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Income Tax Department

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uuid0007ccg

Namestring
Income Tax Department
Legal namestring
Income Tax Department, Ministry of Finance, Government of India
Company typeenum
Public
Founded yearint
1961
Descriptiontext

The Income Tax Department of India is the sole statutory authority for direct tax administration in India, operating under the Central Board of Direct Taxes (CBDT) within the Ministry of Finance, Government of India. It administers collection of direct taxes from every individual, HUF, company, firm, LLP, and exempt institution earning income subject to the Income-tax Act, 1961, and from April 1, 2026, the newly enacted Income-tax Act, 2025. The department serves the entire universe of Indian taxpayers through a hybrid model of pan-India physical Commissionerates and Directorates plus an extensive digital platform stack, with no fees charged for its mandated services.

Its core technology infrastructure comprises the e-Filing Portal for electronic return filing and taxpayer services; the Centralized Processing Centre (CPC) in Bengaluru for automated bulk processing of returns; TRACES for TDS certificate reconciliation; ITBA (Income Tax Business Application) as the internal processing system for officers; ITDMS for integrated taxpayer data management; and the e-Assessment/e-Proceedings system enabling faceless, electronic assessment. Supporting taxpayer-facing tools include the Form Wizard, Tax Tools, Reckoner, IT Bill Comparison Tool, International Taxation Portal, NUDGE initiative for voluntary compliance, Tax Calendar, and Tax Gyaan Quiz. The website conforms to GIGW 3.0 accessibility standards. Its business model is non-commercial: the department is funded through Government of India budget allocations, and taxpayer engagement is mandated by statute rather than purchased. International operations are conducted through Double Taxation Avoidance Agreements (DTAAs) and partnerships with the OECD on BEPS, AEOI, and FATCA frameworks, including 219 Advance Pricing Agreements signed in FY 2025-26.

Short descriptiontext

The Income Tax Department of India is the statutory authority under the CBDT that administers direct tax collection, compliance, and enforcement for every taxpayer in India through a pan-India digital and field-office platform spanning e-filing, automated processing, TDS reconciliation, and faceless assessments.

Operating statusenum
Operating
Ownership categoryenum
Headcount rangeband
11–50
akta.pro rankint
HeadquartersIndore, India
HQ citystring
Indore
HQ countrystring
India
HQ regionstring
Asia
Markets served

Serves global market

Offices4 records

Each record includes

City, Country, Type, Description, Source

Keyword5 values
direct tax administration, income tax e-filing, taxpayer compliance services, TDS reconciliation portal, tax processing automation
Industry5 codes
1Revenue Systems, E-Filing & Digital Tax Administration
CodeBPAIADAOPrimaryYes
2Tax Return Filing, Processing & Assessment
CodeBPAIADACPrimaryNo
3Withholding & Payroll Tax Administration
CodeBPAIADAIPrimaryNo
4Dispute Resolution, Appeals & Tax Tribunals
CodeBPAIADAKPrimaryNo
5Tax Policy, Legislation & Rulings
CodeBPAIADAAPrimaryNo
NAICS code2 codes
  • Executive, Legislative, and Other General Government Support921
  • Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors926150
Product category
Direct Tax Administration Services
Marketing channels7 records

Each record includes

Title, Type, Stage, Description, Source

Distribution channels4 records

Each record includes

Title, Type, Scope, Target buyer, Description, Source

Cost components5 values
Personnel, Technology or R&D, Operations, Infrastructure, Others
GTM typeB2B and B2C
B2B and B2C
Offering typeServices
Services
Core offering1 text field

The Income Tax Department of India administers direct tax collection and enforcement on behalf of the Government of India under the Central Board of Direct Taxes (CBDT). It operates the e-Filing portal for electronic filing of income tax returns, the TRACES system for TDS reconciliation and correction, and the Centralized Processing Centre (CPC) in Bengaluru for automated return processing. The department provides taxpayer services, conducts assessments (including face-less e-Assessment), processes refunds, manages international taxation including DTAA treaty administration, and issues Advance Pricing Agreements.

Differentiator
Functional benefit
Problem solved
Quantifiable outcome1 of 2 values shown
  • Automated processing of income tax returns through CPC reduces manual intervention and processing time
+1 more record
Product overview1 text field

The Income Tax Department of India operates a comprehensive suite of digital services centered on the e-Filing Portal for taxpayer interactions, supplemented by internal processing systems (CPC, ITBA, ITDMS) and taxpayer-facing tools (Form Wizard, Tax Tools, Reckoner, Tax Calendar). The e-Filing Portal serves as the primary gateway for electronic filing of returns, forms, and challans, while TRACES handles TDS reconciliation. The department has modernized through initiatives like e-Assessment (face-less assessment), the NUDGE compliance initiative, and the IT Bill Comparison Tool. The recently enacted Income-tax Act, 2025 consolidates India's direct tax framework, effective April 1, 2026.

Product and service2 records
1e-Filing Portal
CategoryTax e-Filing
2TRACES (TDS Reconciliation, Accounting and Correction Enabling System)
CategoryTDS Compliance
Scale indicator4 records

Each record includes

Type, Value, Description, Source

Partnership4 partners
Strategic tierCoreTypeOthers
Description

Authorized banks serve as collection agents for tax payments, TDS deposits, and challan processing under the e-governance framework. Banks integrate with IT department systems for real-time tax credit updates.

2India Code Portal
Strategic tierCoreTypeTechnology or Integration
Description

Integration with legislative.gov.in for accessing the consolidated Income-tax Act and Rules in a standardized digital format.

incometaxindia.gov.in
Strategic tierMinorTypeOthers
Description

Collaboration for public engagement initiatives including Man Ki Baat taxpayer awareness programs and government communication campaigns.

Strategic tierCoreTypeStrategic or Co-development Partner
Description

Engagement through BEPS (Base Erosion and Profit Shifting) actions, Automatic Exchange of Information (AEOI), FATCA compliance, and international tax cooperation initiatives including country-by-country reporting standards.

Recent move13 records

Each record includes

Date, Type, Title, Description, Source

Expansion highlight6 records

Each record includes

Type, Description

Peers10 records
TypeDirect peer
Description

U.S. federal tax administration agency under the Department of the Treasury with statutory authority to collect direct taxes. Most comparable global peer in scale and function - operates return processing infrastructure, enforcement, and digital taxpayer services similar to India's e-Filing and CPC systems.

TypeDirect peer
Description

UK tax authority administering direct taxes (Income Tax, Corporation Tax) with online filing services, digital compliance tools, and large-scale data analytics for evasion detection. Comparable in running national e-filing infrastructure and Making Tax Digital initiatives.

TypeDirect peer
Description

Canadian federal tax administrator operating with similar mandate to assess and collect direct taxes, including digital filing (NETFILE), taxpayer services, and automated processing at scale. Operates comparable compliance and audit functions.

TypeDirect peer
Description

Australian federal tax agency administering income tax with digital-first infrastructure, data-matching programs, and automated assessment. Comparable in operating a centralized processing environment and modern digital services platform.

TypeDirect peer
Description

Singapore's tax administrator operating e-Filing, myTax portal, and digital assessments with strong data-driven compliance. Comparable in its emphasis on digital taxpayer services and centralized automation.

TypeBroad incumbent
Description

Sister agency under the Ministry of Finance responsible for indirect taxes (GST, Customs) within the same government structure. Comparable as a peer Indian revenue board using similar digital infrastructure patterns but focused on a different tax stream.

TypeDirect peer
Description

South African national tax agency administering income tax with digital filing systems and centralized processing. Operates similar direct tax mandates with comparable compliance and enforcement mechanisms.

TypeDirect peer
Description

Japan's central tax administration operating e-Tax filing platform and centralized processing. Comparable large-scale direct tax administration with extensive digital taxpayer services and strict compliance enforcement.

TypeRegional player
Description

Pakistan's federal tax authority with comparable direct tax mandate and digital filing (IRIS) system serving a neighboring market. Operates similar e-filing and assessment infrastructure within South Asia.

TypeDirect peer
Description

Russian federal tax service operating large-scale digital taxpayer services, online filing, and centralized data analytics. Comparable in building a comprehensive digital tax infrastructure for a large national economy.

Market position
Strengths5 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat4 records

Each record includes

Type, Details

Key risks5 records

Each record includes

Headline, Details, Source

Key highlights6 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Segment4 records

Each record includes

Title, Type, Primary, Description, Pain point addressed, Use case, Source

Ideal customer profile4 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
Yes
API detail
Has APIbool
No

Docs URL, Description

AI capability2 records

Each record includes

Type, Description, Source

AI maturity
App detail

Has app

Feature5 records

Each record includes

Title, Differentiator, Description, Source

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles10 records

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
Compliance1 record

Each record includes

Name, Class, Description

Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Income Tax Department

Direct Tax Administration Servicesincometaxindia.gov.in

The Income Tax Department of India is the statutory authority under the CBDT that administers direct tax collection, compliance, and enforcement for every taxpayer in India through a pan-India digital and field-office platform spanning e-filing, automated processing, TDS reconciliation, and faceless assessments.

What Income Tax Department does

The Income Tax Department of India is the sole statutory authority for direct tax administration in India, operating under the Central Board of Direct Taxes (CBDT) within the Ministry of Finance, Government of India. It administers collection of direct taxes from every individual, HUF, company, firm, LLP, and exempt institution earning income subject to the Income-tax Act, 1961, and from April 1, 2026, the newly enacted Income-tax Act, 2025. The department serves the entire universe of Indian taxpayers through a hybrid model of pan-India physical Commissionerates and Directorates plus an extensive digital platform stack, with no fees charged for its mandated services.

Its core technology infrastructure comprises the e-Filing Portal for electronic return filing and taxpayer services; the Centralized Processing Centre (CPC) in Bengaluru for automated bulk processing of returns; TRACES for TDS certificate reconciliation; ITBA (Income Tax Business Application) as the internal processing system for officers; ITDMS for integrated taxpayer data management; and the e-Assessment/e-Proceedings system enabling faceless, electronic assessment. Supporting taxpayer-facing tools include the Form Wizard, Tax Tools, Reckoner, IT Bill Comparison Tool, International Taxation Portal, NUDGE initiative for voluntary compliance, Tax Calendar, and Tax Gyaan Quiz. The website conforms to GIGW 3.0 accessibility standards. Its business model is non-commercial: the department is funded through Government of India budget allocations, and taxpayer engagement is mandated by statute rather than purchased. International operations are conducted through Double Taxation Avoidance Agreements (DTAAs) and partnerships with the OECD on BEPS, AEOI, and FATCA frameworks, including 219 Advance Pricing Agreements signed in FY 2025-26.

Income Tax Department firmographics

Firmographics
Name
Income Tax Department
Legal name
Income Tax Department, Ministry of Finance, Government of India
Website
https://incometaxindia.gov.in
Company type
Public
Founded year
1961
Operating status
Operating
Headcount range
11–50 employees
Short description
The Income Tax Department of India is the statutory authority under the CBDT that administers direct tax collection, compliance, and enforcement for every taxpayer in India through a pan-India digital and field-office platform spanning e-filing, automated processing, TDS reconciliation, and faceless assessments.
Ownership category
akta.pro rank

Income Tax Department industry classification

Industry
Product category
Direct Tax Administration Services
NAICS
Executive, Legislative, and Other General Government Support (921), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150)
akta.pro primary industry
Revenue Systems, E-Filing & Digital Tax Administration (BPAIADAO)
akta.pro secondary industries
Tax Return Filing, Processing & Assessment (BPAIADAC), Withholding & Payroll Tax Administration (BPAIADAI), Dispute Resolution, Appeals & Tax Tribunals (BPAIADAK), Tax Policy, Legislation & Rulings (BPAIADAA)

Keywords

  • Direct tax administration
  • Income tax e-filing
  • Taxpayer compliance services
  • TDS reconciliation portal
  • Tax processing automation

Where Income Tax Department is headquartered

Location

Headquarters

HQ city
Indore
HQ country
India
HQ region
Asia

Offices4 records

Markets served

Income Tax Department business model

Business model
GTM type
B2B and B2C
Offering type
Services
Cost components
Personnel, Technology or R&D, Operations, Infrastructure, Others

Distribution channels4 records

Marketing channels7 records

Income Tax Department product offering

Product offering

Core offering

The Income Tax Department of India administers direct tax collection and enforcement on behalf of the Government of India under the Central Board of Direct Taxes (CBDT). It operates the e-Filing portal for electronic filing of income tax returns, the TRACES system for TDS reconciliation and correction, and the Centralized Processing Centre (CPC) in Bengaluru for automated return processing. The department provides taxpayer services, conducts assessments (including face-less e-Assessment), processes refunds, manages international taxation including DTAA treaty administration, and issues Advance Pricing Agreements.

Product overview

The Income Tax Department of India operates a comprehensive suite of digital services centered on the e-Filing Portal for taxpayer interactions, supplemented by internal processing systems (CPC, ITBA, ITDMS) and taxpayer-facing tools (Form Wizard, Tax Tools, Reckoner, Tax Calendar). The e-Filing Portal serves as the primary gateway for electronic filing of returns, forms, and challans, while TRACES handles TDS reconciliation. The department has modernized through initiatives like e-Assessment (face-less assessment), the NUDGE compliance initiative, and the IT Bill Comparison Tool. The recently enacted Income-tax Act, 2025 consolidates India's direct tax framework, effective April 1, 2026.

Differentiator

Problem solved

Functional benefit

Products and services

  • e-Filing Portal
  • TRACES (TDS Reconciliation, Accounting and Correction Enabling System)

Quantifiable outcome

  • Automated processing of income tax returns through CPC reduces manual intervention and processing time
  • +1 more outcomes

Companies that use Income Tax Department

Customer profile

Segments4 records

Ideal customer profiles4 records

Income Tax Department technology and API

Technology

Technology focussed Yes

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Income Tax Department partnerships and signals

Strategic signal

Partnerships

Four partnerships are on record, tiered core and minor.

  • Indian Banks and Financial InstitutionscoreOthersAuthorized banks serve as collection agents for tax payments, TDS deposits, and challan processing under the e-governance framework. Banks integrate with IT department systems for real-time tax credit updates.
  • India Code PortalcoreTechnology or IntegrationIntegration with legislative.gov.in for accessing the consolidated Income-tax Act and Rules in a standardized digital format.
  • MyGov PortalminorOthersCollaboration for public engagement initiatives including Man Ki Baat taxpayer awareness programs and government communication campaigns.
  • OECD (Organisation for Economic Co-operation and Development)coreStrategic or Co-development PartnerEngagement through BEPS (Base Erosion and Profit Shifting) actions, Automatic Exchange of Information (AEOI), FATCA compliance, and international tax cooperation initiatives including country-by-country reporting standards.

Scale indicators4 records

Recent moves13 records

Expansion highlights6 records

Income Tax Department competitors and assessment

Company assessment

Direct peers

  • Internal Revenue Service (IRS): U.S. federal tax administration agency under the Department of the Treasury with statutory authority to collect direct taxes. Most comparable global peer in scale and function - operates return processing infrastructure, enforcement, and digital taxpayer services similar to India's e-Filing and CPC systems.
  • HM Revenue & Customs (HMRC): UK tax authority administering direct taxes (Income Tax, Corporation Tax) with online filing services, digital compliance tools, and large-scale data analytics for evasion detection. Comparable in running national e-filing infrastructure and Making Tax Digital initiatives.
  • Canada Revenue Agency (CRA): Canadian federal tax administrator operating with similar mandate to assess and collect direct taxes, including digital filing (NETFILE), taxpayer services, and automated processing at scale. Operates comparable compliance and audit functions.
  • Australian Taxation Office (ATO): Australian federal tax agency administering income tax with digital-first infrastructure, data-matching programs, and automated assessment. Comparable in operating a centralized processing environment and modern digital services platform.
  • Inland Revenue Authority of Singapore (IRAS): Singapore's tax administrator operating e-Filing, myTax portal, and digital assessments with strong data-driven compliance. Comparable in its emphasis on digital taxpayer services and centralized automation.
  • South African Revenue Service (SARS): South African national tax agency administering income tax with digital filing systems and centralized processing. Operates similar direct tax mandates with comparable compliance and enforcement mechanisms.
  • National Tax Agency (Japan): Japan's central tax administration operating e-Tax filing platform and centralized processing. Comparable large-scale direct tax administration with extensive digital taxpayer services and strict compliance enforcement.
  • Federal Tax Service of Russia (FTS): Russian federal tax service operating large-scale digital taxpayer services, online filing, and centralized data analytics. Comparable in building a comprehensive digital tax infrastructure for a large national economy.

Broad incumbents

  • Central Board of Indirect Taxes and Customs (CBIC) - India: Sister agency under the Ministry of Finance responsible for indirect taxes (GST, Customs) within the same government structure. Comparable as a peer Indian revenue board using similar digital infrastructure patterns but focused on a different tax stream.

Regional players

  • Federal Board of Revenue (Pakistan): Pakistan's federal tax authority with comparable direct tax mandate and digital filing (IRIS) system serving a neighboring market. Operates similar e-filing and assessment infrastructure within South Asia.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Income Tax Department social profiles

Digital presence

Income Tax Department compliance and trust

Trust signal

Compliance1 record

Income Tax Department financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Income Tax Department leadership team

Management profile

Number of profiles

Profiles10 records

Income Tax Department funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Income Tax Department M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Income Tax Department

What does Income Tax Department do?

The Income Tax Department of India administers direct tax collection and enforcement on behalf of the Government of India under the Central Board of Direct Taxes (CBDT). It operates the e-Filing portal for electronic filing of income tax returns, the TRACES system for TDS reconciliation and correction, and the Centralized Processing Centre (CPC) in Bengaluru for automated return processing. The department provides taxpayer services, conducts assessments (including face-less e-Assessment), processes refunds, manages international taxation including DTAA treaty administration, and issues Advance Pricing Agreements.

Is Income Tax Department a public or private company?

Income Tax Department is a public company. It is classified as state government owned and is currently operating.

When was Income Tax Department founded?

Income Tax Department was founded in 1961. It employs 11 to 50 people.

Where is Income Tax Department based?

Income Tax Department is headquartered in Indore, India, in the Asia region.

Who are Income Tax Department's main competitors?

Direct peers on record are Internal Revenue Service (IRS), HM Revenue & Customs (HMRC), Canada Revenue Agency (CRA), Australian Taxation Office (ATO), Inland Revenue Authority of Singapore (IRAS), South African Revenue Service (SARS), National Tax Agency (Japan) and Federal Tax Service of Russia (FTS). Central Board of Indirect Taxes and Customs (CBIC) - India is listed as a broad incumbent. Federal Board of Revenue (Pakistan) is listed as a regional player.

Does Income Tax Department have an API?

No public API is recorded for Income Tax Department.

What industry is Income Tax Department in?

Income Tax Department's product category is Direct Tax Administration Services. Its primary akta.pro industry code is BPAIADAO, Revenue Systems, E-Filing & Digital Tax Administration, with a secondary code of BPAIADAC, Tax Return Filing, Processing & Assessment. Its NAICS code is 921.

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Live signals
ScanXICICI Prudential Life gets ₹278.9 Cr tax demand for AY24; files appealICICI Prudential Life received a rectification order from the Income Tax Department on October 14, 2026, for Assessment Year 2024, resulting in a total demand of ₹278.9 crore. The demand includes ₹215.6 crore in reduced tax and ₹63.3 crore in interest, with the company filing an appeal and stating no adverse material impact.Financial ExpressTax audit deadline: How the Income Tax Department is using data to flag delayed filings?The Income Tax Department reminded 12,000 tax professionals to file pending audit reports for AY 2026-27 by 21 October 2026. Failure to comply can attract a penalty under Section 271B, capped at Rs 1.5 lakh, plus late-filing fees and interest. The deadline extension also applies to income-tax return filing for audit cases.TimesNowNet Direct Tax Collections Rise 13.21% To Rs 13.38 Lakh Crore In FY27India's net direct tax collections rose 13.21% to Rs 13.38 lakh crore by October 14 in FY27, per the Income Tax Department. Gross collections grew 14.89% while refunds surged 24.22%, moderating net growth. Corporate and non-corporate tax collections both increased, with STT receipts up 51.6%.Ani NewsIT Department challenges tax deduction for compensation linked to Uphaar Cinema tragedyThe Delhi High Court issued notice to Ansal Theatre & Clubotels on an Income Tax Department appeal challenging an ITAT order. The department disallowed ₹10.45 crore in compensation and legal expenses, while the ITAT partly allowed it, leaving ₹25 lakh punitive damages disallowed. The appeal seeks to contest the tax deductibility of the expenditure.NDTV ProfitIndia's Net Direct Tax Collections Rise 13.2% To Rs 13.38 Lakh CroreIndia's net direct tax collections rose 13.21% year on year to Rs 13.38 lakh crore as of October 14 in FY27, according to the Income Tax Department. Gross collections increased 14.89% to Rs 16.03 lakh crore, while refunds climbed 24.22% to Rs 2.65 lakh crore. Corporate tax collections rose 20.57% to Rs 5.99 lakh crore.The TribuneNet direct tax collections rise 13.21% to Rs 13.38 lakh crore so far in FY27India's net direct tax collections rose 13.21% year-on-year to Rs 13.38 lakh crore as of October 14 in FY27, per the Income Tax Department. Gross collections increased 14.89% to Rs 16.03 lakh crore, while refunds rose 24.22% to Rs 2.65 lakh crore.Ani NewsNet direct tax collections rise 13.21% to Rs 13.38 lakh crore so far in FY27India's net direct tax collections rose 13.21% year-on-year to Rs 13.38 lakh crore as of October 14 in FY27, per the Income Tax Department. Gross collections increased 14.89% to Rs 16.03 lakh crore, while refunds rose 24.22% to Rs 2.65 lakh crore.Business News TodayCan the Income Tax Department attach your PPF account to recover tax dues?- Moneycontrol.comPPF deposits are protected from attachment by the Income Tax Department under Section 14A of the Government Savings Promotion Act and Rule 225(10) of the Income-tax Rules, 2026. A Gujarat High Court ruling barred attachment of a taxpayer's PPF balance for tax recovery, but the tax liability remains enforceable against other assets. Taxpayers should challenge attachments promptly and pursue appeals.Business StandardTax audit deadline extended to Oct 21: Who must file and what to checkThe Income Tax Department extended the tax audit report deadline to October 21 and contacted 12,000 professionals who filed fewer than 50% of their prior-year reports. Over 195,000 lakh audit reports have been filed, but the department seeks to clear pending work. Taxpayers should verify completion with their professionals before the deadline.Business News TodayNirmala Sitharaman's remark puts LTCG in focus: Rates, calculation and what I-T dept says- Moneycontrol.comFinance Minister Nirmala Sitharaman's remarks on LTCG tax and STT rekindled investor hopes for tax relief in the Union Budget 2027, with the Sensex rallying over 1,100 points. The Income Tax Department outlines LTCG rates: 12.5% without indexation for transfers on or after July 23, 2024, and 20% with indexation for earlier transfers, plus a 12.5% rate on gains exceeding Rs 1.25 lakh for listed equity and mutual funds.