Income Tax Act

New I-T Act to enable AI-driven, rule-based tax system from April 2026

CBDT chief Ravi Agrawal said the new Income Tax Act, effective April 2026, will create a rule-based, AI-enabled tax ecosystem aimed at reducing disputes, improving certainty and enhancing compliance

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

Advance search notice can derail probes in digital era: Supreme Court

The Supreme Court on Tuesday highlighted the practical difficulties faced by investigators in the digital age and said giving a prior notice before a search and seizure could effectively end an investigation before it begins. The top court was hearing a PIL challenging the scope of search and seizure powers under Section 132 of the Income Tax Act on the ground that it has the potential of misuse by the authorities. Section 132 of the Income Tax Act empowers IT officials to conduct a search and seizure when they have "reason to believe" that a person has undisclosed income, assets, or documents. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and N V Anjaria heard submissions by senior advocate Sanjay Hegde, appearing for PIL petitioner Vishwaprasad Alva, for some time and later deferred it for consideration after two weeks. During the hearing, Justice Bagchi highlighted the practical challenges of issuing prior notice in search and seizure cases, particular

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

Union Budget 2026-27: Burden on middle income rises slightly further

Despite a rise in tax filers, low reported incomes limit average tax contribution, prompting a simplified Income Tax Act from April 2026 to boost compliance and buoyancy

Income Tax Act 2025 to be implemented from April 1: FM Sitharaman

Finance Minister Nirmala Sitharaman on Sunday said the Income Tax Act, 2025 will be implemented from April 1 and rules and tax returns forms will be notified shortly. Beginning April 1, the Income Tax Act, 2025, will come into force replacing the six-decade-old tax law and the changes made in tax laws in 2026-27 Budget will be incorporated in the new legislation. In her Budget speech in the Lok Sabha on Sunday, she said, "This (direct tax code) was completed in record time and the Income Tax Act 2025 will come into effect from first April 2026. The simplified income tax rules and forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements." The forms have been redesigned, such that ordinary citizens can comply without difficulty, she added. The 2025 I-T law is revenue neutral with no change in tax rates. It has only made direct tax laws simple to understand, removed ambiguities, thereby reducing scope for litigations. It reduces te

Updated return: Found omissions after Dec 31? File ITR-U to cut legal risk

Scrutiny may extend to other assessment years if disclosures suggest a pattern of non-compliance

PM Cares Fund has privacy rights under RTI Act even if govt-run: Delhi HC

According to the PM Cares Fund website, it is a public charitable trust with the Prime Minister of India as its Chairperson

Simplified Income Tax Act 2025 to come into force from Apr 1: What it means

Beginning April 1, the Income Tax Act, 2025, will come into force replacing the six-decade old tax law and the changes made in tax laws in 2026-27 Budget will be incorporated in the new legislation. The 2025 I-T law is revenue neutral with no change in tax rates. It has only made direct tax laws simple to understand, removed ambiguities thus reducing scope for litigations. It reduces text volume and sections by about 50 per cent vis-a-vis the 1961 income tax act. The new law simplifies the tax timeline by doing away with the distinction between the assessment year and the previous year, replacing it with a single 'tax year' framework. It also allows taxpayers to claim TDS refund even when ITRs are filed after deadlines, without any penal charges. Any changes with regard to taxation of individuals, corporates, HUFs and others, which are announced in the Budget for 2026-27 on February 1 will be incorporated in the new I-T Act, 2025. The rules to implement the new Income Tax law are .

Budget: Tax experts seek clarity on employment deductions available to biz

Ahead of Budget FY27, tax experts seek clarity on Section 80JJAA as ambiguities over employee cost deductions trigger scrutiny and risk disputes for companies

2026 to bring data, policy, tax changes; labour codes, CBAM to take effect

With new GDP, CPI and IIP base years, sweeping tax reforms, GST overhaul, labour code rollout and EU's carbon tax, 2026 is set to reshape India's economic, regulatory and labour landscape

CBDT confident of meeting FY26 tax target; refund checks slowing outflows

Chairman Ravi Agarwal says the department expects to meet its ₹25.2 trillion direct tax goal for FY26, with refunds slowing due to verification of incorrect claims and a dip in filings this year

Hidden data abroad? Corporate law now lets tax officers access it fully

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

Explainer: Difference between Section 44AD and Section 44ADA of I-T Act

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

Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025

Opposition members staged a walkout in the Rajya Sabha during the discussion, mirroring their protest in the Lok Sabha on Monday

Income Tax Bill 2025: Key changes for property owners, taxpayers, investors

Income Tax New Bill 2025: The revised Income Tax Bill, 2025 replaces last week's withdrawn draft, bringing clearer property rules, new slabs, higher rebates and fixes for refund claims

Less discretion needed: Transfer-pricing proposal may lead to litigation

Indeed, in some cases additional discretionary powers will be granted by some proposed changes.

Income Tax dept working on rules for new direct tax law: CBDT chief

The chairperson of the Central Board of Direct Taxes said the department is aligning its enforcement approach with a principle of "empathy", aiming to improve voluntary compliance

Bet value doesn't qualify as income under I-T Act: Egaming firms to SC

Online gaming firms tell the Supreme Court that bet money placed by users in online real-money games should not be considered taxable income under the Income Tax Act

Startups face I-T department heat over funding through Singapore

Showcause notices issued to startups under Section 68 for capital raised over the past five years, demanding documentation on foreign investments