income tax

Section 247 of the Income Tax Act, 2025 modernises tax enforcement for the digital era without enabling mass surveillance or diluting constitutional privacy safeguards.

Rana Ayyub collected funds meant for COVID-19 relief work in the bank accounts of her father, Mohammed Ayyub Shaikh and sister Iffat Shaikh to the tune of ₹1.60 crores and ₹37.15 lakhs.

The Central Board of Direct Taxes (CBDT) has issued the new Income Tax Return (ITR) Form 5 for the Assessment Year 2025-26

During his State of the Nation speech in Budapest, Hungarian Prime Minister Viktor Orban announced that the tax exemptions for women with three children would take effect in October 2025 and in January 2026 for those with two kids.

The existing Income Tax Act has 23 chapters containing 536 sections and 16 schedules. The new Bill with 298 sections and 14 schedules will be more concise the existing act. Once passed in the Parliament, the Bill will come into effect from April 1, 2026

When asked how much persuasion did it take to get the PM on board regarding the cut in income tax, Sitharaman said that it was the bureaucrats who needed to be convinced

Under the tax structure announced in the budget, marginal relief will be calculated by deducting the amount exceeding ₹12,00,000 from the tax calculated on the entire taxable income

While now there is no tax on income up to ₹12 lakh, in 2014 it was in the highest tax bracket, which started at ₹10 lakh with a tax rate of 30%.

One may ask if there is no income tax up to ₹12 lakh, why there are tax slabs for 4-8 lakh and 8-12 lakh, the reason is I-T is calculated in slabs