Daily Latest News
New Delhi2 hours ago copy link The Bombay High Court has ordered the Income Tax (IT) Department not to take any punitive action against Reliance Group Chairman Anil Ambani under the Black Money Act. The IT department has accused Ambani of tax evasion of Rs 420 crore on undisclosed funds of more than Rs 814…
New Delhi30 minutes ago copy link The Bombay High Court has ordered the Income Tax (IT) Department not to take any punitive action against Reliance Group Chairman Anil Ambani under the Black Money Act. The IT department has accused Ambani of tax evasion of Rs 420 crore on undisclosed funds of more than Rs 814…
New Delhi: The Income Tax Department is gearing up to send SMS and email alerts to nearly 25,000 individuals who may have not reported their foreign assets in their Income Tax Returns for the Assessment Year 2025–26. These taxpayers have been flagged as high-risk cases based on information received from other countries through international data-sharing…
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…
New Delhi: The Income Tax Department on Monday announced that over 7.3 crore income tax returns (ITRs) have already been filed for AY 2025–26, surpassing last year’s figure of 7.28 crore returns. Last year, around 70 lakh ITRs were filed on the final day (31 July). If a similar number of taxpayers file today, total…
Income Tax ITR Filing Due Date Extension: With the deadline to file income tax returns (ITRs) for FY 2024-25 just hours away, many taxpayers are facing glitches on e-filing platforms, making the last-minute process more stressful. Some taxpayers reported trouble in downloading the form 26AS while others stated that the website was taking too long…
The Income Tax Department has been in full action mode for the last three days and has been conducting raids in Madhya Pradesh’s Bhopal. In its raids, the IT Department is targeting the residences and business locations of prominent traders. This crackdown has caused panic among the business community, with many attempting to hide their…
New Delhi2 hours ago copy link Ajit Pawar took oath as Deputy CM for the sixth time on December 5. (file) Two days after taking oath as Deputy CM of Maharashtra for the sixth time, the order to release the seized benami property of Ajit Pawar came. According to media reports, Delhi’s Income Tax Department…
Rampant cash transactions in business sectors like hotels, luxury brand sales, hospitals and IVF clinics need to be checked in a “non-intrusive” manner, the CBDT has recently asked the Income Tax Department. The apex body for direct tax administration in the country — the Central Board of Direct Taxes — has also asked the tax…