Page 5 - Income Tax

Fake invoices: I-T dept reopening hundreds of old assessment cases

Businesses that may have claimed fake purchases in taxman's crosshairs

Finance ministry notifies form ITR-B to report undisclosed income

Form ITR-B allows the assessee to claim TDS (tax deducted at source) and TCS (tax collected at source) credit against undisclosed income

Bhushan Steel buy case: Tata Steel gets tax notice, challenges in HC

Tata Steel said that the income tax return of Bhushan Steel for FY 2018-19 was accepted by the income tax department in June 2020 without any demand pertaining to the waiver of loan

New rules from April 1: Zero tax on income up to Rs 12L, see all changes

Salaried individuals with an income of up to Rs 12.75 lakh will have no tax liability after accounting for a Rs 75,000 standard deduction

New financial year set to bring key tax, pension, and MSME reforms

The new income tax slabs under the new tax regime have been modified to increase the basic exemption limit from ₹3 lakh to ₹4 lakh

Missed advance tax deadline? Salaried person can still avoid interest

Failing to pay advance tax or adjust TDS in time may attract interest under Section 234C for delays and 234B if 90% of the total tax remains unpaid by March 31

Taxmen to assess only undisclosed income in search cases: Finance Bill

The amendment, which was approved by the Lok Sabha on Tuesday, will be made effective retrospectively from September 1, 2024

Old and new tax regimes: How to choose the best option for saving money

Each regime has its own tax slabs, deductions, and exemptions

Financial transactions within family: Maintain record to avoid IT notice

Banks are required to report cash deposits exceeding ~10 lakh in savings accounts or ~50 lakh in current accounts, which may trigger scrutiny

Should you continue investing in PPF, SSY, NPS under the new regime?

Salaried taxpayers having non-business income will have the option to choose between the new and old tax regimes every year

Income Tax Bill 2025: Centre seeks public input on bill, launches eportal

The new income tax bill seeks to modernise the tax system by simplifying it and ensuring greater transparency

FAQs on revised guidelines for compounding of offences under I-Tax act

Following the issuance of the guidelines, queries were received from stakeholders seeking clarifications on various provisions

Govt likely to bring back single tax return system for search cases

Single return may cover six years plus part-year when investigation is done

March 15 is deadline for last advance tax installment: Know if you must pay

Individuals with a total liability of more than Rs 10,000 for the year must pay advance tax

Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition

The Institute of Chartered Accountants of India (ICAI), which briefed the panel at its first meeting on March 6, has opposed any changes to the definition

I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary

The Bill retains existing technological reforms, including initiatives such as pre-filled income tax returns (ITRs), the Annual Information Statement, and faceless proceedings

March 31 deadline: Invest in tax saving instruments to claim deduction

If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31 to maximise tax benefits

Social media accounts accessed only in search, survey ops: I-T official

The new Income Tax Bill prescribes the existing process for tax authorities to gain access to the digital space or a computer device only during search and survey operations, and it is not aimed to breach the online privacy of common taxpayers even if their case lands into scrutiny, a top I-T department official said Monday. The powers for such a coercive action "already existed" in the 1961 Act, and these have only been reiterated in the Income Tax Bill of 2025, he said. The official rejected claims made in some reports and opinion pieces that the tax authorities have been granted "additional" powers to breach the passwords of electronic records, including email, social media handles and Cloud storage space of the taxpayers. "Such reports are nothing but fear mongering. The tax department is not into snooping of social media accounts or online activities of a taxpayer. "These powers are only to be executed during the course of a search or survey operation, and that too when the ..

Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign

Over 30,000 taxpayers have revised their I-T returns or filed belated returns and declared additional foreign assets and income of more than Rs 30,000 crore, Government sources said on Thursday. In line with its 'trust-first' approach, the Central Board of Direct Taxes (CBDT) had on November 16 last year, launched an awareness campaign under which messages were sent to taxpayers who had not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. SMSes and emails were sent to 19,501 taxpayers with high foreign account balances or significant foreign income from interest or dividends above a specified threshold. These communications requested taxpayers to revise their Income Tax Returns (ITRs) to reflect their foreign assets and income accurately. Sources said 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore. Also, 6,734

I-T notices: High-value expenses must sync with bank withdrawals, e-txn

Tax experts say that when declared income is high but bank withdrawals are minimal, it raises concerns about unreported cash transactions