Income Tax Act
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Budget: From no changes in income tax rates to new ITR deadline, key announcements by Sitharaman
Budget | Feb 01, 2026, 02:42 PM ISTSitharaman proposed to exempt Minimum Alternate Tax (MAT) for non-residents who pay tax on presumptive basis.
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Budget 2026: New Income Tax Act 2025 will come into effect on April 1, says Sitharaman
Budget | Feb 01, 2026, 12:38 PM ISTBudget 2026: FM Sitharaman said people filing ITR-1 and ITR-2 can continue to file till July 31. "Non-audit business cases and trusts will be allowed to file returns till August 31,” she said.
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Income Tax department denies rate change under new I-T Bill, calls reports misleading
Business | Jul 29, 2025, 11:54 PM ISTThe Income Tax Department has clarified that the new Income Tax Bill, 2025, does not propose any changes to existing tax rates, including for long-term capital gains. The bill is focused solely on simplifying the language of the statute and removing outdated or redundant provisions.
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Congress loses appeal against Rs 199 crore tax demand, tribunal cites late return, violations
India | Jul 22, 2025, 08:26 PM ISTThe Income Tax Appellate Tribunal (ITAT) has dismissed the Congress party’s appeal against a Rs 199.15 crore tax demand for the 2018–19 financial year. The tribunal held that Congress failed to meet the mandatory conditions for exemption under Section 13A of the Income Tax Act.
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Income Tax officials can track emails, social media from 2026: Here is what it would mean to you
Personal Finance | Mar 06, 2025, 06:03 PM ISTStarting April 1, 2026, Indian income tax officials will have the legal authority to access emails, social media, and online transactions under a new law aimed at curbing tax evasion. Learn how this impacts taxpayers and privacy concerns.
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Income Tax Bill 2025: Now you can do 'section to section mapping' of I-T Act, check here how
Business | Feb 15, 2025, 01:35 PM ISTThe Income Tax Bill 2025 will come into effect from April 1, 2026, after it is vetted by a Select Committee of the Lok Sabha and cleared by Parliament.
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From reducing legal complexities to streamline compliance: How New Income Tax Bill to help taxpayers
Business | Feb 11, 2025, 06:05 PM ISTFM Nirmala Sitharaman had last week said she is likely to introduce the new income tax bill, which will replace the six-decade-old I-T Act, in the Lok Sabha in the coming week.
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New Income Tax Bill gets Cabinet approval, likely to be introduced in Parliament next week: Sources
Income Tax | Feb 08, 2025, 12:01 AM ISTIn her Budget speech on July 23, 2024, Union Finance Minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, 1961, within six months. The income tax department has received 6,500 suggestions from stakeholders on review of the Income Tax Act.
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Income Tax alert: Cash transfers to wife may attract IT notice | Know the Rules
Personal Finance | Feb 06, 2025, 08:50 AM ISTTransferring money to your wife via UPI or cash? Know about the latest Income Tax Rules 2025 under Sections 269SS and 269T to avoid an IT notice. Find out the legal limit for cash transactions, tax-free gift rules, and the safest banking methods.
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Budget 2025: When was Income Tax introduced in the Union Budget? Know here
Budget | Jan 31, 2025, 07:56 AM ISTBudget 2025: With Union Budget 2025 around the corner, discussions on income tax slabs, exemptions, and potential reforms are once again in focus, as taxpayers eagerly await announcements that could impact their financial planning for the coming year.
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Zero tax nations vs high tax countries: A global look at Income Tax systems
Personal Finance | Jan 23, 2025, 06:41 PM ISTDiscover the stark differences between tax-free countries like the UAE and Kuwait, where citizens enjoy zero income taxes, and high-tax nations like Finland and Denmark, which fund social welfare programs. This global tax comparison highlighted diverse economic models and their impact on citizens.
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Budget 2025: Big relief for taxpayers? Govt likely to introduce new Income Tax Bill, say sources
Budget | Jan 18, 2025, 11:12 PM ISTThe government is set to unveil a new Income Tax Bill during the Budget 2025 session, replacing the decades-old Income Tax Act, 1961.
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ITR filing: Deadline of 'Vivad Se Vishwas' extended, revised and belated filing now till January 15
Personal Finance | Dec 31, 2024, 12:48 PM ISTThe Income Tax Department has extended the deadline for filing revised and belated ITR for AY 2024-25 to January 15, 2025. This move, announced by CBDT, aims to help taxpayers address AIS and ITR mismatches and ensure accurate filings. Here’s everything you need to know.
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How much cash can you keep in savings account without attracting Income Tax notice? Know the Rules
Business | Dec 14, 2024, 02:19 PM ISTKnow the income tax rules for savings accounts and how much cash you can deposit without attracting scrutiny. Discover the daily cash transaction limits, high-value transaction reporting requirements, and how to respond to an income tax notice.
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Rs 5,000 late fee: Your last chance to file belated ITR before December 31, check steps here
Income Tax | Dec 10, 2024, 12:10 PM ISTTaxpayers who missed the July 31 deadline for Income Tax Return (ITR) filing for FY 2023-24 (Assessment Year 2024-25) must file by December 31 to avoid increased penalties. Know the late fees, steps to file, and what happens if you miss the deadline.
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Good news for taxpayers: CBDT launches online mechanism to address tax disputes, check details
Business | Sep 05, 2024, 11:55 PM ISTThe CBDT said the e-DRS enables the taxpayers to file an application electronically for dispute resolution to the Dispute Resolution Committees (DRC) designated for the region of Principal Chief Commissioner of Income Tax having jurisdiction over the taxpayer.
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ITR Filing: How to check your tax refund status online using PAN card? Know step-by-step guide
Income Tax | Jul 31, 2024, 06:45 PM ISTITR Filing 2024: Today is the deadline for ITR filing. Taxpayers who have filed their returns and are due a refund can expect processing to take 15 to 45 days after e-verification. Refund status can be checked online using a PAN card on the Income Tax e-filing portal.
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Income Tax assessment year 2024-25: How does your ITR get processed by tax department? Details
Income Tax | Jul 08, 2024, 05:46 PM ISTThe last day to file the Income Tax Return (ITR) is July 31. After the returns are filed, the department will verify the claims and subsequently initiate the refunds accordingly. Know about how the ITRs are processed and what steps to take.
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Finance Ministry clarifies: No changes in new tax regime, issues 6-point note
Business | Apr 01, 2024, 11:07 AM ISTIn a statement, the ministry addressed confusion over the new tax regime, emphasising its lower rates but fewer exemptions and deductions. Finance Minister Nirmala Sitharaman's interim budget assured the preservation of existing tax rates.
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Income Tax 2024: How to file for tax deductions on donations to political parties? Know all details
Business | Feb 16, 2024, 10:33 AM ISTDonations to political parties are tax-exempt, provided they are directed towards political parties recognised by the Election Commission.