The government has informed Parliament that more than 24.64 lakh income tax returns have been pending for processing for over ...

Tax authorities initiated scrutiny and proposed addition solely because share acquisition details were not properly disclosed in the ITR. The case reinforces that for directors, the ITR functions as a ...

The Income Tax Department has released five different Income Tax Return (ITR) forms for the current filing season. The forms released include ITR-1, ITR-2, ITR-3, ITR-4, and ITR-5, each designed for ...

New income tax rules for 2026-27 propose redesigned ITR forms with more pre-filled details, aiming for simplification.

Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental ...

Cash deposits, property deals and investments above set limits are automatically reported to the Income Tax Department under SFT rules ...

India's income tax system is about to enter a new era. The government is preparing to implement the Income Tax Act, 2025, from April 1, 2026. This will replace the nearly six-decade-old Income Tax Act ...

Missed filing your ITR ? The deadline may be over, but the law still gives you a chance to come clean with extra cost. Today's Ask Wallet Wise query decodes how to file the missed return for FY25 The ...

Income tax refund not credited yet? Before you panic, check the latest processing data and the common reasons that may be ...

The previous Income Tax Act was over 65 years old and had more than 800 sections. The new law reduces this to around 536 sections and removes many explanations and provisos that made the law ...

The Income Tax Department has cautioned taxpayers against a surge in refund-related fraud attempts, warning that scammers are ...