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Business News/Topic/ Tax

TAX

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Indian taxpayers file their income tax returns at a special income tax filing facility at Pragati Maidan in New Delhi, 29 July 2007. There is a last minute rush to file income tax returns with a deadline of 31 July. India has a population of some 1.1 billion, of these only some 30 million are taxpayers. AFP PHOTO/ Manpreet Romana

CBDT orders processing of late tax returns, refunds

2 min read . 26 Jun 2025

While filing your income tax return, matching Form 16 and Form 26AS ensures there’s no under-reporting or overstating of income. (Pexel)

ITR: What to do if details don't match on Form 16 and Form 26AS?

3 min read . 26 Jun 2025

The priority reform areas highlighted by the Deloitte survey respondents includes strengthening the dispute resolution mechanism.

Why businesses like GST and what they want next

2 min read . 25 Jun 2025

For FY 2024-25, last date to file income tax return is Sept 15

ITR filing: Deadline is Sept 15, will there be penalty for filing after July 31?

2 min read . 24 Jun 2025

Payment of rent to HUF for property registered in individual names.

Can I pay rent to a HUF when the property is registered in an individual’s name?

2 min read . 24 Jun 2025

ITR-2 can be filed by individuals or Hindu Undivided Families (HUFs) who are not eligible to file ITR-1 (Sahaj)

What are ITR-2, ITR-3 and who should use them while filing their return?

2 min read . 23 Jun 2025

The Sultanate of Oman has decided to impose a 5% income tax on people of the nation who have an annual income of 42,000 rials ($109,000) or above.

Oman to impose income tax on top earners, becomes first Gulf state to do so

2 min read . 23 Jun 2025

It’s not just how long you stayed—Indian tax authorities also care why you left. Your visa type might determine your tax bill. (Image: Pixabay)

Visa types, travel days and the tax rule you might miss

3 min read . 23 Jun 2025

Preeti Sharma says that it is advisable to consult a tax expert if a taxpayer has more complex income.

Chances of inquiry by tax dept higher in old tax regime: Preeti Sharma

6 min read . 22 Jun 2025

No state taxes in these states in US. Take a look

Retiring soon? Here are 13 states that don't enforce taxes on retirement

1 min read . 21 Jun 2025

The Income Tax Department issued ₹86,385 crore of corporate and personal income tax refunds in the period, a 58% jump from the year-ago period.

Jump in refunds depresses Centre’s net direct tax revenue

2 min read . 21 Jun 2025

The sharp rise was attributed largely to an increase in funds held through local branches and financial institutions. (Mint)

Record foreign asset disclosures as govt steps up scrutiny: Finmin

2 min read . 20 Jun 2025

Union finance minister Nirmala Sitharaman's budget speech on 1 February was centred around the reforms needed across sectors. (ANI)

Close probes swiftly, speed up refunds: finance minister tells tax officials

2 min read . 20 Jun 2025

To claim Section 89(1) income tax relief, always provide a structured break-up of arrears—avoid filing errors.

Can I claim Section 89(1) relief without the detailed break-up of arrears?

2 min read . 20 Jun 2025

Filing ITR: It is recommended to use tax calculator to evaluate tax liability

ITR 2025: How tax calculator can help you file your return with ease?

1 min read . 20 Jun 2025

The excel utilities of two forms (ITR-1 and ITR-4) have already been released

Income Tax: Taxpayers urge I-T department to release excel utilities

1 min read . 21 Jun 2025

While solutions such as abolishing high-denomination currency notes to solve the issue of tax evasion have merit, they miss a crucial point: the problem isn’t just technical but cultural. (AP)

The honest taxpayer’s dilemma: When rules become a disadvantage in investing

4 min read . 19 Jun 2025

Set-off of losses from crypto investment or trading is not allowed to be set off against any other income or for carry forward to subsequent years.

Income Tax: Report crypto gains in your tax return as taxmen ‘nudge’ investors

1 min read . 18 Jun 2025

Taxpayer can also update their bank account on income tax portal

Income Tax: Make sure your bank account is updated to get refund on time

1 min read . 18 Jun 2025

Deducting the permissible exemptions is crucial to calculating net taxable income. (iStockphoto)

How to calculate tax if capital gains are your sole income in FY25

4 min read . 18 Jun 2025