Page 6 - Income Tax

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

Old vs new tax regime: Consider income and deductions before you pick

If you declared one regime to your employer for TDS but later find the other more beneficial, you can still switch when filing your income-tax return

Filing tax returns with wrong ITR form can invalidate and delay process

Resident individuals may use ITR-1 if their total income is within ₹50 lakh and comes from salary or pension

ITAT body raises concern over high pendency of cases at Delhi Benches

The Bar association claimed that Delhi has the "highest pendency" of cases among ITAT Benches, many involving complex legal issues and high revenue stakes

May 2025 tax filing & compliance deadlines: What's due, when, and by whom

From TDS/TCS filings to Form 61A/B submissions: know what's due, when, and who must act. Stay compliant to avoid penalties

Individual taxpayers with LTCG up to ₹1.25 lakh can use simplified ITR-1

Until now, salaried individuals having income under the head LTCG were required to file Form ITR-2

Final call! Clear your tax disputes under VSV 2.0: Here's how

Taxpayers must not make errors in filing applications and calculating disputed amount, says expert

Mismatch in Form 16 and AIS? How to fix issue before filing tax return

Income tax department may send notice if the information mismatch is not resolved

Recognised startups spared Section 68 scrutiny, others under watch: CBDT

The clarification comes amid income-tax notices issued to startups for foreign funding routed via Singapore