Taxpayers

I-T flags 25,000 “high-risk” cases for undisclosed foreign assets

The Income Tax Department has launched a fresh compliance drive targeting undisclosed foreign assets and income. Around 25,000 individuals will receive SMS and email alerts asking

Govt notifies capital gains scheme, expands digital payment options

The Capital Gains Accounts (Second Amendment) Scheme, 2025 adds digital payments, e-statements and mandatory online closure from 2027, modernising the 1988 framework for reinvesting capital gains

Be polite in dealing with honest taxpayers: Sitharaman tells GST officers

Finance Minister Nirmala Sitharaman on Friday said GST officers should be polite and empathetic in dealing with honest taxpayers and asked them to use technology for faster registration approvals and grievance redressal. She also asked field formations to "proactively" undertake trade facilitation measures. "There is no iron wall between you and trader, there is thin air. You can understand where the difficulty is, rather than muddy it up any further," she said. Speaking at the inauguration of the CGST building in Ghaziabad, the minister flagged the need for timely conclusion of any disciplinary proceedings against officers of Central Board of Indirect Taxes and Customs (CBIC). This would send a clear message from the CBIC board that any misconduct, dereliction of duty or unethical behaviour by officers will not be tolerated. She said the ultimate goal of tax administration is to make life easy for honest taxpayers and to do that GST officers should follow the laid down SoP and sho

Florida taxpayers may lose $218 mn as 'Alligator Alcatraz' to shutdown

Florida taxpayers could be on the hook for USD 218 million the state spent to convert a remote training airport in the Everglades into an immigration detention centre dubbed Alligator Alcatraz. The centre may soon be completely empty as a judge upheld her decision late Wednesday ordering operations to wind down indefinitely. Shutting down the facility for the time being would cost the state USD 15 million to USD 20 million immediately, and it would cost another USD 15 million to USD 20 million to reinstall structures if Florida is allowed to reopen it, according to court filings by the state. The Florida Division of Emergency Management will lose most of the value of the USD 218 million it has invested in making the airport suitable for a detention centre, a state official said in court papers. Built in just a few days, the facility consists of chain-link cages surrounding large white tents filled with rows of bunk beds. An Associated Press analysis of publicly available state ..

How tax systems unfairly penalise even honest, hardworking taxpayers

The digital tax era promised ease - pre-filled returns, real-time data, and seamless reporting

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

CBDT acts against non-filers with foreign income, assets worth ₹29,000 cr

Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore. Suitable action under the extant provision of law is under consideration for non-responsive taxpayers, the finance ministry said in a statement. The finance ministry's statement comes amid reports that money deposited in bank accounts of Indian entities in Switzerland has increased in 2024. Indian money parked in Swiss banks more than tripled in 2024 to 3.5 billion Swiss francs (nearly Rs 37,600 crore) on the back of a huge jump in funds held through local branches and other financial institutions, annual data released by Switzerland's central bank showed on Thursday. The ministry statement said that a total of 24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed their belated return for the assessment year (AY) 2024-25, reporting forei

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

Taxpayers barred from claiming deductions on Sebi, CCI settlement costs

The income tax department on Thursday said taxpayers will not be allowed to claim deduction for expenditures incurred to settle proceedings initiated under four laws, including the Sebi and the Competition Act. In a notification issued on April 23, the Central Board of Direct Taxes (CBDT) notified that any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the four specified laws shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure. The four laws are the Securities and Exchange Board of India Act, 1992; the Securities Contracts (Regulation) Act, 1956; the Depositories Act, 1996; And the Competition Act, 2002.

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

Income-Tax Bill expands scope of AMT, increasing tax burden on LLPs

Special treatment of LTCG is proposed to be removed

Amitabh Bachchan beats SRK as highest taxpaying actor at ₹120 cr for FY25

Amitabh Bachchan paid ₹120 crore in taxes on earnings of ₹350 crore from feature films, brand endorsements, and television appearances, most notably 'Kaun Banega Crorepati'

Why India's tax office needs to win over taxpayers, and not tyrannise them

For investment and growth to take off, taxes need to be reliable, uniform and predictable

40,000 taxpayers under lens for deductions, CBDT targets TDS defaulters

The focus will be on habitual violators, cases showing significant gaps between tax deductions and advance tax payments, instances involving frequent revisions to deductee details

President Trump eyes giving taxpayers cut of DOGE savings amid uproar

The remarks were the latest signal that Trump is working to justify his DOGE effort, which has sent shockwaves through Washington as Musk's moves to slash the federal government's spending

Budget 2025: Spend some, use rest to retire debt and secure long-term goals

A few instruments, which offer tax deduction, remain relevant even for taxpayers in the new regime

Income-Tax department recovers Rs 1,070 crore from wrongful claims

The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections

Govt should aim Rs 11 trn capex, give relief to taxpayers in Budget: ICRA

The government should target a capital spending of Rs 11 lakh crore in the Budget for the next fiscal while giving inflation-adjusted relief on personal income tax to boost consumer spending, rating agency ICRA said on Wednesday. ICRA Chief Economist Aditi Nayar said last year's record budgeted capital expenditure of Rs 11.11 lakh crore is likely to fall short by about Rs 1.4 lakh crore and the next year's target should be fixed at the last year's level with a focus on keeping borrowing within reasonable limits. Further, Nayar said capex numbers are trailing the run rate required to get to the Budget target in the current fiscal. Between April and November 2024, capex spending stood at Rs 5.13 lakh crore, 46 per cent of the Budget estimates of Rs 11.11 lakh crore. "We are looking at a large shortfall in the current fiscal. For next year, we are hoping that we will get fiscal space to prioritise capex... For FY26, based on the revenue numbers...a fiscal deficit of 4.5 per cent of GD

RBI governors keep in mind requirements of the wider economy as well: Das

Outgoing RBI Governor Shaktikanta Das reflects on six years at the helm as Sanjay Malhotra prepares to take over

Make tax collection less intrusive: Prez Murmu tells IRS trainees

President Droupadi Murmu on Monday said efforts should be made to make tax collection less intrusive and underlined the need for greater use of technology in the process. Addressing trainee officers of the Indian Revenue Service (Customs and Indirect Taxes), who called on her at the Rashtrapati Bhavan here, the President said the responsibility of bringing new ideas and solutions in the field of tax administration lies with the young officers. Taxation is not only a means of increasing the country's revenue but is also important for social, economic and political development. The tax paid by the citizens of the country is used for the development of the country and its people, Murmu said. She told the trainee officers that if they do their work with dedication and devotion, then they will be able to make a great contribution to the development of the country, according to a statement issued by the Rashtrapati Bhavan. "In this new and dynamic era, efforts should be made to make less