"income-tax"

With numbers rising from 6.48 crore in FY20 to 8.56 crore in FY25 officials attribute the surge to digitisation, policy reforms, and compliance measures

The government has passed four key amendments to the Income Tax Act, effective FY26. These cover sovereign fund exemptions, block assessment reforms, correction of a standard deduction error, and tax parity for the Unified Pension Scheme with the National Pension System

Reduce your tax burden with home loan deductions under Sections 24(b), 80C, 80EE, and 80EEA. Learn how to maximise your yearly tax savings

India’s net direct tax collection fell 1.39% to ₹4.59 lakh crore so far this fiscal due to slower advance tax inflows and a surge in refunds. Corporate tax collections declined over 5%, while STT registered a 12% increase

The ITR-1 and ITR-4 forms are filed by individuals, HUFs and entities with total income up to Rs 50 lakh a year and who do not have to get their accounts audited

Ravi Kumar and Sai, residents of Chitrapuri Colony in Manikonda who were found under suspicious circumstances were arrested by the Raidurgam police for alleged possession of unaccounted cash of Rs 74.5 lakh

IT officers who misued information about those who claimed high IT refunds, were to issue notices to them, but contacted them to get undue advantage into their accounts

Mohammed Rahees, a resident of working-class locality Sarai Rehman, was dumbfounded when he received the notice on March 18

As per the Income-Tax Act, 1961, individuals whose estimated tax liability exceeds Rs 10,000 during the year are required to pay advance tax

Says details of tax paid by government for the Ministers should be uploaded on State government website

This decision is made in accordance with AP Payment of Salaries and Removal of Disqualifications Act, 1953

A significant portion of the population does not participate in the tax system, limiting the potential impact of such relief on the broader economy

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

New I-T Bill, likely to be tabled in Parliament on February 13, will have 536 sections and do away with ‘previous year’ concept

Here are those questions that will be frequently asked for the rest of the year on income tax

The new Bill seeks to make direct tax law simple to understand and not to impose any new tax burden. It will not have provisos and explanations or long sentences

The new tax slabs announced by the Finance Minister in the Budget will substantially reduce the taxes of the middle-class, boosting household consumption, savings and investment

For salaried employees, this nil tax limit will be Rs 12.75 lakh per annum, after taking into account a standard deduction of Rs 75,000

The government will also be introducing new Income Tax (I-T) bill in Parliament next week: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman announces the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent