Tag: income tax
CBDT NUDGE 2: Over 25,000 taxpayers to receive alerts on foreign assets; Check details to avoid penalties
The Central Board of Direct Taxes (CBDT) on Thursday announced the launch of the second phase of its NUDGE initiative, designed to strengthen voluntary compliance…
Income Tax dept identifies cases of non-disclosure of foreign assets in ITRs, to start sending SMS/emails
The Income Tax department on Thursday said it has identified “high-risk” cases where individuals have not reported foreign assets in the income tax returns (ITRs)…
India’s Q2 growth forecast at 7.3% on rural show, higher govt capex
New Delhi: India’s economic growth likely accelerated to 7.3% in the second quarter of the fiscal year, buoyed by a resilient rural economy, higher government…
Meeting FY26 fiscal targets may be challenging amid weak tax growth: Report
Achieving the full-year Financial Year 2026 (FY26) fiscal targets appears challenging amid subdued growth in corporate and income tax revenues, according to a report by…
Income tax refunds fall sharply owing to new fraud checks
Income tax refunds have seen a 16% decrease this year as authorities implemented enhanced filters for payments exceeding a certain threshold to combat fraud. This…
Offshore Binance wallets under scanner as I-T dept acts against undisclosed crypto profits
Mumbai: More than 400 well-heeled individuals across India will be pulled up by the tax authorities for hiding their crypto trades on Binance, the world’s…
NITI Aayog bats for reforms in I-T Act with focus on decriminalisation
New Delhi: The NITI Aayog has proposed a series of reforms in the Income Tax Act, 2025 including decriminalisation of 12 minor infractions, removal of…
NITI Aayog proposes direct tax reforms; focuses on decriminalisation and trust-based governance
NITI Aayog has proposed a series of reforms in the Income Tax Act, 2025 including decriminalisation of minor infractions, removal of excessive mandatory minimum sentences…
I-T portal glitch triggers penalty woes for companies
Mumbai: Many companies are staring at steep penalties with the Income Tax (I-T) portal rejecting their advance tax payment due to a technical hitch. Their…
Net direct tax revenue rises 9.18% to over Rs 10.82 lakh crore till Sept 17 FY26
Net direct tax collection rises 9.18 per cent to over Rs 10.82 lakh crore during April 1-September 17, as refunds witnessed a steep decline of…