income tax

New Delhi, April 2 The Income Tax Department launched a new website called ‘Kar Saathi’ on Thursday, aimed at simplifying and making tax-related processes more user-friendly.The department stated that the platform brings all direct tax information under one roof and is designed to be easier to...

New Delhi, April 1 India's direct tax system entered a new phase on April 1, 2026, as the Income Tax Act, 2025 officially came into effect.The Income Tax Department announced the rollout through a message on X, calling it a step towards a simpler and more user-friendly tax framework aligned...

New Delhi, April 1 – The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide clarity on the applicability of the General Anti-Avoidance Rules (GAAR), in a move aimed at reducing ambiguity around tax avoidance provisions.In its notification, the CBDT stated that GAAR...

New Delhi, March 31 The government has notified the Finance Act 2026, paving the way for changes in tax provisions.This Act implements the financial proposals of the central government for 2026-27, a gazette notification dated March 30 issued by the Ministry of Law and Justice said."The...

New Delhi, March 31 The Income Tax department has notified all income tax return forms for the assessment year (AY) 2026-27.While ITR forms 1-4, filed by small and medium taxpayers, were notified on March 30, ITR forms 2, 3, 5, 6, and 7, as well as ITR-U (for filing updated returns), were...

New Delhi, March 31 As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force – replacing the six-decade-old 1961 legislation and introducing changes in compliance...

Banking Companies to Deduct TDS Only Above Threshold, Clarifies Income Tax Department Definition Under New Income Tax Act, 2025 Aligned With Banking Regulation Act New Delhi, March 30: The Income Tax Department on Monday clarified that banking companies governed by the Banking Regulation Act...

India’s Key Financial and Regulatory Changes Effective April 1 Introduction of the New Income Tax Act, 2025 Starting April 1, India will implement the Income Tax Act, 2025, replacing the decades-old 1961 legislation. The new law is designed to simplify taxation by using clearer language and...

New Delhi, March 26 Tyre manufacturer TVS Srichakra Ltd said on Thursday that it has received a demand notice of ₹29.47 crore, including tax and interest, from the income tax authority under a disallowance provision, with a penalty proposed for under-reporting of income.An order has been...

New Delhi, March 25 – The Life Insurance Corporation of India (LIC) announced on Wednesday that it had received a substantial tax demand from the Income Tax Department for the financial year 2021-22.In a statement filed with regulatory authorities, LIC said that the Income Tax Department's...

New Delhi, March 25 A flat 12 per cent surcharge will be levied on capital gains earned by individual or corporate shareholders from selling shares in company buyback offers, starting April 1, as per the amendments to the Finance Bill approved by the Lok Sabha on Wednesday.The government...

New Delhi, March 23 DBS Bank India announced the launch of its direct tax payment facility on Monday, following authorization from the Central Board of Direct Taxes (CBDT).The bank will now be able to collect direct tax payments on the TIN 2.0 platform, in addition to its existing capability...

New Delhi, March 23 The income tax department has imposed a tax of ₹4,009.64 crore on undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, over the nine months of the current fiscal year until December 2025.During the...

New Delhi – India will implement the new Income Tax Act, 2025, starting April 1, 2026, but taxpayers will not need to file returns for the current financial year. Returns can be prepared and filed under the existing Income Tax Act, 1961, officials and tax experts confirmed. This approach ensures...

Tata Capital Faces ₹413 Crore Tax Demand for FY18, Plans Legal Challenge Reassessment Order Issued by Tax Authorities Tata Capital has received a reassessment order from tax authorities demanding ₹413.18 crore for the financial year 2017-18, according to a regulatory filing. The order was issued...

Tata Capital Receives ₹413 Crore Tax Reassessment Order for FY18, Plans Rectification Appeal Tax Demand Includes ₹202.72 Crore Interest Component Mumbai, March 22: Tata Capital has disclosed that it has received a tax reassessment order amounting to ₹413.18 crore from the Mumbai tax authority...

Household Savings Rise to 21.7% of GDP, Food Inflation Turns Negative in FY26 Savings Rate Strengthens as Government Pushes Income Growth and Stability New Delhi, March 17: Household savings as a share of India’s GDP have increased to 21.7% in 2024-25, up from 20% in 2022-23, according to the...

HSBC Initiates Coverage on Meesho With Hold Rating, Sets Target Price of ₹160 HSBC has initiated coverage on e-commerce company Meesho with a Hold rating and a price target of ₹160 per share. The brokerage said the target implies a potential upside of about 12 percent from the current market...

New Income Tax Act 2025: Draft Forms Tighten HRA Claims, Foreign Tax Credit Rules and Audit Disclosures The government has released draft income tax forms under the new Income Tax Act, 2025, introducing stricter disclosure requirements for House Rent Allowance claims, foreign tax credits, PAN...