New Delhi, May 3 (IANS) As the new financial year gains momentum, taxpayers must stay alert to a series of important compliance deadlines scheduled throughout May 2026, with experts stressing that timely action is essential to avoid penalties and additional charges.The month begins with a crucial deadline on May 7, when taxpayers are required to deposit tax deducted at source and tax collected at source for April.Government offices making payments without a challan must credit the tax to the Cen…
Latest Income-tax Act News & Updates
New Delhi, April 29 (IANS) In a significant ruling impacting thousands of reassessment cases under the Income Tax Act, the Supreme Court has set aside a series of High Court rulings that had quashed reassessment notices issued by Jurisdictional Assessing Officers (JAOs) and remitted the matters back for fresh adjudication in light of the Finance Act, 2026. A bench of Chief Justice (CJI) Surya Kant, and Justices B.V. Nagarathna and Joymalya Bagchi passed a common order in a batch of thousands of …
New Delhi, April 2 (IANS) The Income Tax Department on Thursday launched a new website called ‘Kar Saathi’, aimed at making tax-related processes simpler and more user-friendly. The department said the platform brings all direct tax information under one roof and is designed to be easier to navigate and faster to use.Announcing the launch on X, Income Tax India shared that the new website will help taxpayers access all information in one place while introducing ‘Kar Saathi’, an AI-powere…
New Delhi, April 1 (IANS) India’s direct tax system entered a new phase on April 1, 2026, as the Income Tax Act, 2025 officially came into force. The Income Tax Department announced the rollout through a message on X, calling it a step towards a simpler and more user-friendly tax framework aligned with the vision of Viksit Bharat.The new law replaces the decades-old Income Tax Act, 1961, marking one of the biggest overhauls in India’s direct taxation system.The government has focused on maki…
New Delhi, March 31 (IANS) As India approaches the new fiscal year FY27, the country’s direct tax system is set for a major overhaul from April 1, 2026, with the new Income Tax Act, 2025, coming into force — replacing the six-decade-old 1961 legislation and introducing changes in compliance, terminology and taxation.Major reform under the new framework is the replacement of the ‘Financial Year’ (FY) and ‘Assessment Year’ (AY) with a single ‘tax year’, which could simplify the filing process a…
New Delhi, March 30 (IANS) The government on Monday kept interest rates unchanged for various small savings schemes, including public provident fund (PPF) and NSC, for the first quarter of the financial year 2026-27, starting April 1.”The rates of interest on various Small Savings Schemes for the first quarter of FY 2026-27, starting from April 1, 2026, and ending on June 30, 2026, shall remain unchanged from those notified for the fourth quarter (January 1, 2026, to March 31, 2026) of FY 2025-2…
New Delhi, March 23 (IANS) India is set to roll out the new Income Tax Act, 2025 from April 1, 2026, but taxpayers need not worry about filing this year as returns can be prepared and filed under the existing Income Tax Act, 1961, officials and tax experts said, ensuring a smooth, year‑wise transition.The current law will continue to apply for this filing cycle, they said, adding that the government is adopting a clear, phased approach.Income for FY26 (April 1, 2025–March 31, 2026) will be a…
Mumbai, March 22 (IANS) Tata Capital has said it has received an income tax reassessment order of Rs 413 crore from the Mumbai tax authority for the financial year 2017-18 and will take necessary steps to file a rectification appeal.The company said the order was issued on March 20, 2026, and downloaded a day later.The reassessment pertains to Tata Capital Financial Services Limited, which has since been merged with Tata Capital Limited with effect from April 1, 2023.According to the company, th…
Mumbai, March 4 (IANS) Shares of Polycab India Limited ended lower on Wednesday after the company said it has received an income tax demand of Rs 327.45 crore for the assessment year 2024-25. The order was issued by the Office of the Deputy Commissioner of Income Tax, Mumbai, and was received by the company on March 3, 2026.The demand follows an assessment order that includes disallowances and additions amounting to Rs 41.87 crore.However, Polycab said that after consulting its tax advisors, it …
New Delhi, Feb 3 (IANS) The Lokpal of India has dismissed a complaint alleging acquisition of disproportionate assets (DA) against former Union Minister and ex-BJP MP Sadhvi Niranjan Jyoti, holding that the charges were “wholly unsubstantiated” and that the increase in her assets was duly explained through lawful and declared sources of income. In a detailed order, a Full Bench of the anti-corruption body, headed by Chairperson Justice A.M. Khanwilkar, observed that the increase in assets de…