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Net direct tax collection grew 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11, the Income Tax Department said on Monday.The mop-up includes net corporate tax collection of over Rs 8.63 lakh crore and tax from non-corporates, including individuals and HUFs, of Rs 9.30 lakh crore.Securities Transaction Tax…
NEW DELHI: The income tax department on Wednesday flagged major risks associated with virtual digital assets (VDA), such as cryptocurrency, joining the Reserve Bank of India in opposing the entry of these instruments.In a presentation to the parliamentary standing committee of finance, the tax authorities flagged as to how anonymous, borderless and near-instant value transfer…
The income tax notices suggest that the assessment of income tax returns and the release of refunds have been paused for these categories of taxpayers. (AI image) Income Tax alert! The Income Tax Department is sending emails and SMSes to taxpayers, just ahead of the year-end, alerting them of mismatches in their deduction and exemption…
The December 31, 2025 deadline is significant as it marks the last date for filing both revised and belated income tax returns. (AI image) Income tax refund status: The Income Tax Department has stepped up scrutiny for tax returns and several taxpayers have not received their income tax refunds this year. The delay in tax…
Identified taxpayers are being sent SMS and email under the government’s NUDGE campaign. (AI image) ITR filing FY 2024-25 (AY 2025-26): The Income Tax Department is stepping up scrutiny for tax returns and many taxpayers are getting alerts to check their exemption and deduction claims. The last date to file income tax returns for FY…
Representative image (AI-generated) The Income Tax Department on Tuesday issued a press release clarifying why several taxpayers have received emails and SMS alerts seeking a review of their tax deduction and exemption claims.The department urged taxpayers to review their deduction and exemption claims for the current assessment year and take corrective steps before the revised…
The Central Board of Direct Taxes has cautioned that non-compliance will have financial consequences. (AI image) PAN-Aadhaar linking deadline: The final date to complete your PAN–Aadhaar card linkage is December 31, 2025. Beginning January 1, 2026, the Income Tax Department will declare all PANs that remain unlinked as inoperative.As per Notification No. 26/2025, issued on…
With just days left before the year-end compliance window closes, the Income Tax department has begun reaching out directly to multinational companies, asking them to alert Indian employees about undisclosed foreign assets and income, according to multiple tax advisors.Several large multinationals — including a global consumer healthcare firm, a wireless technology major and a US-based…
The Income tax department (ITD) on Thursday said the recent communications sent to some taxpayers regarding their transactions are advisory in nature and aimed at facilitating voluntary compliance, not initiating enforcement action.In a post on X, the department said the messages were issued only in cases where there is an apparent significant gap between disclosures…
Image used for representative purposes NEW DELHI: The Income Tax Department has issued a public advisory cautioning taxpayers, especially senior citizens, against fraudulent emails, SMS messages, and websites impersonating the Department to steal personal and financial information.In an official awareness message shared by the Income Tax Department, Government of India, on X, taxpayers have been…
