The Income Tax Department has activated online filing for ITR-5 and ITR-7 forms, pre-filled with data, on its official website. ITR-5 and ITR-7 forms are meant for specific categories of taxpayers and ...

The Income Tax Department has started issuing notices and levying penalties on these non-compliant entities, directing field ...

Taxpayers who filed their income tax returns are waiting for refunds post the September 16 deadline. The income tax department processes refunds within 7 to 21 working days, but verification issues ...

The IT department urges taxpayers to verify information on discrepancies and check emails regularly for any notifications if the refunds have not been processed within 4-5 weeks.

Section 54F exemption is available only if the taxpayer does not own more than one residential property on the date of sale of the asset(s), other than the new house being acquired.

The organization’s profit reserves should be a maximum of 15% of its total income. In other words, charitable trusts or ...

Some states may require businesses to register a DBA for their business. Here's what you need to know about DBA's.

Plus: Proposed regulations for “no tax on tips,” new tax forms, Roth catch-up contributions, charitable donation deductions, ...

TechCrunch verified that the security bug in the Indian Income Tax Department's e-Filing portal exposed taxpayers' data to ...

India’s tax system is undergoing a digital overhaul as AI-led projects like Insight and ADVAIT enhance transparency, detect evasion, speed up refunds, and simplify compliance.