The previous draft of the Income Tax Act, 2025 had a beneficial provision that has been taken out in the most recent version. This provision was a one-time relief for individuals looking to reduce their capital gains tax by minizing their short-term capital gains (STCG).
Rajya Sabha MP Raghav Chadha has demanded that the government abolish the Long-Term Capital Gains Tax (LTCG) on equities for individual investors.
It wasn’t less than a Bollywood movie thriller when a man posing as an Income Tax officer was arrested by Varachha police at Surat’s Global Textile Market. The fake officer was trying to extort money from traders while the police caught him red-handed.
On November 20, 2025, the ITAT Mumbai ruled that the income tax department has both a statutory as well as constitutional duty to grant TDS credit if it appears in Form 26AS. Therefore, a taxpayer’s TDS claim can’t be rejected simply due to a minor procedural error on the department’s part.
The Economic Survey for FY 2025-26 pointed out how data-driven behavioral interventions improved tax collection efficiency in India, resulting in an extra Rs 119 crore collected thanks to targeted nudges about incorrect House Rent Allowance (HRA) claims.
Car market leader Maruti Suzuki India Ltd (MSIL) on Friday (January 23) said it has received the final assessment order from the Income Tax Authority for the financial year 2021–22. The total demand, including interest, amounts to ₹1,182.5 crore.
The Income tax department’s investigation wing has unearthed evidence of bogus transactions to the tune of Rs. 600 – 700 crore during extensive search operations at establishments of major dairy product manufacturers and their linked entities in Agra, Dholpur, Bikaner and Jodhpur, officials said on Wednesday.
The search action, which began early Thursday morning and concluded Tuesday evening, targeted the Bhole Baba, Dauji, Poddar, Malani and Bikaner groups, following inputs related to tax evasion and large-scale adulteration.
As the Financial Year 2026-27 kicks off from April 1, 2026, New Income Tax Act, 2025 will take effect in India. With an aim to simplify old tax rules, improve clarity and make compliance easier for taxpayers, the new Act will replace the Income Tax Act, 1961, which has been the backbone of tax laws in the country for more than 60 years.
On February 1, the Finance Minister is all set to present India’s eightieth and her consecutive ninth Union Budget. As the Central government unveils its major policy announcement on that day, it will try to reaffirm its ambition to elevate India to the third-largest economy by 2031 and a developed economy by 2047.
