income tax

Thane, March 31 A special CBI court in Thane has sentenced a former Income Tax officer to six months of rigorous imprisonment (RI) in a 19-year-old case involving accepting a bribe of Rs 20,000 from a person to finalize a tax assessment.Special Judge (CBI) D S Deshmukh also imposed a fine of...

New Delhi, March 30 The income tax department said on Monday that "banking companies" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS (Tax Deducted at Source) on interest income exceeding the prescribed threshold.Under the Income Tax law, tax is to be deducted...

New Delhi, March 28 Fortis Healthcare Ltd announced on Saturday that its subsidiary, Fortis Hospitals Ltd, has received a demand notice of ₹117.04 crore from the income tax authority.Fortis Hospitals Ltd has received an income tax order dated March 27, 2026, for the financial year 2024-25, and...

New Delhi, March 26 Tyre manufacturer TVS Srichakra Ltd said on Thursday that it has received a demand notice of ₹29.47 crore, including tax and interest, from the income tax authority under a disallowance provision, with a penalty proposed for under-reporting of income.An order has been...

New Delhi, March 25 A flat 12 per cent surcharge will be levied on capital gains earned by individual or corporate shareholders from selling shares in company buyback offers, starting April 1, as per the amendments to the Finance Bill approved by the Lok Sabha on Wednesday.The government...

New Delhi, March 23 DBS Bank India announced the launch of its direct tax payment facility on Monday, following authorization from the Central Board of Direct Taxes (CBDT).The bank will now be able to collect direct tax payments on the TIN 2.0 platform, in addition to its existing capability...

New Delhi, March 23 The income tax department has imposed a tax of ₹4,009.64 crore on undisclosed foreign income and assets under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax, 2015, over the nine months of the current fiscal year until December 2025.During the...

New Delhi, March 22 Non-banking financial company Tata Capital has received a reassessment order from tax authorities, demanding Rs 413.18 crore for the financial year 2017-18, the firm said.The order, issued by the Deputy Commissioner of Income Tax, Mumbai, under the Income-tax Act and...

Bhopal, March 22 Four Madhya Pradesh police personnel have been suspended for allegedly accepting Rs 20 lakh as "bribe money" from a businessman based in Gujarat after discovering Rs 1 crore in his car, police said on Sunday.According to the police, the incident occurred on March 19 in the...

The government has announced the Income Tax Rules, 2026, which will come into effect from the first day of next month. The new rules aim to improve compliance through stricter disclosure requirements while simplifying tax procedures by reducing the number of rules.These rules represent a major...

March 20, New Delhi – In a significant step towards making India's tax system more transparent and citizen-friendly, Finance Minister Nirmala Sitharaman launched a nationwide campaign called "Prarambh 2026" on Friday.The campaign aims to disseminate information about the newly introduced...

Finance Minister Nirmala Sitharaman stated today that the Income Tax Act 2025 reduces errors, disputes, and compliance costs. Speaking at the PRARAMBH 2026, a nationwide campaign on the Income Tax Act, 2025, in New Delhi, the Minister emphasized that the new act is less ambiguous and provides a...

New Delhi, March 20 Finance Minister Nirmala Sitharaman on Friday urged income tax officers to make the process easier for taxpayers and use technology to catch those deliberately evading taxes.Addressing the 'PRARAMBH 2026: Nationwide Awareness Campaign on the Income Tax Act, 2025', the...

New Delhi, March 18 The net direct tax collection grew by 7.1 per cent to about Rs 22.8 lakh crore till March 17 of this fiscal, due to slower refunds and higher corporate tax collection.Data released by the Income Tax Department on Wednesday showed that net corporate tax collection grew by...

Mumbai, March 18 The state Anti-Terrorism Squad (ATS) is investigating a fake religious trust in Beed that received money from a controversial international organization, Maharashtra Chief Minister Devendra Fadnavis said on Wednesday.In a written reply to a question by Satej Patil (Congress)...

New Delhi, March 17 Maruti Suzuki India (MSI) said on Tuesday that it has received a draft assessment order worth Rs 5,786.4 crore from the income tax authority, and the company will challenge the order."The company has received a Draft Assessment Order for FY 2022 – 23, in which certain...

New Delhi, March 17 Maruti Suzuki India (MSI) said on Tuesday that it has received a draft assessment order worth Rs 5,786.4 crore from the income tax authority, and the company will challenge the order."The company has received a Draft Assessment Order for FY 2022-23, wherein certain...

New Delhi, March 16 Rajya Sabha members on Monday advocated for increased budget allocations for ministries such as Labour and Employment, Minority Affairs, and Tribal Affairs.Demands for allocating funds to address the cyclones in Odisha and tax exemptions on disability pensions were also...

New Delhi, March 16 – Raghav Chadha, a Rajya Sabha member of the Aam Aadmi Party (AAP), on Monday raised what he described as three "everyday anxieties" faced by ordinary Indians, urging the government to introduce constructive reforms.His proposals included the option for couples to file...

Mumbai, March 16 Actor Ajay Devgn delivered a powerful performance as Amay Patnaik, the Deputy Commissioner of Income Tax, in the 2018 crime thriller "Raid".As the movie completed 8 years of release on Monday, Ajay posted a powerful scene from the film on his official Instagram handle, where...