Daily Headlinez Top News Updates
NEW DELHI: The new income tax rules are expected to make life less taxing for taxpayers by reducing the number of forms and rules and doing away with several declarations that you are required to make under the 1962 Act, which will be replaced by the new law from April. To make life simpler for…
CBDT chairman Ravi Agrawal Those using ITR 3 and 4, including bizmen, professionals, freelancers and those under presumptive taxation, will get extra month to file returns, with the deadline extended to Aug 31, CBDT chairman Ravi Agrawal tells TOI . Excerpts:What will be your strategy to achieve the target?■ The target for the next year…
Amnesty on hidden foreign assets in Budget 2026 In a bid to resolve long-pending cases of inadvertent overseas asset non-disclosures and to encourage voluntary compliance, the Budget has proposed a fresh amnesty window for small taxpayers, alongside a relaxation of prosecution norms under the Black Money law.Under the proposed Foreign Assets of Small Taxpayers –…
As Union finance minister Nirmala Sitharaman prepares to present the Union Budget 2026–27 tomorrow (February 1), tax data from the past five years highlights the evolving revenue base of the government. Both direct and indirect taxes have grown steadily, reflecting changes in economic activity, compliance and policy design. A closer look at the data shows…
The Comptroller and Auditor General (CAG) on Thursday said that the Central Board of Indirect Taxes and Customs (CBIC) faces a sizeable staffing shortage in its audit formations, with 38 percent of positions vacant as of July 1, 2024, leading to gaps between planned and completed audits.The CAG’s report on the Department of Revenue for…
The Income tax department (ITD) on Thursday said the recent communications sent to some taxpayers regarding their transactions are advisory in nature and aimed at facilitating voluntary compliance, not initiating enforcement action.In a post on X, the department said the messages were issued only in cases where there is an apparent significant gap between disclosures…
NEW DELHI: After a massive nationwide operation, Central Board of Direct Taxes acted against several intermediaries involved in filing income tax returns with bogus claims of deductions and exemptions under the Income Tax Act.The move followed actions in July 2025, covering 150 premises, during which more than 102 suspicious RUPPs were identified for their role…
CBDT Chairman Ravi Agrawal has said that the government will notify the new income tax return forms and rules under the simplified Income Tax Act, 2025, by January 2026, giving taxpayers sufficient preparation time before the law comes into effect on April 1,. Speaking at the inauguration of a taxpayers’ lounge at the India International…
