India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
Mumbai, July 1: Are you also looking to file your ITR online? Income tax e-filing has become the most convenient and efficient way for taxpayers to submit their Income Tax Returns (ITR) without the hassle of paperwork. With the government's push towards digital processes, filing your taxes online ensures faster processing and instant acknowledgement. The Income Tax Department offers a user-friendly portal at incometax.gov.in, where individuals can easily upload their financial details and complete their returns securely. What Is the Last Date To File ITR for FY 2024-25 (AY 2025-26), July 31 or September 15? What Is the Deadline To Pay Final Tax Without Penalty? All You Need To Know As Income Tax Department Extends Due Date. The last date to file your ITR for the financial year 2024-25 (assessment year 2025-26) has been extended to September 15, 2025, giving taxpayers extra time to comply. Filing your return on time helps avoid penalties and interest charges, making it crucial to meet this deadline. Whether you are filing for the first time or are a regular taxpayer, understanding the e-filing process can save time and reduce errors. Let's know how to file your ITR online in simple, easy-to-follow steps. What Are ITR-1, ITR-2 and ITR-3? Know Which Income Tax Return Form You Should File for FY 2024-25 Amid Filing Utility Delay. Filing your ITR on time not only helps avoid penalties but also serves as important proof of income for loans, visas, and other financial transactions. Make sure to keep documents like Form 16, bank statements, and investment proofs ready before you start. Even if your income is below the taxable limit, filing can offer several benefits and build your financial credibility.
New Delhi: Taxpayers now have more time to file their Income Tax Returns (ITR), as the deadline has been extended to September 15, 2025. While many have already completed the process, others are still getting their documents in order. To make your ITR filing hassle-free, here are 8 important documents you should keep handy. 1. Form 16 Form-16 is a must-have if you're a salaried employee. It gives a detailed summary of your salary, along with the tax deducted by your employer during the year. 2. TDS Certificates TDS certificates are proof that tax has been deducted from your income. These a ...Read More >
A Delhi court has declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender following a request from the Enforcement Directorate. Bhandari, accused of money laundering, reportedly fled to the UK in 2016. Despite India's efforts to extradite him, a UK court recently rejected the plea, further complicating the legal proceedings against him.A Delhi court on Saturday declared UK-based arms consultant Sanjay Bhandari a fugitive economic offender on an Enforcement Directorate plea, ...Read More >
New Delhi: Income Tax refunds have jumped 474% in the last 11 years to Rs 4.8 lakh crore in 2024-25, significantly outpacing the 274% growth in gross tax collections, sources said on Sunday. Also, there has been an 81% decrease in number of days it takes to issue income tax refunds, decreasing from 93 days in 2013 to just 17 days in 2024. As of 2013-14, the last year of the UPA rule, refunds issued by the Income Tax department were at Rs 83,008 crore. Whereas, at the end of 2024-25, the 11th year of the ongoing NDA rule, I-T refunds stood at Rs 4.77 lakh crore, showing a 474% growth during th ...Read More >
Berlin/New Delhi: Germany has introduced a visa that allows people from outside the European Union (EU), including Indians, to live and work in the country as freelancers for up to one year. Known as the Freelance Visa or Freiberufler visa, it is designed for self-employed professionals such as writers, designers, consultants and artists. The visa can later be extended for up to three years if the individual continues to meet the necessary requirements. It offers a chance to explore Germany's culture and economy while working independently. The Freelance Visa is part of Germany's larger visio ...Read More >
PATNA: Congress leader Rahul Gandhi is all set to embark on 'Vote Adhikar Yatra' from Bihar's Rohtas district on August 17 to register a protest against how the ongoing special intensive revision (SIR) of the electoral rolls was being conducted in the state. This comes at a time when the Opposition is ratcheting up its protest against the SIR and casting aspersions on the integrity of elections. AICC general secretary (organisation) and MP KC Venugopal held a meeting with the INDIA bloc leaders at Sasaram in Rohtas district on Wednesday and reviewed preparations for Rahul Gandhi's visit to Bi ...Read More >
New Delhi: With the ITR deadline just around the corner, taxpayers across the country are in a last-minute rush to file their returns. The Income Tax Department has revealed that over six crore ITRs for Assessment Year 2025-26 have already been filed, and the numbers continue to climb. With September 15 set as the final day to submit returns without penalty and no extension announced, taxpayers have just one day left to complete the process. The Income Tax Department shared this update on Saturday through its official account on X (formerly Twitter). (Also Read: ITR Filing 2025: Want To Claim ...Read More >
New Delhi: Delhi Police's Crime Branch has busted a visa fraud racket operating from south Delhi's Zamrudpur, arresting three men for allegedly duping foreign job seekers. The accused -- Deepak Pandey (33), Yash Singh (23), and Wasim Akram (25) -- posed as representatives of a global outsourcing company handling visa, passport, and consular services. They allegedly extorted large sums of money by issuing fake appointment letters and visas. The case came to light after a consultant from VFS Global ...Read More >
PNN New Delhi [India], May 20: With rising temperatures and vacation time in summer just around the corner, summer travel to Europe is seeing a huge boom from Indian tourists. According to recent reports, there has been a whopping 29% increase in Schengen visa applications from India, signifying strong demand to discover the cultural festivals, historic cities, and picturesque landscapes Europe has in store. Due to more efficient processes and enhanced travel assistance, Indian travelers are now opting to apply Schengen visa online with Akbar Travels--one of India's most reliable travel bran ...Read More >
Chandigarh, Jul 1 (PTI) Punjab registered a record 44.44 per cent growth in net goods and services tax collections at Rs 2,379.90 crore in June 2025, said Finance Minister Harpal Singh Cheema on Tuesday. Addressing the media here, Cheema said Punjab outpaced the national average in GST collection growth, firmly positioning itself among the top-performing states in tax mobilization despite facing national and geopolitical challenges, including border-related tensions. Also Read | Who Is PVN Madhav? Here's Everything You Need To Know About the Newly Appointed Andhra Pradesh BJP President. The ...Read More >
Amritsar: BJP MP Nishikant Dubey from Jharkhand has claimed that Britain assisted India in executing the 1984 Operation Bluestar at the Golden Temple in Amritsar, stoking a new controversy.In a post on X on Monday, Dubey alleged that then PM Indira Gandhi "launched an attack on the Golden Temple in collaboration with Britain", with British Army officers present in Amritsar.He uploaded a classified British document, "Sikh Community", claiming that on Feb 23, 1984, the UK Foreign and Commonwealth Office mentioned in a letter that the Indian govt had sought British advice over a plan to remove Si ...Read More >
Lucknow: The Enforcement Directorate (ED) on Thursday registered a money laundering case against Jamaluddin alias Chhangur Baba, the alleged mastermind of an illegal religious conversion syndicate in the state. ED is now preparing to take him into custody.The probe stems from suspected foreign remittances exceeding Rs 100 crore into around 40 bank accounts linked to the accused and his associates.ED has sought the details of income tax returns of all 40 entities of Chhangur Baba in the last 10 years and information about immovable properties from respective SRO (sub registrar office). The 40 e ...Read More >
India's pivotal shift in consolidating a Russia-India-China (RIC) axis, though tactically alluring, risks rendering it more vulnerable and increasingly isolated as a purported leader of the democratic Global South. The Shanghai Cooperation Organisation (SCO) summit in Tianjin, where Prime Minister Narendra Modi walked hand-in-hand with Xi Jinping and Vladimir Putin, crystallised a new phase of India's strategic signalling at a time when our economy is more interlinked with China and Russia than e ...Read More >
New Delhi, Jul 15 (PTI) Two people died and four others were injured after a fire broke out at a house in east Delhi's Old Govindpura area on Tuesday evening, an official said. Police have identified the deceased as Tanveer (28) and Nusrat. A call was received at Jagatpuri police station at 8.46 pm regarding a fire incident at Band Gali, Old Govindpura, Deputy Commissioner of Police (Shahdara) Prashant Gautam said. When a police team reached the spot, it found that 10 people were trapped inside a residential building that caught fire, the DCP said. With the help of police personnel and fir ...Read More >
New Delhi: The Income Tax Bill 2025, set to be moved in the monsoon session of Parliament to simplify the direct tax law, will set the stage for another round of reforms which will be more substantive in nature in subsequent years, said two people informed about the discussions in the government The finance ministry is of the view that once the over-six-decade-old Income Tax Act, 1961 is simplified and made more readable, targeted reforms can be achieved in taxation of personal and corporate income. This will be done through the annual Finance Acts, said one of the persons quoted above. Majo ...Read More >
New Delhi, Jul 20 (PTI) A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha on Monday. The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha. The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which wil ...Read More >
Mumbai, September 2: The last date to file Income Tax Return (ITR) is fast approaching, and taxpayers are urged to complete their filings for FY 2024-25 (AY 2025-26) by September 15, 2025. The deadline was extended from July 31 due to structural changes in ITR forms and technical updates on the Income Tax Portal. Missing the deadline may result in penalties and interest, making timely filing crucial for individuals and businesses alike. Taxpayers should prepare all necessary documents in advance to ensure a smooth submission. With just days left, many are looking for ways to file ITR online w ...Read More >
New Delhi: The Income Tax Department has clarified that the deadline for ITR filing for Assessment Year 2025-26 is September 15 and there is no further extension as circulated on social media. In a late night post on X on September 14, the department termed "fake" a statement in circulation on social media stating that the due date of filing ITRs has been further extended to September 30, 2025. Asking taxpayers to only rely on official updates on @IncomeTaxIndia, it said "The due date for filing ITRs remains 15.09.2025". A host of chartered accountants and individuals have taken to social m ...Read More >
The Supreme Court on Monday stayed further recovery of an outstanding tax demand from news portal NewsClick, directing the company's banker not to release any more money to the tax department based on a 2023 notice, and allowing the portal to use its two bank accounts for daily operations. The order was passed by a bench headed by justice BV Nagarathna on an application moved by PPK Newsclick Studio Limited, which alleged that ICICI Bank was not allowing the company to use its accounts despite a top court order to this effect passed on August 9. The tax department had raised the demand again ...Read More >
New Delhi, Dec 18 (PTI) Net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up, government data showed. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year. Refunds worth Rs 3.39 lakh crore were issued during the period, registering a ...Read More >
NEW DELHI: Signalling the government's intent to move ahead with the impeachment motion of Allahabad High Court judge Justice Yashwant Varma, Union Minister Kiren Rijiju on Thursday said that main opposition parties have given their in-principle approval to support the motion in the upcoming monsoon session scheduled for July21-August 21. Rijiju said that the government is yet to decide whether the motion would be brought in the Lok Sabha or the Rajya Sabha. For the Lok Sabha, signatures of a minimum 100 MPs is required. The requirement is the support of at least 50 MPs in the Rajya Sabha. H ...Read More >
New Delhi [India], July 5 (ANI): A Delhi special court on Saturday declared UK-based arms dealer Sanjay Bhandari a Fugitive Economic Offender under the Fugitive Economic Offenders (FEO) Act, in connection with an income tax case involving undisclosed foreign assets. The order was passed by Additional Sessions Judge Sanjeev Aggarwal following a plea by the Enforcement Directorate (ED), which alleged that Bhandari had deliberately evaded Indian legal proceedings and possessed foreign assets exceeding Rs 100 crore. The agency emphasised that the UK court's refusal to extradite Bhandari had no be ...Read More >
New Delhi, Jul 12 (PTI) Indian students, tourists, business travellers and those working in technology firms planning to head to the United States may soon have to pay more than double the existing visa fee due to a new 'visa integrity fee' being imposed by the US, according to immigration service consultants. The 'visa integrity fee' finds a mention in the 'One Big Beautiful Bill' (now an Act) signed by President Donald Trump on July 4. Immigration domain watchers and firms facilitating students for study abroad have been closely watching this bill before Trump signed his package of tax bre ...Read More >
The Income-Tax Department has found organised rackets operated by some returns preparers and intermediaries across the country, filing income-tax returns (ITRs) on behalf of their clients -- including employees of multinational companies, public sector firms, government bodies, academic institutions, and entrepreneurs -- to fraudulently claim exemptions and refunds, the Finance Ministry said. The department is now poised to take stern action against continued fraudulent claims, including penalti ...Read More >
Patna: The Central Bureau of Investigation (CBI) on Wednesday formally arrested Aditya Saurabh, an Indian Revenue Service (IRS) officer, along with an income-tax inspector and a multi-tasking staff (MTS) member in Patna in connection with a bribery case involving Rs 2 lakh. All three were remanded in three days' CBI custody by the CBI special court-1 in Patna.According to CBI sources, Aditya Saurabh, a 2021-batch IRS officer, is currently serving as assistant director in the income-tax Department ...Read More >
New Delhi: The country's largest carmaker Maruti Suzuki has announced the rollout of its first made-in-India electric vehicle - the e-Vitara SUV - in a major boost to the green segment from its upgraded Gujarat plant, which is now set to become one of the world's largest automotive manufacturing hubs with a projected annual capacity of one million units. Crucially, this facility will serve as Suzuki's global production base for electric vehicles (EVs), exporting to over 100 countries, including advanced markets in Japan and Europe, which is aligned with India's vision of becoming a global aut ...Read More >
New Delhi [India], June 30 (ANI): The Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal has issued strict directives to Faceless Assessment Officers (FAOs) to avoid raising irrelevant queries while conducting faceless assessments, emphasising the need for more focused and case-specific scrutiny procedures. Chairman Ravi Agarwal has written to the Principal Chief Commissioners of Income Tax, directing them to ensure that faceless assessment officers maintain higher standards of inquiry relevance and specificity in their assessments. Also Read | Rinku Singh Appointed Basic Education O ...Read More >
Mumbai, July 11: The Income Tax Department has officially released the Excel-based utilities for ITR-2 and ITR-3 forms for the Assessment Year (AY) 2025-26, enabling individuals with more complex income sources, including capital gains, cryptocurrency, and professional income, to begin filing their tax returns. The announcement was made via the department's official X, formerly Twitter, handle, saying, "Attention Taxpayers! Excel Utilities of ITR-2 and ITR-3 for AY 2025-26 are now live and available for filing." This latest rollout follows the earlier launch of utilities for ITR-1 and ITR-4, ...Read More >
MUMBAI : The annual information statement (AIS), introduced by the Income Tax Department to enhance transparency, is instead creating hassles for taxpayers by reporting incorrect incomes, according to chartered accountants. Introduced in 2021, the AIS gives a snapshot of financial transactions -- ranging from securities and mutual funds to property deals and fixed deposits -- during a fiscal year, sourced from multiple reporting entities such as banks, registrars, depositories, and sub-registrars. Available on the Income Tax e-Filing portal, the AIS complements the form 26AS by providing an ...Read More >
New Delhi: If you miss the original last date for filing your Income Tax Return (ITR), you face several financial consequences and restrictions. Filing a belated return -- after the due date but before December 31, 2025 -- is permitted, but it comes with penalties and other drawbacks. Penalties for Late Filing: The late filing fee under Section 234F is Rs 5,000 if your total income exceeds Rs 5 lakh. If your taxable income is below Rs 5 lakh, the penalty drops to Rs 1,000. If your income is under the basic exemption limit (Rs 3 lakh under the new regime for FY25-26), no late fee is charged. ...Read More >
Lucknow, Jul 17 (PTI) To curb illegal mining and transportation, the Uttar Pradesh government is deploying advanced technologies under the Integrated Mining Surveillance System (IMSS), a release said on Thursday. Mining activities are already being monitored through drones, geo-fencing, RFID tags, and AI-powered check gates. Now, the state is set to introduce 'Weigh-In-Motion' (WIM) technology to accurately track vehicle overloading. Also Read | 'Arvind Kejriwal Used Government Funds to Buy Mobiles Costing Up to INR 1.63 Lakh', Claims Delhi Minister Ashish Sood. According to the official re ...Read More >