The Finance Bill proposes a sharp increase in the penalty for failing to furnish information. The move...
Income Tax
Income tax in India is a direct tax levied on individuals and businesses based on their income. This section covers everything you need to know about income tax including tax slabs, ITR filing, deductions, and compliance.
Browse our detailed guides below to understand income tax rules, filing process, and latest updates for FY 2025–26.
The Bill proposes halving the tax rate on unexplained income from 60% to 30%. It signals a...
Taxpayers can now seek immunity even where under-reporting arises from misreporting. This is allowed on payment of...
Taxpayers can now seek immunity even where under-reporting results from misreporting. Payment of full tax, interest, and...
Federal cooperatives receive a temporary deduction for dividends earned from company investments made before 31 January 2026....
The Tribunal held that while interest on enhanced compensation was taxable as per settled law, the exemption...
he Bill limits block assessments for other persons to the actual year of undisclosed income. The key...
The Finance Bill, 2026 converts key penalties for audit and reporting delays into mandatory fees. The shift...
The law now proposes a single consolidated assessment-cum-penalty order for under-reporting of income, reducing multiple proceedings and...
The Finance Bill, 2026 proposes to disallow interest deductions against dividend and mutual fund income. From April...