New Delhi, July 16 (IANS) The Central Board of Direct Taxes (CBDT) has increased the Cost Inflation Index (CII) for the financial year 2026-27 by 2.3 per cent to 384 from the corresponding figure of 376 in the previous financial year.The CBDT notification was issued on July 15, 2026, and will apply from April 1, 2026, onwards for tax calculations.The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after …
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New Delhi, July 14 (IANS) India’s net direct tax collections recorded a robust 16.4 per cent year-on-year growth to Rs 6.51 lakh crore as of July 13 in the current financial year, driven by higher corporate tax, non-corporate tax, and securities transaction tax (STT) collections, according to figures released by the Income Tax Department on Tuesday.Net corporate tax collection grew over 22 per cent to around Rs 2.40 lakh crore, while net non-corporate tax collection recorded an increase of aroun…
New Delhi, April 14 (IANS) The Income Tax Department has introduced Form 141, a consolidated challan‑cum‑statement that replaces four separate TDS forms for different types of transactions.The new form merges Form 26QB, Form 26QC, Form 26QD and Form 26QE, which were earlier used for filing TDS on property purchases, TDS on rent, TDS on payments to contractors or professionals and TDS on transfer of virtual digital assets respectively.Under the revised rules, Form 141 must be used to report a…