Page 5 - Income Tax

Claiming false deductions? I-T dept steps up scrutiny, warns of penalty

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025

The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026

Guide to filing tax return: View all your financial activities in one place

AIS and TIS are documents that will help you check all your income and tax details

Income Tax department releases ITR-2, ITR-3 excel utilities for AY26

This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing

Depositing big cash sums? Tax rules, I-T notices and what to watch out for

Even legitimate cash deposits can invite I-T notices if not explained properly, experts warn

Filing ITR without a CA? Don’t make these 5 common mistakes | ITR for AY 2025-26 | Personal Finance

Filing your Income Tax Return (ITR) for AY 2025–26 without a Chartered Accountant? It’s now easier than ever, thanks to digital tools, but a few common mistakes can still land you in trouble.

ITAT ruling targets use of farmland deals for laundering 'black' money

New ITAT tax interpretation could tighten scrutiny of undervalued land deals, challenging the alleged use of agricultural land transactions for turning unaccounted cash into legitimate income

Filing your income tax return? Here are some major mistakes to avoid

Filing errors can result in tax notices, interest and penalty charges, not to mention delays in getting your refund

Income-tax Bill 2025: Digital data and the question of power and privacy

A Parliamentary Select Committee reviewing the Bill is expected to submit its report during the monsoon session

Rise in personal income tax collections encouraging, sustainability suspect

Sustained growth in PIT would depend on sustained expansion in taxable economic activity, one that generates employment to support salary income and contributes to business income as well

How to save tax smartly under the new regime without 80C or HRA

The ITR deadline is September 15 and if you’ve opted for the new tax regime, you might be wondering: Can I still save on taxes without 80C, HRA, or LTA? In this episode of PF Guide, we break down:

Oman to become 1st Gulf state to levy income tax, aims to cut oil reliance

Oman will introduce a 5% income tax on top earners in 2028, aligning with Vision 2040 to diversify income, strengthen public finances, and reduce reliance on oil revenue

Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun

Net direct tax collection so far this fiscal stood at Rs 4.59 lakh crore, 1.39 per cent lower compared to the mop-up during the corresponding period of last fiscal, as advance tax collections slowed, government data released on Sunday showed. Advance tax collection during April 1-June 19, 2025 grew a meagre 3.87 per cent to Rs 1.56 lakh crore. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to Rs 13,013 crore during the period. Overall, the net direct tax collection kitty stood at about Rs 4.59 lakh crore during April 1-June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 lakh cror

HC helps NRI avoid massive tax: why selecting a correct ITR form is key

A Delhi HC ruling protects an NRI from a huge tax demand, highlighting the importance of correct TDS filings in property sales and offering key lessons for NRIs.

Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner

New CBDT guidelines target NGOs, HNIs, and repeat offenders. Tax expert says, 'There is no way to avoid compulsory scrutiny if you fit the checklist.'

Maharashtra uses tax data to check fake claims in Ladki Bahin scheme

State government says Income Tax data needed to weed out fake beneficiaries

China's overseas income tax global crackdown expands beyond ultra-rich

Chinese authorities are seeking to boost fiscal income and narrow a record budget deficit as Beijing has ramped up stimulus to counter US tariffs

Income Tax return filing deadline extended | What it means for you | ITR filing 2025-26 | Taxpayers

The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. Know what it means for you!

Dalmia Bharat under I-T lens post HC nod on reopening of assessment

Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping

Section 54F exemption: Observe timelines for selling asset, buying another

Recent judgement emphasises that co-ownership of multiple floors in the same building does not disqualify taxpayer for this exemption under Section 54F