INCOME TAX ACT 1961
Taxman invokes benami law to get data from payment gateways
The Income-Tax Department is scrutinizing payment gateway companies, demanding details on UPI transactions to uncover potential benami deals. Authorities suspect shell companies are using PGs to move illicit funds, masking true beneficiaries and evading taxes. This investigation leverages the Benami Transactions (Prohibition) Act to identify discrepancies and potential KYC lapses.
What is the password to open ITR processing confirmation file sent under Section 143 (1) by the income tax department?
ITR intimation password: Upon processing your income tax return, the Income Tax Department sends a Section 143(1) intimation notice, a password-protected PDF. This notice confirms whether your income calculation matches the tax department's records, highlighting potential tax dues or refunds. So its crucial to check this notice and take action as soon as possible. Read below to know what is the password of this income tax intimation notice.
My wife will get Rs 3 crore after selling her ancestral property. What is the best way to save income tax and achieve future goals?
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I-T Department notifies ITR forms 1, 4 for AY 2025-26
With the notification, individuals, HUFs, firms having income up to Rs 50 lakh and those having earnings from business and profession in the 2024-25 fiscal (April-March) can start filing I-T returns for the income earned in the financial year.
To prevent TDS on FD under new tax regime can senior citizens with income up to Rs 12 lakh file Form 15H?
TDS on FD: If the interest amount in a particular bank is over Rs 1 lakh then TDS is deducted by banks. But if a senior citizen files Form 15H with the bank then he can prevent this TDS deduction if the senior citizen's income is up to Rs 12 lakh under the new income tax regime. Read below to know more about Form 15H.
Complete tax cut in US soon? President Trump again drops big hint on its elimination through tariffs
Will there be a complete tax cut in the United States? US President Donald Trump has dropped a big hint on how he plans to eliminates income tax through tariffs. 'Focus will be on people making less than $200,000 a year,' he noted. We’re going to make a lot of money, and we’re going to cut taxes for the people of this country, he said.
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ITR forms yet to be notified by Income Tax Department: Will it lead to ITR filing deadline extension?
ITR filing deadline 2025: The income tax department has not yet notified the income tax return forms. As the one month is about to pass, will the late notification of the ITR forms lead to extension of the ITR filing deadline. Read on to know what experts say about this.
National Mission for Clean Ganga gets tax exemption status
The Finance Ministry has granted income tax exemption to the National Mission for Clean Ganga (NMCG), effective from the assessment year 2024–25. As per a CBDT notification, NMCG is now recognized as an authority under the Environment (Protection) Act, 1986.
Gensol Engineering shares hit 5% lower circuit as ED raids Ahmedabad, Gurgaon offices over FEMA probe
Gensol Engineering shares: The agency also issued directives under the Foreign Exchange Management Act (FEMA) and the Income Tax Act, 1961, to Axis Bank, HDFC Bank, and ICICI Bank. However, the specific contents of these orders have not been made public.
Lavish holidays? Get details ready for new ITR form
The Central Board of Direct Taxes is updating income tax return forms. This aims to address income underreporting. The new forms will seek more details on exemptions and expenditures. This includes information on expensive holidays. The goal is to identify discrepancies between income and spending. The department plans to incorporate some changes this assessment year.
Trump repeats old plan more tariffs = less income tax
Amid rising economic anxiety, US President Donald Trump suggested tariffs could lead to income tax cuts for those earning under $200,000. This proposal comes as polls indicate growing disapproval of Trump's economic policies.
Sharpening inequality now firmly embedded in nature of country's economic growth: Congress
Citing a World Bank report, Congress alleges that India's economic growth is marked by increasing inequality. Jairam Ramesh highlights the report's findings on poverty reduction but cautions against data limitations and the need for updated poverty lines.
Explained: Do NRIs need to disclose foreign bank accounts in Indian tax returns?
The Income Tax Department clarified that NRIs generally don't need to disclose foreign bank accounts in Indian income tax returns. Disclosure is only mandatory when claiming a refund without an Indian bank account or when taxable Indian income is directly deposited into a foreign account. This aims to simplify the filing process for NRIs.
Why is the tax-free income Rs. 12.50 lakh and not Rs. 12.75 lakh under the new tax regime for salaried taxpayers?
Standard deduction in the new tax regime: Due to an error in Budget 2025, a salaried employee may not be able to avail of the standard deduction of Rs 75,000 from their salary. Instead, he may get a standard deduction of Rs 50,000 even in the new tax regime. Read on to know why.
No tax deductions for settling legal proceedings under certain laws
The Central Board of Direct Taxes has announced changes regarding tax deductions. Settlements under SEBI Act and other related laws will not qualify for tax deductions. This rule is effective from April 1. Amendments were made to the Finance Act, 2024. Experts like Amit Maheshwari note previous debates on deductibility. The new notification clarifies the position on settlement payments.
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
TCS on luxury goods: The Income Tax Department releases some frequently asked questions (FAQs) on which are the list of specified goods on which tax collected at source (TCS) needs to be paid by the buyer to the seller. Read below to know the full list of goods on which TCS will be levied from April 22, 2025.
?2.6 crore flat and zero tax: How a Mumbai man won twice in court
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) has declared that a Mumbai resident will not be taxed on a ?2.6 crore flat received as compensation for vacating land he allegedly occupied illegally. The ITAT classified the flat as a non-taxable ‘capital receipt,’ overturning the tax officer's initial assessment and providing a major financial relief to the resident.
Can I switch to the old income tax regime while filing ITR?
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Several new items come under TCS as I-T widens tax net
The govt is broadening its tax base by implementing a 1% TCS on luxury items exceeding Rs 10 lakh, effective immediately. This initiative targets underreported income and aims to track high-value transactions in categories like watches, handbags, and art. The move enhances scrutiny of both buyers and sellers, addressing concerns about tax evasion and smuggled goods.
Startups, backers under I-T lens for potential fund roundtripping
Apart from I-T returns, tax officials have also asked for details of bank accounts and proof of income of the investors and promoters. The notices have raised concerns about the department treating amounts received from the issue of shares as income. Also, many investors did not wish to share their personal tax records or sources of funds with startups in which they invest small sums.
Trump Social Security tax plan: What does it really mean for middle-class retirees and how should you prepare now before it’s too late?
Trump Social Security tax plan could bring relief to many middle-class retirees, but it also raises serious questions about long-term financial security. With a proposal to eliminate federal taxes on Social Security benefits, experts warn that retirees need to be proactive. From adjusting income strategies to understanding how this could affect Medicare costs and retirement withdrawals, this guide breaks down what every retiree should consider. Learn how to diversify income, lower taxes, and plan smarter — before policies change.
Big relief for flat owners: No income tax payable if you get a new flat in exchange for old, rules Mumbai ITAT
A recent Mumbai ITAT ruling offers relief to homeowners in redevelopment projects. The tribunal held that receiving a new flat in exchange for an old one is not taxable under Section 56 of the Income Tax Act. This exchange should merely be considered an extinguishment of rights and not a gift, which would otherwise be taxable.
No income tax for Americans? This is what Donald Trump says his plans are and how he intends to do it
Trump income tax plan 2025 is making headlines as President Donald Trump claims tariffs could replace federal income taxes. In a recent interview, he suggested that revenue from import taxes might be enough to remove income taxes for Americans — especially those earning under $150,000. But top economists say the math doesn’t work. With imports far smaller than total income and tariffs already hitting consumers hard, many experts are skeptical. Still, Trump’s bold tax vision is sparking debate. Could his plan reshape the future of taxation?
HDFC Bank joins Rs 15 lakh crore club, becomes India’s third most valuable co by Mcap
HDFC Bank crossed ?15 lakh crore in market capitalisation, becoming India’s third-largest firm after Reliance and TCS. The stock hit a 52-week high, backed by strong investor interest and rising trading volumes.
New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?
New Income Tax Bill, 2025 has removed the concept of nil TDS certificate. This means now only a lower TDS certificate is possible, so non-residents including non-resident Indians and Indian taxpayers need to file an income tax return (ITR) claim this TDS so deducted. CA Ankit Jain says deduction of TDS can become a useful tool for the government in identifying cases where income is not being properly disclosed.
Recognised startups eligible for various tax exemptions, deductions: I-T department
However, investments in companies that do not meet the necessary conditions may be examined based on the risk management strategy followed by the department, the Income tax department said in a post on X, while replying to a tweet.
Parliamentary panel Bill seeks expert suggestions on Income-Tax Bill 2025
The Lok Sabha Select Committee is seeking input on the Income-Tax Bill, 2025, from experts and stakeholders, setting a two-week deadline for submissions. Proposed in the July 2024 Budget to simplify the existing Income-tax Act, the bill aims to reduce disputes and litigation.
What is NRO account and how are deposits in this account taxed, repatriated?
NRO accounts are less restrictive for Indian rupee transactions compared to other types of accounts available to NRIs in India, making them the preferred choice for NRIs.
Supreme Court tightens grip on cash deals: Courts must report transactions over Rs 2 lakh to I-T department
The Supreme Court has directed lower courts and sub-registrars to report cash transactions of Rs 2 lakh and above to the Income Tax Department, aiming to curb black money and tax evasion. This directive ensures scrutiny of property transactions and potential violations of Section 269ST of the Income Tax Act, which prohibits large cash receipts.
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