GST department can freeze your bank account! Here's what you should do if it happens with you

To ensure the integrity of tax collection, the GST department can provisionally seize a taxpayer's bank account. This precaution is crucial during probes into suspected tax evasion or fraudulent practices, often linked to bogus Input Tax Credit claims or overdue GST payments. Taxpayers are entitled to challenge these measures and request the unlocking of their funds.

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Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief

New Income Tax Return forms and rules will be notified by January. These changes will be effective from April 1, 2026, replacing the old Income Tax Act of 1961. The Income Tax Department aims for simple and easy-to-comply forms. Tax refunds are expected by December. Taxpayers can check refund status online.

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ITR refund not credited yet? Here's how much interest you may be owed

Waiting months for your income tax refund? The government may owe you interest. Learn when you qualify for this interest, common reasons behind refund delays, and the steps you can take to expedite your pending ITR refund.

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Getting expensive wedding gifts? They’re tax-free, but only if you keep these proofs handy

Wedding gifts are a fantastic way to start your new life without the worry of taxes hanging over your head! You can receive gifts in any form, and as long as they're given on your wedding day, they're tax-exempt—even from your broader circle. Of course, don’t forget to document everything; it's vital to validate these gifts' sources.

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I sold equities with capital gains of Rs 25 lakh, can I save tax by reinvesting it in property?

ET Wealth Reader's Query: I earned Rs 25 lakh in capital gains from equities and mutual funds in 2024–25 and paid the tax. Can I now revise my ITR to claim a refund since I'm buying my first home?

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Buying land? Why your dream plot could turn into a tax nightmare and how to avoid it

Many people are receiving unexpected income tax notices questioning how they funded their land purchases. As the tax department has access to data related to property registrations, a simple mismatch between your purchase price and declared income can trigger investigations. Here's what's happening and how to save yourself from penalties.

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Deadline to file TDS/TCS correction statement announced: File your request on time or risk missing credit in Form 26AS or AIS

The Income Tax Department has set a crucial deadline for filing TDS and TCS correction statements. Taxpayers must ensure all corrections for specific financial years are completed by March 31, 2026. After this date, filing will be time-barred. Failure to correct errors means TDS credit may not reflect in Form 26AS or AIS.

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Now get faster tax refunds and easier ITR corrections: New CBDT rules explained

New CBDT rules empower the Commissioner of Income Tax (CPC), Bengaluru, to rectify obvious errors. This move aims to expedite the correction of accounting mistakes, reduce administrative delays, and ensure timely and accurate refunds for taxpayers, enhancing compliance and transparency. Read below to know how this helps taxpayers.

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Received income tax notice despite being a salaried taxpayer? Don’t panic; here’s how you can respond

Income tax notices can be stressful for salaried employees, but most are routine queries that can be resolved quickly. From understanding why, you received a notice to responding correctly within deadlines, this guide breaks down everything salaried professionals need to know about handling tax department communications.

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I built a house on inherited land, how will I be taxed if I sell it now?

My father purchased a plot in 2016 for Rs 50,65,000. I inherited the property as his sole heir and constructed a house. I am currently residing in this house. If I sell it now, how will the capital gains be taxed?

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Infosys buyback: What investors must know about hidden cost due to taxation

Infosys announced a significant share buyback. Investors considering tendering shares must understand the tax implications. The new rules treat buyback proceeds as a deemed dividend, taxed at 30%. Selling shares in the market offers different tax treatment with capital gains tax. The article compares these scenarios to help investors make informed decisions.

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Infosys buyback: What investors must know about taxes and hidden charges

Infosys announced a significant share buyback. Investors considering tendering shares must understand the tax implications. The new rules treat buyback proceeds as a deemed dividend, taxed at 30%. Selling shares in the market offers different tax treatment with capital gains tax. The article compares these scenarios to help investors make informed decisions.

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Tax audit deadline not extended for these taxpayers; Karnataka CA body highlights anomalies in CBDT's due date extension circular

The CBDT extended tax audit and ITR filing deadlines to November 10 and December 10, 2025, respectively. However, taxpayers with international or specified domestic transactions under Section 92E were excluded from this extension. The Karnataka State Chartered Accountants Association highlighted this omission, pointing out an unintended anomaly that mandates earlier filing for those with higher compliance burdens.

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