Tag: income tax department
New Income Tax Rules 2026 likely to be notified in first week of March: CBDT sources
The draft rules and forms will remain in the public domain for 15 days, until February 22, 2026. The Income Tax Department had invited stakeholders…
Taxman seeks to invoke GAAR against Jane Street
Mumbai: The taxman is closing in on the US investor group Jane Street which is in regulatory crosshairs in India for allegedly manipulating security prices…
Season’s Greeting? Taxman turns New Year party pooper
Mumbai: The unforeseen ‘do not reply’ emails hitting inboxes of taxpayers who may have been on a tiger safari in Pench, or sunbathing on a…
India revamps tax regime in 2025, new I-T Act to take effect from April 1
New Delhi: India overhauled its tax regime in 2025 with sharp cuts in Goods and Services Tax (GST) rates and a higher income tax exemption…
Corp tax kitty surpasses personal I-T as gross direct tax crosses Rs 20 lakh crore
Corporation tax collections have overtaken personal income tax receipts so far this fiscal, underlining stronger corporate earnings even as individual tax growth remains muted. Gross…
CBDT flags bogus claims on political and charitable donations
New Delhi: The Central Board of Direct Taxes Saturday said it has found widespread misuse of tax deductions linked to political donations and charitable contributions…
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)…
I-T department tells charitable trusts to add ‘irrevocable’ clause or lose tax benefits
Public charitable Trusts are being told by the Income Tax (I-T) department that their trust deeds must state that they are ‘irrevocable’ and make no…
Refunds delay: CBDT Chairman says I-T dept analysing wrongful claims; payouts likely by Dec
New Delhi: CBDT Chairman Ravi Agrawal on Monday said the tax department is undertaking an analysis of wrongful deductions claimed in certain cases, leading to…