Income Tax

Income tax notice to a deceased person: How should legal heirs respond?

Legal heirs must bear in mind that the income tax return for the year of death must be filed and tax, if due, must be paid

Number of individuals reporting ₹100 crore-plus income rises to 576

The government told the Lok Sabha that the number of taxpayers reporting gross total income of ₹100 crore or more has quadrupled since assessment year 2021-22

Don't make citizens run from pillar to post: Sitharaman to I-T officials

Union Finance Minister Nirmala Sitharaman on Sunday urged the Income Tax department to work for the benefit of common people without making them run from pillar to post. She also went public with her disappointment at the "laidback" nature of government departments, which leads to illegal occupation or encroachments on government lands and underlined the need for integrity in conduct from all officials. Citing the challenges faced by the department in getting permissions to construct a building in the Nariman Point business district, which she inaugurated on Sunday, Sitharaman said these experiences, despite serving in the Indian Revenue Service (IRS), would have given them an idea of what the common man goes through. An IRS officer has the name of the Income Tax department behind him, a "powerful force to frighten people", Sitharaman reminded, adding that despite this, the officials had to run from pillar to post to get clearances from authorities to proceed with work on the 13-flo

Tax laws are made for the living; I-T notice to dead person invalid: HC

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

HC stays CBDT circular denying tax relief to judges under new tax regime

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

Income-tax return e-filing portal largely stable, govt tells Lok Sabha

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

Investing abroad? Here's how to report foreign assets, income in ITR filing

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

Taxpayers can view foreign asset details in AIS ahead of I-T return filing

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

I-T department raises Cost Inflation Index for current fiscal to 384

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

Delhi HC to hear plea on judges' allowances under new income-tax regime

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

Over 17 million taxpayers file ITRs ahead of July 31 deadline: I-T deptt

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.

CBDT to reflect foreign financial information in AIS, Form 26AS under AEOI

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

How to correct mistakes in your tax return after submission, refund even

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

Saving tax vs making investment: How the two tax regimes measure up

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

Could your income tax return face complete scrutiny under CBDT's new rules?

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

Salary, property, stocks: How to manage taxes on multiple income sources

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

Best of BS Opinion: RBI faces twin inflation risks as uncertainty swirls

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

Supreme Court seeks Attorney General's help over vacancies in ITAT

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

SC seeks Centre's reply on vacancies in Income Tax Appellate Tribunal

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 pushes banks, MFs to file error-free transactions by May 31

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