Income Tax News

CBDT Directs IT Offices to Stay Open on 31st March 2026 for Financial Year-End Work

21 March 2026 at 10:40

Income Tax offices will remain open on March 31, 2026, despite Mahavir Jayanti, as per the CBDT's Section 119 order to ensure smooth financial year-end compliance and pending work completion.

Posted in Income Tax | 3201 Views

Net Direct Tax Collections Rise 7.19% to Rs 22.8 Lakh Crore in FY26

20 March 2026 at 09:31

India’s net direct tax collections grow 7.19% to Rs 22.8 lakh crore as of March 17, 2026, driven by strong advance tax payments and improved compliance.

Posted in Income Tax | 1500 Views

Finance Ministry Clarifies No Legal Definition of HNIs Under Income Tax Act

20 March 2026 at 09:30

Government 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.

Posted in Income Tax | 4536 Views

CBDT Corrects Income Tax Amendment Rules 2026 Name via Corrigendum

18 March 2026 at 09:27

CBDT issues corrigendum to Income-tax Amendment Rules 2026, renaming them as "First Amendment Rules, 2026." Check key details and implications.

Posted in Income Tax | 2553 Views

Raghav Chadha Proposes Optional Joint Income Tax Filing for Married Couples in Parliament

17 March 2026 at 09:22

Raghav Chadha proposed optional joint filing of Income Tax Returns for married couples in Parliament, highlighting tax disparities between single-income and dual-income households.

Posted in Income Tax | 1002 Views

Over 50 Lakh ITRs Revised After Tax Department Flags Bogus Deduction Claims, Refunds Drop by Rs 2000 Crore

17 March 2026 at 09:21

More 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.

Posted in Income Tax | 4323 Views

Income Tax Refund Delays Rise Sharply, Finance Panel Raises Concern Over 27 Lakh Pending Cases

16 March 2026 at 09:23

A 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.

Posted in Income Tax | 12165 Views

Income Tax Department Clarifies 'Significant Transactions' Emails Sent During Advance Tax e-Campaign for AY 2026-27

14 March 2026 at 15:27

Taxpayers are advised to ignore earlier incorrect emails on significant transactions under the Advance Tax e-Campaign and verify details on the Compliance Portal.

Posted in Income Tax | 12510 Views

Centre Renames Personal Income Tax as Non-Corporate Tax from FY 2025-26

14 March 2026 at 09:07

Government 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.

Posted in Income Tax | 3996 Views

SBI Life Insurance Company Receives Rs 537.75 Crore Income Tax Demand for FY24

14 March 2026 at 09:02

SBI 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.

Posted in Income Tax | 402 Views