Daily Latest News
Last Updated:March 09, 2026, 07:00 IST Section 194-IB mandates individuals or HUFs paying rent over Rs 50,000/month to deduct TDS. How Tenants Paying High Rent Must Comply With TDS Rules Under Section 194-IB Under Section 194-IB of the Income Tax Act, 1961, individuals or Hindu Undivided Families (HUFs) paying rent above Rs 50,000 per month…
Transactions Tracked By Income Tax Department: Imagine you buy a coffee, pay for your movie ticket, or transfer money to a friend. Most of these everyday transactions go unnoticed, yet some payments, investments, and bank movements quietly catch the attention of the Income Tax Department. Have you ever wondered why certain transactions are tracked while…
New Delhi: The Income Tax Department will notify new income‑tax return (ITR) forms and related rules under the streamlined Income Tax Act, 2025, by January, and the updated regulations be effective from April 1, 2026. The updated regulations will mark the transition from the nearly six-decade old Income Tax Act of 1961, multiple reports cited…
Last Updated:October 29, 2025, 2:42 PM IST Mutual fund units are capital assets under Section 2(14) of the Income Tax Act. Gifts above Rs 50000 are taxable unless received from a relative. Mutual Fund The financial instrument mutual fund units come under the ‘capital asset’ of the holder. According to the provisions of Section 2(14)…
Last Updated:October 02, 2025, 12:02 is Section 54 gives relief from long-term capital gains tax to an individual or HUF if the gains from selling a residential house are reinvested in another residential house in India. Tax professionals say Section 54 does not restrict combining capital gains from more than one sale for reinvestment in…
The Institute of Chartered Accountants of India (ICAI) is preparing to approach the Central Board of Direct Taxes (CBDT) with a request to extend the deadline for corporate tax audit filings, according to sources. The representation expected to be sent soon, comes amid growing concerns that companies are struggling to complete audits within the prescribed…
New Delhi: The government has officially notified the Income Tax Act, 2025, which consolidates and amends the income tax law provisions, replacing the over six-decade-old Income Tax Act, 1961. The Act received the President’s assent on August 21, according to a gazette notification issued by the Ministry of Law and Justice. Will Your Tax Slab…
Last Updated:July 27, 2025, 08:00 is If the total sales, turnover, or gross receipts of a business exceed Rs 1 crore in a financial year, an audit is mandatory. The due date to complete a tax audit is September 30. Filing the Income Tax Return (ITR) is mandatory for individuals and businesses when their earnings…
Last Updated:July 20, 2025, 16:27 is The ITAT Mumbai ruled Kavita Manoj Damani can claim capital gain tax exemption under Section 54 of the Income Tax Act, 1961, after purchasing a new flat from her husband. Section 54 of the Income Tax Act offers exemption from long-term capital gains tax if the profit from selling…
New Delhi: The gross direct tax collection (corporate tax, non-corporate tax, securities transaction tax and other levies) in the current fiscal (2025-26) rose by 4.86 per cent to Rs 5.45 lakh crore (as of June 19), according to the latest figures released by the Income Tax (I-T) department. However, net collections saw a marginal decline…