« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Tax dispute cell threshold limit revised... For nominees insurance money is not taxable... » FM may take RRBs out of tax net July, 16th 2007 Finance Minister P Chidambaram may give income tax exemption to regional rural banks, which are mainly financing farmers and the rural poor.   A decision in this regard is likely to be announced on Monday when Chidambaram meets the chairmen of the 96 regional rural banks.   Regional rural banks, which were deemed to be on a par with cooperatives, were earlier exempt from paying 30 per cent tax on their profits. However, they were brought under the tax net from 2006-07.   Regional rural banks provide up to Rs 3 lakh to farmers at 7 per cent interest rate and get 2 per cent subvention from the central government. But the administrative and operational cost of such funds to regional rural banks (RRBs) is 9.3 per cent. The tax exemption should be restored, an official of an RRB said.   Out of the 96 RRBs, 29 have a negative networth of 1,786 crore and need urgent recapitalisation from the central government, state government and commercial banks in proportion to their shareholding of 50 per cent, 15 per cent and 35 per cent, respectively. About 39 RRBs had accumulated losses to the tune of Rs 2,746 crore by March 31, 2007.