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Net direct tax collection (after adjusting refunds) rose 15.3 per cent to ₹15.72 trillion till March 16 this fiscal year so far, buoyed by an upsurge in advance tax mop-up, people close to the development told Business Standard.
Read more at : Business Standard
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On November 19, 2025, the Income Tax Appellate Tribunal (ITAT) in Hyderabad decided that any severance package an employee receives from their employer after their employment ends, whether in lump sum or otherwise, will be treated as profits in lieu of salary and thus subject to income tax.
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The Income Tax Department has notified the income tax return forms for FY 2024-25 (AY 2025-26), incorporating the changes in tax laws announced in the July 2024 budget. However, taxpayers will have to wait for the release of the ITR filing e-utilities on the income tax portal to file their ITR.