digital services taxes

Net direct tax collections grow 9.4% to Rs 19.43 trillion till February 10 in FY26, aided by moderation in refunds, CBDT provisional data shows

Earnings in focus amid lacklustre capacity utilisation, and poor pick-up in sales for the latest available FY25 data

Tobacco Board, under the administrative control of the Department of Commerce, has written a letter to Finance Minister Nirmala Sitharaman highlighting the adverse impact of the unprecedented increase in excise duties on cigarettes on the industry, as well as on millions of farmers and workers. The excise hike effective February 1 has resulted in a price increase of up to 60 per cent in real terms. Steep tax increases heightened risk of accelerated illicit cigarette trade, which has emerged globally as a serious economic and governance challenge. The unregulated market deprives governments of substantial tax revenues, undermines legitimate businesses, fuels organised criminal networks, and poses risks to public health and security. "Considering the urgent industry situation and the significant impact on the farming community, I request you to intervene and revise the excessive duty rates on tobacco products," Tobacco Board Chairman Yashwanth Kumar Chidipothu said in a letter dated

As many as 88 per cent of individual taxpayers have moved to the new tax regime and the government is not thinking of bringing in a sunset clause for filing income tax returns under the old regime, CBDT Chairman Ravi Agrawal said on Wednesday. He said selecting a particular tax regime is the choice of the taxpayers, but the response to the new regime has been "very good". "I can tell you that when ITR 1, 2, 3 and 4 are taken together (income tax return forms used by individuals), about 88 per cent of people have moved to the new tax regime. "And insofar as presumptive tax cases, about 97 per cent of the taxpayers have moved to the new tax regime. For corporates, about 60 per cent of the income is now being reflected in the new tax regime," Agrawal told PTI during a post-Budget interview. We believe, he said, with the new MAT (minimum alternate tax) provisions coming in the FY27 Budget, "it will also persuade people to move to the new tax regime". MAT, meant only for companies, is

The Budget proposal of a 20-year tax holiday to foreign companies which provide cloud services globally will be available only to those which have set up a MeitY-notified data centre in India, and there will not be any risk for such overseas firms of their global income being taxed in India on this account, sources said on Wednesday. Finance Ministry sources also said that the Budget announcement would also give certainty to foreign companies that are in the business of providing cloud services and procurement services from a data centre in India. "Now Indian data centres can confidently offer their services to such global cloud entities, without these global entities perceiving any tax risk if they use Indian data centres," sources added. Finance Minister Nirmala Sitharaman, in her 2026-27 Budget, had proposed to provide a tax holiday till 2047 to any foreign company that provides cloud services to customers globally by using data centre services from India. It will, however, need

The new Budget provides for tax sops to attract more foreign investments in India's data centres. So why are some Indian players upset?

Budget 2026 has not changed income tax slabs for FY27. But that does not mean your tax bill stays the same. The choice between the old and new tax regimes still matters and for many, it can mean the d

Budget 2026-27 sharpens India's tax strategy to boost manufacturing, services, GCCs and digital infrastructure, while improving certainty and long-term investor confidence

Last year, the government had projected a record Rs 78,000 crore in STT collections for the ongoing fiscal, a figure that has since been cut by 18 per cent amid a sharp decline in trading volumes

Budget 2026 proposes exempting interest awarded by motor accident tribunals from income tax and TDS, a move experts say will reduce disputes for insurers and help victims receive compensation faster

Budget 2026 signals a decisive push to cut tax litigation, decriminalise defaults and offer long-term certainty as India prepares to roll out the new income-tax law

Budget 2026 seeks to attract investment through tax nudges and selective incentives, while maintaining fiscal discipline amid global uncertainty and uneven revenue growth

What does Budget 2026 mean for common citizens? This video explains the key announcements and how they impact daily expenses, taxes, savings, and household finances.

Union Budget 2026 is out, but does it signal continuity or real change? In this video, we decode the Budget’s key priorities — from spending and capex to taxes, fiscal discipline

Finance Minister Nirmala Sitharaman presented the Union Budget 2026 in Parliament today. In her ninth consecutive Budget, she outlined a growth-focused roadmap anchored in higher public spending