Page 7 - Income Tax

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

How many times a taxpayer is allowed to switch between old & new tax regime

Salaried taxpayers with non-business income can switch between tax regimes yearly. Those with business income who opt out of the new regime cannot re-enter later

Govt may ease norms to allow 2-month window for ITC on credit notes

Move would give taxpayers flexibility and preclude a financial burden

CBDT amends norms, mandates detailed income disclosures for business trusts

For tax purposes, business trusts such as REITs, InvITs, and certain AIFs get pass-through status and are not taxed on the income earned by them

Income-Tax Bill 2025: File tax return by due date to be eligible for refund

Deductions related to salary, including standard deduction and leave encashment, are now grouped under a single clause

Parliamentary panel examining Income Tax Bill holds first meeting

The Finance Ministry on Monday briefed the members of a Select Committee of Lok Sabha on various aspects of the Income Tax Bill as the panel headed by BJP MP Baijayant 'Jay' Panda held its first meeting. Sources said the finance secretary told the parliamentarians that the Bill will simplify the existing Act, enacted over six decades back, and make it more user-friendly. Lok Sabha sent the Bill to the committee on the request of Finance Minister Nirmala Sitharaman after she introduced it in the House in the first half of Parliament's Budget Session. Sitharaman had said the new I-T Bill will carry forward the spirit of "Nyaya" (justice) based on the concept of "trust first, scrutinise later". The Bill seeks to replace terminologies such as assessment year and previous year with the easier-to-understand tax year as part of a move to simplify language while removing provisos and explanations. Lok Sabha Speaker Om Birla had constituted the 31-member Select Committee on February ...

Gujarat govt presents Rs 3.70 trillion Budget, no new tax proposed

Gujarat Finance Minister Kanubhai Desai on Thursday presented a Rs 3.70 lakh crore budget for the state for the financial year 2025-26, giving tax reliefs of Rs 148 crore. Also, no new tax was proposed in the budget, presented by Desai in the state assembly here on the second day of its budget session. Desai informed the House that the budget outlay of Rs 3,70,250 crore for 2025-26 indicates an increase of Rs 37,785 crore, or 11.3 per cent, compared to the previous fiscal. The state government proposed a tax relief of Rs 148 crore in the form of reduction in stamp duty on mortgage deeds and on motor vehicle tax on electric vehicles. In his budgetary address, Desai announced a host of new schemes and projects and said the budget was based on five pillars - social security, human resource development, infrastructure development, green growth and development of economic activities. Desai said the state government has prepared a roadmap for 'Viksit Gujarat 2047' to realize Prime ...

Income Tax dept activates section-wise mapping of old I-T Act, new tax bill

Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping as per Income Tax Act, 1961 and Section number as per New Income Tax Bill has been uploaded on the I-T department's website. A simplified Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13 by Finance Minister Nirmala Sitharaman. The Bill, once enacted, will replace the 64 years old Income Tax Act which has become bulky over time with its traditional style of drafting and numerous amendments. The simplified Bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of Sections is 536, as against 819 effective sections in the existing law. The number of chapters also have been halved to 23 from 47 currently. The Bill has 57 tables, compared to 18 in the existing act, besides formulae which make it easier for a taxpayer to calculate tax liability. I