The government has expanded the scope of financial accounts that must be reported by financial institutions under the tax information-sharing framework, bringing crypto assets, central bank digital currencies (CBDCs), and certain electronic money products within the reporting net.
In a major relief for property buyers and sellers, the Income Tax Department has proposed a new rule that may remove the need to provide a PAN card for property transactions valued below Rs 20 lakh.
Dozens of senior executives earning over Rs 50 lakh annually have recently received income tax notices after the Income Tax Department flagged alleged discrepancies in their returns. Earlier, thousands of taxpayers were also placed under scrutiny for underreporting income and mismatches in filings.
The proposed changes to the Minimum Alternate Tax (MAT) regime, announced in the Union Budget for FY27, will significantly impact companies in capital-intensive sectors such as infrastructure, Special Economic Zone (SEZ) units and tax-holiday startups, analysts said.
Cash gifts from relatives are generally tax-free under the Income Tax Act. But a recent case discussed by tax advisory platform TaxBuddy in a social media thread shows how exemption can fail without proper documentation. In this matter, Rs 10.43 lakh received as cash gifts on a marriage anniversary was ultimately taxed after the taxpayer failed to provide basic details of the donors.
India is preparing to merge its diverging tax and financial reporting frameworks into a unified system, two people aware of…
The Council, at its 442nd meeting held on 26th–27th May 2025, has decided to implement a ceiling on the maximum number of UDINs that can be generated
Have you ever thought about how the tax department finds out about your bank deposits, spending habits, property deals or stock-market activities? India’s income-tax system has quietly transitioned from one that relied largely on what taxpayers declared to one that’s driven by data, algorithms and mandatory digital reporting from banks, financial institutions and market intermediaries.
The Employees’ Provident Fund Organisation (EPFO) is in the process of appointing new partner agencies as the retirement fund manager looks to empanel a new custodian after nearly 15 years, according to sources aware of the development.
The Central Board of Direct Taxes (CBDT) has released the draft Income-tax Rules and Forms ahead of the Income-tax Act, 2025, coming into force on April 1. Kuldeep Singh explains the key changes and how these will ensure better compliance while reducing paperwork for taxpayers
