Income Tax department
Users can access online services such as filing income tax return, pay taxes, view tax credit, status of tax return, etc. Main responsibility of IT Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for Government of India. It also enforces other economic laws like the Benami Transactions (Prohibition) Act, 1988 and the Black Money Act, 2015.
The Income Tax Act, 1961 has wide scope and empowers the tax department to levy tax on income of individuals, companies, local authorities, societies etc.
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Income Tax department
The Income Tax Department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance. Users can get details related to the department, its organisational setup, functions, tax law and rules, international taxation, etc. Information about PAN, TAN, TDS, Form16, tax information network, Tax Return Prepare Scheme (TRPS), Aaykar Sampark Kendra (ASK), tax payers, etc. is given.Users can access online services such as filing income tax return, pay taxes, view tax credit, status of tax return, etc. Main responsibility of IT Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for Government of India. It also enforces other economic laws like the Benami Transactions (Prohibition) Act, 1988 and the Black Money Act, 2015.The Income Tax Act, 1961 has wide scope and empowers the tax department to levy tax on income of individuals, companies, local authorities, societies etc.
Did you receive a mail about e-PAN card download? Don’t fall for it, warns PIB
Beware of phishing emails claiming to be from the Income Tax Department. These emails may attempt to steal your personal and financial data. The Income Tax Department never asks for sensitive information via email. Do not click on links or open attachments in suspicious emails. Report phishing attempts to webmanager@incometax.gov.in and incident@cert-in.org.in. Protect yourself with updated antivirus software.
ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
Delhi HC stays Rs 329 cr tax penalty on Vivo Mobile India, seeks I-I dept response
The Delhi High Court has provided temporary relief to Vivo Mobile India. It stayed a Rs 329 crore penalty levied by the income tax department. The court has also sought a response from the department. Oppo India faces a similar situation with a much larger penalty. The next hearing is scheduled for September 23.
Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations
The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.
How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F
Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.
ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
The tax bar association, which includes tax practitioners, chartered accountants, company secretaries, advocates, and consultants, in its letter, highlighted how taxpayers and professionals have been struggling this year due to the late release of utilities, ongoing technical issues with the ITRportal, and additional compliance steps.
ITR filing FY2024-25: How to register online on e-filing portal to file income tax return; a step-by-step guide
First-time taxpayers, get ready to file your Income Tax Return. The deadline is September 15, 2025. Register on the Income Tax Department's e-filing portal now. A valid PAN, mobile number, and email ID are needed. The portal offers many tax-related services. Follow the simple steps to create your account. Set a strong password for security.
V K Sasikala paid Rs 450 Cr in old notes to buy sugar factory in Tamil Nadu during demonetisation: CBI
Central Bureau of Investigation has filed a case regarding the purchase of a sugar factory. V K Sasikala allegedly paid Rupees 450 crore in old currency during demonetisation. The payment was for Padmaadevi Sugars Limited. The Indian Overseas Bank faced a loss of Rupees 120 crore. Income tax department seized documents related to the deal.
New I-T rules to be notified by December-end, simplified forms for assessees in works: Official
The Income Tax department is actively developing simplified I-T forms and aims to finalize new rules by December 2025 to align with the Income-tax Act, 2025, effective from April 1, 2026. The CBDT is streamlining language, removing redundancies, and collaborating with the Directorate of Systems to roll out user-friendly forms, ensuring ease of doing business under the new Act.
CBDT to simplify ITR forms to match new law
The Income Tax Department is revamping income tax return forms to align with the new income tax law effective April 1, 2026. An internal committee is simplifying the language and enhancing ease of filing, aiming for completion by December followed by public consultation.
Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you
While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.
PIL in SC seeks regulation of political parties to curb black money, criminalisation in politics
A Public Interest Litigation has been filed in the Supreme Court, urging the Election Commission of India to establish rules for the registration and regulation of political parties. The petition highlights the need to enhance transparency, uphold secularism, strengthen democratic values, and ensure political justice.
Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
Sold your house property or land? These nine sections in Income Tax law can help save capital gains tax
Indians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover residential, industrial, agricultural land sales. Investment in new properties or bonds provides exemptions. Relocation of industrial units to specific zones also offers tax benefits. Investing in eligible startups can reduce tax burden.
Chartered Accountants caution joint bank account holders about this critical issue with tax rules that can lead to tax notices
Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.
She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how
Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.
Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you must keep ready to file your income tax return
The government has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, benefiting taxpayers not requiring audits. Taxpayers should verify income details using Form 26AS and AIS. Gathering key documents like Form 16, capital gains statements, and interest certificates in advance simplifies the filing process and ensures accurate reporting of income, investments, and deductions.
Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX
ITR Filing Deadline Extended?: The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.
I-T dept yet to rectify 59,352 cases with Rs 6,000 cr tax effect: CAG
The CAG reported that the income tax department recovered ₹3,588.79 crore after audit corrections. However, ₹6,252.06 crore remains unsettled across 59,352 cases due to pending departmental replies. The report highlighted errors in interest levies, depreciation, and business expenditure, urging the CBDT to improve IT systems and internal controls to prevent recurrence.
87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?
A recent ITAT Ahmedabad ruling has sparked hope for taxpayers seeking Section 87A tax rebates on short-term capital gains (STCG) for FY 2024-25. The ruling states that Section 87A doesn't explicitly exclude STCG, potentially allowing the rebate if total income is within the specified limits. Read below to know more about Section 87A on STCG.
Do you need to file ITR-3 for AY 2025-26 (FY 2024-25)? Here is the eligibility criteria
Filing Income Tax Return can be complex. For Assessment Year 2025-26, individuals with business income must use ITR-3. The Income Tax Department has introduced key changes. These include capital gains splits and asset reporting limit changes. Taxpayers must specify transfer dates for capital assets. Reporting requirements for virtual digital assets are also expanded.
CAs point to glitch in ITR software resulting in taxpayers getting a little less tax refund; what it means for you
A system error in the Income Tax Return software is causing taxpayers to receive slightly lower refunds. Chartered Accountants have identified that the software isn't rounding off refund amounts as per Section 288B of the Income-tax Act, 1961. While the individual difference is small, the cumulative impact could be significant. Read more.
Taxpayer to pay only Rs 33,000 income tax after selling a house for Rs 70 lakh; ITAT Mumbai ruling explained
A taxpayer successfully challenged the income tax department's LTCG calculation, winning in ITAT Mumbai. The tribunal ruled that indexation benefits should be calculated from the agreement date, not possession date, due to substantial payment made earlier. This decision significantly impacts LTCG tax for property sellers. Read below to know the details.
After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai
On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.
Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained
In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.
Kaun banega mango millionaire? Try Radhika Gupta's 10-30-50 savings rule before investing money
Radhika Gupta's 'Mango Millionaire' introduces the 10-30-50 savings rule, advocating for a progressive approach to wealth building. The framework suggests saving 10% of income in your 20s, increasing to 30% in your 30s and 40s, and reaching 50% from your 40s onwards. Gupta also proposes an automated 'Savings Deducted at Source' system to cultivate consistent saving habits.
Karnataka faces discrimination in distribution of resources from Centre, says Siddaramaiah
Karnataka's Chief Minister Siddaramaiah voiced concerns over the state's resource distribution from the Centre and the integrity of Constitutional bodies during Independence Day celebrations. He highlighted the success of the 'Karnataka Model of Development' and guarantee schemes, praised by the UN General Assembly President.
Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
16 transactions which tax dept gets to know via SFT returns; Report them now to avoid possible jail term for misreporting income
Banks and financial institutions file the Specified Financial Statement (SFT) with the income tax department, detailing taxpayers' financial transactions. This PAN-based information is used to monitor financial activities and detect potential tax evasion. Discrepancies between reported income and financial transactions can trigger scrutiny, penalties, and even prosecution for tax evasion, emphasizing the importance of accurate ITR filings. Read more.
No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her
Seema S sold property in Patna. She incorrectly claimed Section 54 for LTCG tax exemption. The tax officer rejected her claim. Seema appealed to ITAT Patna. Her lawyer argued about the assessing officer taking advantage of her ignorance. ITAT ruled in Seema's favor. The case was sent back to AO to allow claim for Section 54F. Read more.
Wife gets tax notice for husband’s Rs 6.75 crore Mumbai house purchase; Bombay High Court gives relief to wife
The Bombay High Court gave relief to a wife from a tax notice related to a Rs 6.75-crore property, as her husband solely funded the purchase, adding her name for convenience. The court emphasised that tax authorities must verify the actual source of funds, protecting nominal joint owners from unwarranted scrutiny. Read more.
No service for instant e-PAN to be available on these two days: ITR E-filing portal
The Income Tax Department has announced that the instant e-PAN service on the e-filing ITR portal will be unavailable from August 17th to August 19th, 2025, due to scheduled maintenance. This service allows individual taxpayers with Aadhaar to obtain a digitally signed PAN electronically and free of cost. During the downtime, users are advised to plan their activities accordingly.
Bihar SIR row: Two EPIC numbers being made for all BJP people, alleges RJD's Tejashwi Yadav in poll-bound Bihar
Bihar ECI Sir: Tejashwi Yadav claims the Election Commission is assisting the Bharatiya Janata Party in manipulating Bihar's voter lists. He alleges the BJP leaders and workers are getting multiple voter IDs. Yadav also says people from other states are being added to Bihar's voter list. Vijay Sinha says he will respond to the notice regarding holding two voter IDs.
Taxman sets out to draw up a crypto code
Not only are crypto gains taxed at the income tax rate of 30% (unlike the lower capital gains tax on stock profits), VDA traders can't offset profits with losses to lower the tax outgo. Many high-street banks are reluctant to offer accounts dedicated to pay or receive funds from crypto trades following central bank senior officials occasionally voicing their reservations on VDAs. Besides, there is no clarity under RBI rules and the Foreign Exchange Management Act (FEMA) on whether residents can buy and sell cryptos on offshore platforms.
Former employee arrested for Rs 50 lakh extortion attempt in east Delhi
Delhi Police arrested Pawan alias Praveen in Shahdara. He tried to extort Rs 50 lakh from a Gandhi Nagar businessman. Pawan, a former employee, threatened to report the businessman to Income Tax. The businessman received threatening WhatsApp messages. Police used technical surveillance to track Pawan. He confessed to the crime, wanting quick money. Further investigation is ongoing in this case.
BJP will go to any extent of immorality to remain in power: Kharge
Mallikarjun Kharge, Congress president, accused the ruling Bharatiya Janata Party of electoral malpractices. He alleged manipulation of voter lists in Bihar. Kharge criticized the use of central agencies against opposition parties. He lamented India's diminished global standing. Kharge emphasized the importance of fair elections for democracy. He highlighted Congress's role in the independence movement.
India’s net direct tax collection falls 3.95% YoY this fiscal till August 11
India's net direct tax collections witnessed a 3.95% year-on-year decline, reaching Rs 6.64 trillion between April 1 and August 11, primarily due to increased tax refunds. Gross direct tax collections also saw a slight decrease of 1.87%, totaling Rs 7.99 lakh crore. The government aims for Rs 25.20 lakh crore in direct tax collection for fiscal year 2025-26.
New Income Tax Bill is through, will replace six-decade-old Income Tax Act
The new bill introduces the concept of a "tax year", replacing the financial year and assessment year to reduce confusion. It also broadens the definition of 'virtual digital assets' to include crypto-assets, non-fungible tokens and other digital assets as specified by the government.
Tax cuts, refunds, ITR deadline extension drag India's direct tax numbers down
Government officials said there was no cause for worry as they expect collections to pick up from next month and meet the projections for the fiscal year. Economists also expect the numbers to improve as the year progresses.
SC upholds HC ruling on input tax credit for telecom towers
The Supreme Court has ruled in favour of Bharti Airtel and Indus Tower. Telecom towers are now classified as movable property. This makes them eligible for input tax credit under income tax laws. The court dismissed the income tax department's appeal. It reaffirmed the pre-GST position on mobile towers.
Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT Ahmedabad
In a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STCG) under the new tax regime for AY 2024-25. This decision allows taxpayers with total income up to Rs 7 lakh to claim the rebate on STCG, nullifying tax department notices denying such claims. Read more.
Income Tax dept detected Rs 30,444 cr undisclosed income, conducted 465 surveys in FY25
The Income Tax department has been actively working to uncover tax evasion. In fiscal year 2024-25, 465 surveys led to the detection of Rs 30,444 crore in undisclosed income. Searches were conducted on 1,437 groups, resulting in the seizure of assets worth Rs 2,504 crore. These actions demonstrate the government's commitment to tackling financial irregularities.
Filed ITR will become invalid unless verified within 30 days from this date
ITR filing: Taxpayers must e-verify their returns within 30 days of filing to avoid penalties, utilizing various online methods or submitting ITR-V to the Bengaluru processing center.
India's tax department investigating Jane Street over possible tax treaty misuse, sources say
Indian tax authorities are investigating Jane Street for potential tax violations related to derivative trades. The probe centers on whether the firm used its Singapore entities to evade taxes, leveraging the Double Taxation Avoidance Agreement. This follows a SEBI ban alleging market manipulation.
Noida man gets Rs 10,01,35,60,00,00,00,00,00,01,00,23,56,00,00,00,00,299 in dead mother's savings account. Kotak says reports false
A 20-year-old man in Noida discovered an unfathomable ₹1 septillion trillion in his Kotak Mahindra Bank account, prompting an Income Tax Department investigation. The account, belonging to Deepak, was frozen after the suspicious deposit was flagged. Authorities are probing whether it was a technical error, glitch, or money laundering attempt.
Govt awards Rs 792 crore PAN 2.0 project to LTI Mindtree, rollout likely in 18 months
LTI Mindtree has been awarded the Income Tax Department's PAN 2.0 project for ₹792 crore, aiming to consolidate PAN and TAN services into a unified platform. Approved in November 2024, the project seeks to streamline processes like allotment, updates, and Aadhaar-PAN linking, enhancing public service and grievance redressal. The integrated portal will consolidate services currently spread across multiple platforms.
No income tax rebate under Section 87A even if income is less than Rs 7 Lakh under new tax regime in this situation, point out CAs
Chartered Accountants have raised concerns about the denial of Section 87A tax rebates to eligible taxpayers with special rate incomes like STCG under new tax regime. While a Budget 2025 amendment restricts this rebate on special incomes from FY 2025-26, the ITR utility is already denying it for FY 2024-25, causing confusion and additional tax burdens. Read more.
How to file ITR-2 for AY 2025-26 with salary, capital gains, foreign income and others; Here's a step-by-step guide
Taxpayers with income from salary, capital gains, or unlisted equity shares can file ITR-2. For AY 2025-26, the ITR-2 excel utility has six updates, including reporting capital losses on share buybacks. The article provides a step-by-step guide on filing ITR-2 online and using the excel utility, covering capital gains reporting and other essential details.
Income Tax Department begins crackdown as jewellers strike gold with accounting trick
Amid rising gold prices, some jewellers are under scrutiny for potentially manipulating accounting methods to reduce profits and tax liabilities. The Income Tax Department is investigating firms suspected of switching to the LIFO inventory valuation method, which is disallowed, to lower closing stock values and, consequently, taxable income.
ITR filing deadline: What is the last date for filing returns for taxpayers not requiring an audit?
ITR deadline for non-audit taxpayers: The process of filing ITR for FY 2024-2025 has become more complex due to changes in the capital gains tax laws and income tax slabs established under the new tax regime.
I-T department digs deeper into Jane Street case, surveys Nuvama
The Income Tax department surveyed Nuvama Wealth Management. This relates to Jane Street's alleged market manipulation. Authorities are probing potential tax losses. SEBI had earlier alleged illegal gains by Jane Street. Jane Street deposited ₹4,840 crore in an escrow account. SEBI lifted the trading ban on Jane Street with conditions. Exchanges will closely monitor Jane Street's trades.
Jane Street under I-T scanner in India; probe hits roadblock over non-cooperation
The Income Tax Department is facing resistance from Jane Street during verification proceedings, as the firm allegedly refuses access to offshore servers and data. This lack of cooperation led to a survey at Nuvama Wealth Management, Jane Street's trading partner.
'No glitch': Kotak Mahindra Bank refutes reports of Noida man receiving Rs 1 septillion trillion. Read statement
Kotak Mahindra Bank refuted reports of a Noida man's deceased mother's account showing a balance of Rs 1 septillion trillion. The bank urged customers to verify their account details via their app or internet banking, assuring that their systems are functioning normally.
Tax experts warn home sellers: Common mistakes can cost lakhs in capital gains tax. Check what to do and what not
Sujit Bangar highlights common errors in property sales that lead to overpayment of taxes. He recounts a client's case where ₹1.87 lakh was nearly overpaid due to missed deductions like stamp duty, registration fees, renovations, and home loan interest. Bangar advises sellers to maintain thorough documentation of eligible costs to legally minimize capital gains tax.
Error in ITR-2 online utility: CA highlights technical bug which may lead to taxpayers with capital gains income, carry forward loss getting scrutiny notices later
A Chartered Accountant has identified a technical error in the ITR-2 online utility, causing inconsistencies between loss adjustment and carry forward schedules. This glitch may lead to incorrect carry-forward of losses, potentially resulting in scrutiny notices and complications for taxpayers with capital gains income. The Income Tax Department is currently investigating the issue.
No income tax for son who sold late mother’s flat for Rs 1.45 crore to buy seven houses; how a minor language error helped him
The Bombay HC ruled that a son was not required to pay income tax on the sale of his late mother's Mumbai flat, even after purchasing seven houses in Pune with the proceeds. This decision hinged on Section 54 of the Income Tax Act, prior to its 2014 amendment, which used the term 'a residential house'.
Don’t download that file! HDFC flags dangerous bank fraud
HDFC Bank has warned customers about rising APK frauds, where scammers impersonate officials and trick victims into installing malicious apps via fake links. Once installed, fraudsters gain full access to the phone, enabling them to steal sensitive data and carry out unauthorised transactions. The bank urged users to avoid third-party apps, verify sources, and report incidents on official cybercrime platforms.
Nuvama shares sink 6.5% in 2 days amid tax raids tied to Jane Street probe
Nuvama Wealth Management's shares have declined following income tax searches related to the Jane Street market manipulation probe. While Nuvama hasn't been directly implicated by SEBI, its role as Jane Street's trading partner in India has sparked investor concerns. SEBI alleges Jane Street manipulated index levels, amassing significant profits.
Step-by-step guide on how to file ITR-1 using excel utility with non-taxable LTCG income, salary, others
The Income Tax Department has simplified tax filing with the ITR-1 form, now allowing those with LTCG income up to Rs 1.25 lakh to use it. This guide provides a step-by-step process on how to file ITR-1 using the excel utility, covering everything from downloading the utility to e-verification, ensuring a smooth tax filing experience for eligible individuals. Read more.
No more partial treatment to pensioners when it comes to commutation of pension in the New Income Tax Bill, 2025
Good news arrives for pensioners. The Lok Sabha Select Committee proposes fair tax treatment in the Direct Tax Bill, 2025. The bill addresses unequal tax on commuted pensions. Government employees enjoy full tax exemption. Private sector employees get partial exemption. Non-employees receive no exemption. The new bill aims to fix this disparity. It extends deduction benefits to non-employee pensioners.
Jane Street not co-operating with India's taxman in ongoing probe
Jane Street, a US-based trading firm, is reportedly not cooperating with India's Income Tax probe, with key servers and account books located abroad. The company has minimal presence in India, further hampering the investigation. SEBI previously accused Jane Street of market manipulation and ordered a ₹4,843 crore deposit. Trading resumed after payment, but restrictions on fraudulent practices remain in place.
ED arrests ex-Axis MF fund manager in 'front-running' case
In a stunning turn of events, Viresh Joshi, once a key player at Axis Mutual Fund, has been arrested by the Enforcement Directorate on charges of money laundering. The case revolves around serious allegations of investor deception through front-running.
ITR-3 enabled for e-filing: Income taxpayers with share trading, unlisted shares investment, professional, business, other incomes can now file ITR-3 online for AY 2025-26
The Income Tax Department has activated online filing for ITR-3. Taxpayers with income from share trading, business, or unlisted shares can now file online. This applies to individuals and Hindu Undivided Families with business or professional income. There are seven key changes in the ITR-3 excel utility. These involve regime selection, capital gains reporting, and asset disclosure. Read more.
Updated return filing via ITR-1 & ITR-2 now live on Income Tax portal for AY22 & AY23: What taxpayers should know
The Income Tax Department has enabled utilities for filing updated income tax returns (ITR-U) for AY 2021-22 and 2022-23. Taxpayers now have up to 48 months from the end of the relevant assessment year to rectify errors or omissions by paying additional taxes. Penalties apply based on the filing timeline, with rates varying from 25% to 70%.
Nuvama shares fall 4% on reports of income tax search in connection to Jane Street case
Nuvama Wealth Management shares fell nearly 4% after Income Tax officials searched its offices in connection with the Jane Street market manipulation case. Although not directly accused, Nuvama’s link as Jane Street’s Indian partner has spooked investors amid regulatory scrutiny.
ED initiates PMLA probe in Axis MF 'front-running' case, conducts multi-city searches
The Enforcement Directorate (ED) is investigating a money laundering case linked to front-running in Axis Mutual Fund trades between 2018 and 2021. Searches were conducted across multiple cities following an FIR alleging that Viresh Joshi, a former Axis Mutual Fund trader, exploited confidential trading information for personal gain.
Error in ITR utility: Penal interest is automatically getting added to taxpayers who don’t have to pay advance tax, check the details
Chartered Accountants have identified an error in the Income Tax Return (ITR) utility's calculation of Section 234C interest, potentially impacting taxpayers with liabilities under Rs 10,000. This flaw could lead to incorrect tax notices, delayed refunds, and processing mismatches. Experts urge the Income Tax Department to rectify the issue to ensure accurate computations and prevent unnecessary disputes for taxpayers.
Jane Street trading probe: IT raids Nuvama Wealth, formerly Edelweiss Broking
The Income Tax Department is conducting searches at Nuvama Wealth, formerly Edelweiss Broking, linked to the Jane Street case, where Nuvama acted as the firm’s local trading partner. Jane Street, accused of market manipulation, recently re-entered Indian markets after depositing ₹4,844 crore with Sebi.
How to file ITR-1 online: A step-by-step guide for salaried taxpayers also having income from house property, LTCG and other source under new tax regime
Salaried taxpayers with income from house property, LTCG, and other sources can file ITR-1 online following a step-by-step guide. The Income Tax Department extended the ITR filing deadline to September 15, 2025, for FY 2024-25. Taxpayers can now report LTCG up to Rs 1.25 lakh using ITR-1, simplifying the filing process under the new tax regime.
How jewellers quietly dodged over Rs 100 crores in taxes using FIFO-LIFO method
Indian jewellers are under scrutiny for potentially using the prohibited LIFO accounting method to underreport profits and evade taxes amidst soaring gold prices. The Income Tax department is cracking down, enforcing FIFO and weighted average cost methods, as mandated by ICDS II.
Rs 437 crore tax collection: For crypto traders, evading income tax is getting difficult as Tax Dept uses AI, data analytics tools
The Income Tax Department is intensifying its scrutiny of cryptocurrency transactions. They are using AI and data analytics to detect tax evasion on virtual digital assets. The government collected Rs 437 crore in taxes from VDA income for FY 2022-23. Discrepancies in reported transactions are being addressed through the NUDGE campaign. Taxpayers may face penalties for under-reporting crypto earnings.
ITR processing deadline extended for wrongly invalidated ITR filed electronically till March 31, 2024
The CBDT has extended the processing deadline to March 31, 2026, for electronically filed ITRs up to March 31, 2024, that were wrongly invalidated by CPC, Bengaluru. This decision, made under Section 119 of the Income-tax Act, addresses grievances regarding erroneous invalidation due to technical reasons. However, if the PAN and Aadhar of a taxpayer are not linked, a refund will not be issued.
Bench led by Justice Varma had rejected Cong's plea on Rs 100 crore I-T notice
The Delhi High Court declined to intervene in the Income Tax Appellate Tribunal's decision, which rejected the Congress party's request to halt a tax department's notice for over ₹100 crore in dues. Justice Yashwant Varma, who authored the judgement, faces impeachment due to unaccounted cash found at his residence.
ITR filing 2025: Who can file ITR-2, who cannot file it for FY 2024-25 (AY 2025-26)?
For the assessment year 2025-2026, taxpayers using ITR-2 must understand eligibility and new reporting requirements, including capital gains calculations and asset disclosures. Individuals and HUFs with income exceeding Rs 50 lakh, or those with specific income sources like capital gains or foreign assets, may need to file ITR-2.
I-T dept working to give shape to rules, procedures under new Income Tax Bill: CBDT chief
The Income Tax Department is developing rules for the upcoming Income Tax Bill, 2025. CBDT Chief Ravi Agarwal announced this at the 166th Income Tax Day event. The department aims for clarity and taxpayer convenience. They are using data analytics to encourage voluntary compliance. The goal is to build trust with citizens.
Influencers, F&O traders among five new professional codes in ITR 3
The Income Tax department has introduced five new professional codes in ITR3, formally recognizing social media influencers, speculative traders, commission agents, and future and options traders as distinct professions. This move aims to improve income reporting accuracy and compliance within the evolving digital economy, ensuring proper tax filing and streamlining the tax collection process for these emerging career paths.
ITR filing 2025: Who can file ITR-1, who cannot file it for FY 2024-25 (AY 2025-26)?
The Income Tax Department has released ITR forms for FY 2024-25, revising ITR-1 eligibility. Individuals with income up to Rs 50 lakh, including limited LTCG from listed equity shares/mutual funds (up to Rs 1.25 lakh), can use ITR-1. However, those with higher income, business income, or multiple properties are ineligible.
ITR alert: If you meet any of these 8 conditions, tax return filing is a must
ITR filing mandatory: Many taxpayers believe that they have to file their income tax return only if their gross taxable income exceeds the basic exemption limit. However, not many are aware that ITR filing is mandatory in eight conditions, even if the gross taxable income is below the basic exemption limit.
CBDT to ramp up AI-led crackdown on tax evasion ahead of new income tax law: Chairman Ravi Agrawal
The Central Board of Direct Taxes will intensify efforts to combat tax evasion. They plan to use data analytics and artificial intelligence. This will help identify discrepancies in income reporting. The Income Tax Department has access to vast digital transaction data. They also exchange information with overseas agencies. This will enable more effective detection of evasion.
Shinde wins Rs 1.4 lakh tax penalty case despite claiming false income tax deductions to reduce income by 50%; Know the details
Mr. Shinde faced a penalty for claiming false tax deductions. He blamed his consultant, Mr. Patil, for the error. Shinde promptly paid the owed tax and interest. He also filed a police complaint against Patil. The Income Tax Appellate Tribunal (ITAT) Pune cancelled the penalty. ITAT Pune recognized Shinde's honesty and proactive measures.
Multibagger or IBC - Part 17: Margins are slim. Promoters are all in. Is this small cap the ultimate contrarian bet?
In a sector being reshaped by EVs, many auto ancillary players are racing to stay relevant. But this small-cap firm holds an edge as its core product remains essential across vehicle platforms, unaffected by the shift from ICE to EV. However, customer concentration remains a key risk, with over 97% of sales tied to just three group entities. The good news is that the company is pushing into new product categories and deepening R&D collaborations. This series on auto ancillary companies works with the assumption that, from the whole set of auto ancillary companies, some multibagger stocks will emerge. And some companies in this space risk going bankrupt.
Income tax refund 'Manual Verification' email could be a trap: Know how to identify this fraud and avoid
As the tax filing season begins this year, cybercriminals are actively trying to exploit unsuspecting taxpayers by sending phishing emails that look official. The government has cautioned the taxpayers that this could potentially be a fraudulent or phishing email.
FM Nirmala Sitharaman tells I-T Dept to fast-track disputes, drop small appeals
While FM Nirmala Sitharaman lauded the CBDT's efforts in redrafting the new Income Tax Bill, she stressed that good policies alone are not enough - timely execution and grievance redressal must follow. This includes faster processing of refunds and prompt resolution of taxpayer complaints.
PAN-Aadhaar linking update: Relief from tax demand notice due to short TDS deduction for these taxpayers
The Income Tax Department is offering relief to taxpayers who received demand notices for short deduction or collection of TDS/TCS due to transactions with in-operative PAN holders. Taxpayers can avoid penalties if the PAN is linked with Aadhaar by a specified deadline. This also applies to property buyers who deducted TDS at a lower rate than required. Read below to know more.
Paying Rs 55,000 rent on time could not save salaried taxpayer from Rs 1 lakh penalty for missing TDS, know why
An individual faced a Rs 1 lakh penalty for not deducting TDS on monthly house rent of Rs 55,000. According to Section 194-IB, TDS at 2% must be deducted if monthly rent exceeds Rs 50,000. Tenants must file Form 26QC and provide Form 16C to the landlord. Penalties for non-deduction include interest and discretionary fines. Read below to know more.
Crypto or virtual assets not regulated in India: MoS Finance
However, to ensure oversight from an anti-money laundering and countering the financing of terrorism (AML/CFT) perspective, the Financial Intelligence Unit (FIU-IND) registers Virtual Asset Service Providers (VASPs) under the Prevention of Money Laundering Act (PMLA), he said in a written reply in the Lok Sabha.
Manipulated again: I-T busts fresh fraud in political donation tax deduction claims
The Income Tax Department is cracking down on fraudulent tax deductions, revealing manipulation even after taxpayers were given a chance to revise their returns. Individuals who initially claimed deductions for political donations under Section 80GGC are now shifting those amounts to other categories. This follows the discovery of widespread false claims, prompting nationwide search operations targeting those facilitating fake deductions.
LTCG tax: Paying only 12.5% tax on Capital Gains Accounts Scheme withdrawals while filing ITR FY2024-25? Tax dept could soon raise tax demand
The Capital Gains Account Scheme is a special facility offered to taxpayers under the current income tax laws, allowing taxpayers to claim long-term capital gains (LTCG) tax exemption and defer reinvesting the gains in eligible assets.
Income tax slabs for salaried individuals for ITR filing FY 2024-25 (AY 202-26) under old, new tax regime
Income Tax Slabs for Salaried Individuals: The last date to file the income tax return for salaried individuals has been extended from July 31, 2025, to September 15, 2025. However, not many salaried individuals are aware of the income tax slabs that will apply to their income for calculating income tax liability.
Online ITR-2 filing enabled with pre-filled data: Income taxpayers with capital gains, crypto, other incomes can now file ITR-2 online
ITR 2 filing start date: The Income Tax Department has enabled online filing for ITR-2. Taxpayers with capital gains and crypto income can now file returns. The e-filing portal has pre-filled data for convenience. The extended deadline for FY 2024-25 is September 15, 2025. ITR-2 is applicable for individuals and HUFs with various income sources. Key updates include capital gain splits and enhanced deduction reporting.Know more.
Income tax audit forms are now enabled for business and professional income on ITR e-filing portal, check 5 prominent changes in form 3CA-3CD and 3CB-3CD
The Income Tax Department has enabled Income Tax Audit via Forms 3CA-3CD and 3CB-3CD on the e-Filing ITR portal. These changes are effective for the financial year 2024-25. The deadline for filing the tax audit report is September 30, 2025. Taxpayers must file their income tax returns by October 31, 2025. Read below to know more.
Is filing ITR tougher this year? Experts decode new tax return forms, tax refund delays, and stricter scrutiny
ITR filing experience this year will be different from previous years due to several modifications introduced by the Income Tax Act of 1961 for FY 2024-25. T Wealth Online spoke to several tax experts to gain insights into the changes in this year's ITR filing process.
Tax department probes over 20 insurers over breach of expense limits
The Income Tax Department is scrutinising over 20 insurance firms—around 5–6 life insurers and 15 general insurers—for potential breaches of Expense of Management (EoM) norms in the past two fiscal years. No notices have been issued yet, but companies may face tax implications if unable to justify excess spending. The probe follows IRDAI’s revised expense regulations issued in April 2023.
New Income Tax Bill, 2025: Parliamentary panel report to be tabled in Lok Sabha on Monday
A parliamentary committee's report on the new Income Tax Bill, 2025, set to replace the 1961 Act, will be tabled in the Lok Sabha on Monday. The bill aims to simplify tax processes, reduce litigation, and enhance clarity. With fewer words, sections, and chapters, it introduces taxpayer-friendly changes like replacing 'previous year' with 'tax year'.
Shiv Sena minister's 'cash bag' video goes viral, he says only clothes in bag
A video showing Maharashtra minister Sanjay Shirsat near a bag seemingly filled with cash has gone viral, prompting accusations from Shiv Sena (UBT) MP Sanjay Raut. Shirsat has denied the bag contained money, claiming it only held clothes. This incident follows reports of an Income Tax Department inquiry into a significant increase in Shirsat's declared assets between 2019 and 2024.
Taxable income below Rs 7 lakh: Will you pay zero income tax if this income includes LTCG and STCG for FY 2024-25?
Zero tax on incomes up to Rs 7 lakh: Budget 2025 clarified that tax rebate under Section 87A will not be available to incomes that are taxed at special rates. This rule applies to the incomes earned on or after April 1, 2025. However, there is no clarity on whether the tax rebate under Section 87A is available on LTCG and STCG for this year's ITR filing.
