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The Income Tax Department has made several major changes in the measures to catch the tax evaders and in the actions against them in the last few days. Now instead of raids in the country, the Income Tax Department will take direct action by setting the target. According to the senior officials of the IT […]
It is a very arguable question by every taxpayer as to how his income tax paid is getting utilized by the government. It is well known that the government only receives income tax from 1-2 per cent of the population while it contributes to only 14 per cent of total expenditure done by the central government.
The Income Tax Department has commenced taking actions against unidentified /nameless property and black money.
CBDT (Central Board of Direct Taxes) Chairman Sushil Chandra said that the IT department has proposed an extra investigation to stop the outlay of money towards the fraud repay claims which are based on the corrupt investments as shown in the tax return forms.
Amendments to the Income Tax Act, 2025 has been proposed under the Union Budget 2026, allowing the taxpayers to submit the updated ITRs even after the issuance of reassessment notices. At present, taxpayers u/s 263(6) of the Act to submit an updated return within 48 months from the end of the fiscal year succeeding the […]
The Madras High Court recently issued a ruling directing a forensic examination of the records relevant to several writ petitions that contested GST assessment orders. Additionally, the court ordered the applicant to make a pre-deposit of ₹30 lakh, after which the attachment on the applicant’s bank account will be lifted. The K. N Raj Construction […]
No revisions to income tax slabs have been made in Budget 2026, and it has been reiterated that the Income Tax Act shall come into force w.e.f. 1st April 2026. The impact of the new Income Tax Act on ITR filing for this year is illustrated below. When Shall the New ITR Forms be Notified? […]
The Union Budget each year includes revisions that affect taxpayers, businesses, and tax professionals. The Budget 2026 is the same; it includes updates to tax rates, rules, and deductions that everyone must understand and follow. Tax software is important because it helps turn these budget amendments into easy-to-use systems, making it easier for people to […]
India has witnessed a strong rise in income tax filings and non-corporate tax collections, exhibiting a broader tax base and more assertive formalisation of the economy, as specified by the Economic Survey 2025-26. In the survey, it cited that the ITR submitted between 2024-25 touched 9.2 crore, compared to 6.9 crore in 2021-22. The same […]
