Income Tax News
Finance Ministry Clarifies No Legal Definition of HNIs Under Income Tax Act
20 March 2026 at 09:30Government clarifies no legal definition of HNIs under the Income-tax Act. Asset disclosure threshold raised to Rs 1 crore, with stricter foreign asset reporting and enhanced data-driven tax compliance measures.
CBDT Corrects Income Tax Amendment Rules 2026 Name via Corrigendum
18 March 2026 at 09:27CBDT issues corrigendum to Income-tax Amendment Rules 2026, renaming them as "First Amendment Rules, 2026." Check key details and implications.
Raghav Chadha Proposes Optional Joint Income Tax Filing for Married Couples in Parliament
17 March 2026 at 09:22Raghav Chadha proposed optional joint filing of Income Tax Returns for married couples in Parliament, highlighting tax disparities between single-income and dual-income households.
Over 50 Lakh ITRs Revised After Tax Department Flags Bogus Deduction Claims, Refunds Drop by Rs 2000 Crore
17 March 2026 at 09:21More than 50 lakh income tax returns were revised after the tax department flagged incorrect deduction claims under Section 80G, reducing refund claims by Rs 2,000 crore, CBDT chief said.
Income Tax Refund Delays Rise Sharply, Finance Panel Raises Concern Over 27 Lakh Pending Cases
16 March 2026 at 09:23A parliamentary committee has flagged rising delays in income tax refunds, revealing that nearly 27 lakh cases exceeded the 90-day limit in FY 2025-26, while outstanding direct tax arrears reached Rs 47.42 lakh crore.
Income Tax Department Clarifies 'Significant Transactions' Emails Sent During Advance Tax e-Campaign for AY 2026-27
14 March 2026 at 15:27Taxpayers are advised to ignore earlier incorrect emails on significant transactions under the Advance Tax e-Campaign and verify details on the Compliance Portal.
Centre Renames Personal Income Tax as Non-Corporate Tax from FY 2025-26
14 March 2026 at 09:07Government renames Personal Income Tax as Non-Corporate Tax from FY 2025-26. NCT collections reached Rs 12.35 lakh crore in FY 2024-25, growing 18.23%, Finance Ministry informs Rajya Sabha.
SBI Life Insurance Company Receives Rs 537.75 Crore Income Tax Demand for FY24
14 March 2026 at 09:02SBI Life Insurance has received an income tax demand of Rs 537.75 crore for FY24 from the Income Tax Department. The insurer plans to file an appeal against the assessment order.
President Murmu Urges Tax Officers to Exercise Authority With Humility and Constitutional Values
13 March 2026 at 09:10President Murmu asked IT officers to balance enforcement with facilitation while ensuring fairness, transparency and efficiency in tax administration.
NSE Circular: Brokers Must Disclose Excess STT for FY 2023-24 and Earlier Years
13 March 2026 at 09:10Following directions from the Income Tax Department of India, NSE has asked brokers and sub-brokers to report excess STT collected and deposit it with interest...
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