income tax return

A nuanced understanding of the various ITR forms for FY 2025–26 is essential for globally mobile professionals, domestic salaried taxpayers, and individual investors

IDFC FIRST Bank launched a Business Multiplier Credit Card for entrepreneurs, addressing the gap in credit access for startups. Issued against a fixed deposit, the secured card offers a lower interest rate, zero forex markup, and a 100% credit limit, simplifying financial management for small businesses.

Former India captain MS Dhoni has been revealed as the highest individual taxpayer from Jharkhand and Bihar combined for the 2025-26 financial year. The Principal Chief Commissioner of Income Tax confirmed Dhoni's top position, though the exact tax amount remains undisclosed. This achievement highlights Dhoni's significant financial contribution to the region.

The BJP has accused Rahul Gandhi of a significant financial discrepancy, alleging his foreign travels over two decades cost approximately Rs 60 crore, far exceeding his declared income. The party questions potential Foreign Contribution Regulation Act and tax law violations, demanding transparency regarding the source of funds for his numerous international trips.

The dispute arose from matrimonial proceedings between two highly qualified medical professionals. The wife, a practicing gynaecologist with an M.D. degree, challenged a trial court order which had partly rejected her application for maintenance under Sections 24 and 26 of the Hindu Marriage Act, 1955.

Small businesses and professionals under the presumptive tax scheme must now disclose investment details in their income tax returns. This new rule, introduced in ITR-4, aims to curb tax evasion by allowing authorities to compare declared income with investment patterns. Misreporting income can lead to hefty penalties, making compliance crucial.

The Delhi High Court examined the impugned order and the reasons furnished by the petitioner and found no merit in the challenge. The Court specifically rejected the submissions that the petitioner’s lack of awareness of tax laws or his alleged illiteracy could justify the delay. It held that such a plea was not tenable in law.

B Fayaz Ahmed, an insurance and financial consultant here, was prosecuted in connection with the 2015–16 assessment year. According to the prosecution, Ahmed had declared a taxable income of about Rs 48 crore in his income tax returns but failed to pay the tax due on it.

The prosecution alleged his production company failed to file income tax returns for 2013-14. However, the court noted that Gautham Menon resigned as director in 2011, long before the alleged offence, absolving him of vicarious liability.