Income Tax

I-T Dept asks brokers to remit excess STT collected from customers

Income Tax Department has asked brokers to deposit excess securities transaction tax collected from clients for FY24 and earlier years along with interest

I-T dept detects ₹408 crore sales suppression; surveys restaurants

A data analytics-driven probe by the Income Tax Department has uncovered ₹4.08 billion in suppressed sales in the restaurant sector, prompting surveys across 46 cities nationwide

SC refuses to examine challenge to IT Act's digital search provisions

SC refused to examine a plea challenging Income Tax Act provisions permitting digital access during search operations, calling the concerns speculative and allowing withdrawal of the petition

Meesho receives income tax demand notice of around ₹1,500 crore

E-commerce firm Meesho has received an income tax demand notice of around Rs 1,500 crore, including interest, which the company plans to contest, a recent company filing said. Meesho received the notice on March 6 for assessment year 2023-24. "The Assessment Unit of Income Tax Department has raised a tax demand aggregating to Rs 14,99,73,82,840, including applicable interest," the filing said. The filing said that the demand order is based on certain additions and adjustments to the income reported by the company. "The company is currently evaluating the Assessment Order and does not concur with the observations and adjustments made in the Assessment Order. The company believes that it has adequate legal and factual grounds to contest the same and is taking necessary steps to protect its interest," Meesho said. The e-commerce firm said that a similar demand order was issued for the assessment year 2022-23 as well, which it disclosed in detail in the prospectus filed on December 5,

Govt amends I-T rules: Crypto, digital money now under reporting framework

From January 2026, crypto-assets, CBDCs and electronic money products will fall under India's expanded FATCA-CRS reporting regime, strengthening tax transparency and compliance

Draft I-T forms seek tenant-landlord disclosure for claiming tax deduction

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

Investments in rural India aiding FMCG growth: ITC CMD Sanjiv Puri

ITC CMD Sanjiv Puri says government tax cuts and GST reductions are aiding consumption, as digitisation, rural demand and evolving GenZ and millennial preferences reshape FMCG growth

Mumbai ITAT ruling offers major tax relief for home redevelopment projects

A Mumbai ITAT ruling allows full indexed cost of acquisition and Section 54 exemption on multiple floors received after redevelopment, offering significant relief to homeowners facing LTCG disputes

Rich Insights from Grant Thornton’s tax expert

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

Learn about tax rule changes to avoid last-minute confusion during filing

In the tax return forms, more data will come pre-filled, but it should be verified against your own records to avoid mismatches

I-T dept issues ₹4.62 cr demand notice to Equestrian Federation of India

The Income Tax Department has, for the first time, issued a demand notice of Rs 4.62 crore to the Equestrian Federation of India for the assessment year 2024-25 under Section 156 of the Income-Tax Act, 1961, according to official documents. The notice, dated February 9, 2026, states that a sum of Rs 4,62,18,102 has been determined as payable by the federation for the assessment year 2024-25. As per the notice, which is in possession of PTI, the amount is to be paid within 30 days of service to an authorised bank. According to correspondence from EFI's Chartered Accountant to the federation's office-bearers, certain compliance documents -- including a Non-Utilisation/Accumulation Certificate -- were required to be signed and furnished to enable submission before the Income Tax Department. A final accumulation certificate has also been prepared in connection with the matter but EFI Secretary General Col Jaiveer Singh told PTI that delays by the EFI Executive Committee in completing .

Over 24 lakh ITRs pending beyond 90 days: What taxpayers need to know

More than 24.6 lakh income tax returns for AY 2025-26 remain pending for over 90 days. Should taxpayers worry?

Raghav Chadha asks Centre to legalise VDAs: What it means, why it matters

In the Union Budget 2022-23, the government clearly defined VDAs such as cryptocurrencies and NFTs under the Income Tax Act for the first time

Tax department redesigns 30 forms ahead of new Income-Tax Act rollout

The tax department has proposed a major redesign of 30 high-volume income-tax forms to reduce duplication, simplify compliance and support a data-driven regime under the new law

Filing returns for FY26: Taxpayers may continue to use existing ITR forms

New rules likely to be notified by March 1st week

New CBDT rules may focus on risk-based cross-border RPTs: Experts

The draft norms reduce delegated legislation, with their number proposed to be cut to 333 from 511

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

The Income Tax department on Sunday said it has invited inputs and suggestions from stakeholders on the draft tax rules and forms under the new Income Tax Act, 2025, which will come into effect from April 1. To encourage wider stakeholder participation, the proposed Income Tax Rules, 2026, and corresponding Forms have been uploaded on the official website: www.incometaxindia.gov.in before their final notification, it added. As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories - simplification of language, reduction of litigation, reduction of compliance burden and identification of redundant/obsolete rules and forms, the I-T department said in a statement. "Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification," it said. To facilitate this, a utility has been launched on the e-filing .

CBDT puts draft Income-tax Rules, forms out for feedback till Feb 22

Draft rules and forms placed in public domain for 15 days as part of preparatory work for implementation of Income-tax Act, 2025 from April 2026

Draft rules, forms under new I-T law likely this week for consultation

Draft rules and forms under the Income Tax Act, 2025 are set to be released this week, ahead of a phased transition from the 1961 law starting April 1

Budget 2026 extends immunity to misreporting, but with key trade-offs

The proposal extends relief from penalty and prosecution in misreporting cases, but taxpayers must forgo the right to appeal and carefully weigh the strength of their case