Income Tax Collection

Centre moves tobacco, pan masala levy Bills, seeks to retain mopup

New excise and cess proposals aim to boost central revenue as GST compensation period ends; states won't share proceeds

I-T flags 25,000 ITRs with foreign-asset gaps: Here's what happens next

Alerts target taxpayers flagged through global data on undisclosed foreign holdings.

CBDT's new 'NUDGE' on foreign assets: Why taxpayers should pay attention

International agreement on data sharing allows government to flag overseas assets missing from tax returns filed

CBDT to nudge 25K high-risk taxpayers to disclose foreign assets

Move aims to nudge 25,000 taxpayers to disclose foreign assets and income

Income tax compliance: Gains and gaps amid high share of nil returns

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

India's net direct tax collection up 7% so far in FY26: CBDT data

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

Even before pandemic disruption HC tax cases took longer for disposal

The second of a two-part series on tax litigation looks at the time it takes for high courts to wind up cases

I-T department begins action on firms failing to report high-value deals

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

NITI Aayog calls for pruning tax offences from 35 to six in new paper

The new paper proposes a three-tier approach to decriminalise minor tax offences and retain criminal liability only for wilful and high-value evasion

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

The great tax rewrite: New law promises simplicity, stronger oversight

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

Draft rules for new I-T Act expected by year-end, says CBDT member

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

Expect an income tax refund rush as new law approaches implementation

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

Finmin clears the air: Advance tax penal interest stays at 3%, no increase

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 collection down 4% to nearly ₹6.63 trillion till August 11

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%

IT dept finds ₹30,444 cr undisclosed income in FY25, held 465 surveys

The Income Tax department has conducted 465 surveys, leading to detection of undisclosed income of Rs 30,444 crore in the 2024-25 fiscal year, Parliament was informed on Tuesday. Minister of State for Finance Pankaj Chaudhary in a written reply in the Rajya Sabha said whenever any credible information of 'direct tax' evasion comes to its notice, it takes suitable actions, including surveys, search and seizure operations, assessments, to bring to tax, the undisclosed income. During FY25, a total of 465 surveys were conducted, which led to detection of undisclosed income of Rs 30,444 crore. In FY24 and FY23, 737 and 1,245 surveys were conducted by the I-T department and undisclosed income of Rs 37,622 crore and 9,805 crore, respectively, were detected. The total number of groups searched during FY25 stood at 1,437 and assets seized stood at Rs 2,504 crore. In FY24, 1,166 groups were searched leading to total asset seizure of Rs 2,555 crore. In FY23, Rs 1,766 crore assets were seized

GST evasion of ₹7.08 trn detected in 5 yrs, includes ITC fraud of ₹1.79 trn

Central GST field officers have detected tax evasion of about Rs 7.08 lakh crore in the last five years till 2024-25 fiscal, including input tax credit (ITC) fraud of about Rs 1.79 lakh crore, Parliament was informed on Monday. In 2024-25 fiscal alone, over Rs 2.23 lakh crore of Goods and Services Tax (GST) evasion were detected by CGST field officers, according to the data shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha. Of the 30,056 cases of GST evasion detected in FY'25, more than half or 15,283 cases pertained to ITC fraud, where the evasion was to the tune of Rs 58,772 crore. In the 2023-24 fiscal, Rs 2.30 lakh crore worth GST evasion was detected by CGST field officers, involving ITC fraud of Rs 36,374 crore. In FY'23, about Rs 1.32 lakh crore GST evasion was detected, including Rs 24,140 crore of fake ITC claims. In FY'22 and FY'21, GST evasion stood at Rs 73,238 crore and Rs 49,384 crore respectively. This included ITC fraud of Rs 28,022 crore an

FM Sitharaman flays tax officials, says OGE issuance delays 'unpardonable'

On Income Tax Day, FM Nirmala Sitharaman urges decisive action on pending tax cases, refunds, and grievance redress, calling for accountability and timely implementation

I-T Bill 2025: FinMin rejects demand for time limit on tax pleas' disposal

The finance ministry said the statute only provides for the time-lines and procedural requirements and the mechanism to make appellate procedure more efficient and taxpayer friendly