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.

Gujarat RTE admissions 2026: Online admissions under the RTE Act in Gujarat for the 2026–27 academic year began on April 4 and will continue until April 17. Over 84,000 seats are available in private schools, lower than last year. The process includes revised priority criteria favouring reserved categories and introduces an option to select school shifts. Parents must submit applications online with required documents, including proof of residence, income, and category, while ensuring accuracy to avoid rejection.

The term Schrödinger’s XYZ has since slipped into the modern lexicon to describe any situation of uncertainty, and it certainly fits the description for the current imbroglio in the Middle East.

Regarding the husband, the Court found his claim of earning Rs .9,000 per month to be unconvincing and contradicted by documentary evidence.

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Hyderabad tax authorities seized approximately ₹1 crore worth of gold from 'Telangana gold man' Yadgiri Chinna Goud. The investigation unit found 700 grams of gold unaccounted for, marking the first warrant issued under the new Income Tax Act, 2025.

TN RTE admission 2026: Tamil Nadu RTE admissions for the 2026–27 academic year will open on April 20 and close on May 18 for LKG and Class I. Parents must submit applications online or at schools, with required documents including proof of age, residence, caste, and income. Children in disadvantaged categories receive priority before the draw of lots on May 22, with final admission lists published on May 29. Document verification runs until May 19.

Lok Sabha approved the Finance Bill with key amendments. Promoters' capital gains from share buybacks will now face a 12% surcharge. Startup tax holidays have been extended, with the turnover threshold raised to Rs 300 crore. Taxpayers will now receive a minimum of 30 days to respond to reassessment notices, fostering a trust-based tax administration.