Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...

The government has informed Parliament that more than 24.64 lakh income tax returns have been pending for processing for over ...

Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

Cash deposits, property deals and investments above set limits are automatically reported to the Income Tax Department under SFT rules ...

Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25 The ...

India's income tax system is about to enter a new era. The government is preparing to implement the Income Tax Act, 2025, from April 1, 2026. This will replace the nearly six-decade-old Income Tax Act ...

Income tax refund not credited yet? Before you panic, check the latest processing data and the common reasons that may be ...

The basic exemption limit was raised to Rs 4 lakh, and a Rs 75,000 standard deduction applies for salaried individuals, potentially pushing the zero-tax income limit to Rs 12.75 lakh. Following the ...

The Income Tax Department has cautioned taxpayers against a surge in refund-related fraud attempts, warning that scammers are ...

The House Rent Allowance (HRA) calculation in income tax returns relies on factors such as salary, HRA component, rent paid, ...