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.
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.
CBDT issues corrigendum to Income-tax Amendment Rules 2026, renaming them as "First Amendment Rules, 2026." Check key details and implications.
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.
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.
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.
Taxpayers are advised to ignore earlier incorrect emails on significant transactions under the Advance Tax e-Campaign and verify details on the Compliance Portal.
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.
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.
President Murmu asked IT officers to balance enforcement with facilitation while ensuring fairness, transparency and efficiency in tax administration.
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