Income Tax News

Supreme Court Denies 40% Tax Deduction to Statutory Corporations on Non-Lending Income

15 December 2025 at 06:44

Supreme Court rules that statutory corporations cannot claim the 40% tax deduction under Section 36(1)(viii) on income from dividends, deposits, or service charges, limiting the benefit strictly to profits derived from long-term financing activities.

Posted in Income Tax | 588 Views

Income Tax Dept Detects Over Rs 1000 Crore Tax Evasion in Refex Group Searches

15 December 2025 at 06:44

The Income Tax Department has detected over Rs 1,000 crore in alleged tax evasion during search operations on Refex Group and its associates, uncovering bogus purchases, unexplained foreign investments and benami funding.

Posted in Income Tax | 165 Views

CBDT Nudges Taxpayers to Withdraw Bogus Donation Claims Using Data-Driven Tax Scanner

15 December 2025 at 06:44

CBDT has launched a data-driven NUDGE campaign to curb bogus tax deductions under Sections 80G and 80GGC.

Posted in Income Tax | 840 Views

Gujarat High Court Orders IT Refund to Ex-Serviceman on Disability Pension

12 December 2025 at 06:47

Gujarat High Court has ruled that disability pension is fully tax-exempt even for ex-servicemen who retire voluntarily.

Posted in Income Tax | 861 Views

CBDT Issues Over 44,000 Alerts for Undisclosed Crypto Transactions

12 December 2025 at 06:47

CBDT issues over 44,000 notices for undisclosed crypto transactions as ED attaches Rs 4,189 crore. TDS collections on crypto double, revealing major compliance gaps.

Posted in Income Tax | 1971 Views

Income Tax Disputes Cross 5 Lakh Cases: Centre Shares Five-Year Pendency Data

11 December 2025 at 07:00

The Finance Ministry has released five-year data on income tax disputes, revealing over 5 lakh pending appeals and more than Rs 16 lakh crore locked in litigation across CIT(A), ITAT, High Courts and the Supreme Court.

Posted in Income Tax | 7371 Views

Income Tax Act 2025: New ITR Forms to Be Issued Before 2027-28

10 December 2025 at 07:06

New ITR forms under the Income Tax Act, 2025 will be notified before FY 2027-28, the Finance Ministry confirmed. CBDT is simplifying ITR and TDS forms ahead of the new tax law effective April 1, 2026.

Posted in Income Tax | 2010 Views

ITAT Ahmedabad Restores NRI's Appeal Despite 621-Day Delay Due to Wrong Email Notices

10 December 2025 at 06:44

ITAT Ahmedabad restores an NRI's appeal delayed by 621 days after finding that the CIT(A) sent notices to the wrong email address. Tribunal flags faceless appeal lapses.

Posted in Income Tax | 807 Views

Delhi Police Bust Fake Police & IT Squad in 1 kg Gold Robbery

09 December 2025 at 06:45

Delhi Police arrested five men running a fake police and bogus IT squad behind a 1 kg gold heist. In a separate action, police busted a phone-snatching racket linked to an international smuggling network.

Posted in Income Tax | 1119 Views

FM Sitharaman Says Customs Reform Is Next Big Focus After Income Tax & GST Overhaul

09 December 2025 at 06:45

FM Nirmala Sitharaman says customs reform is the government's next big focus after GST and income tax overhaul. Rupee slide, inflation, and RBI's upgraded GDP forecast also discussed.

Posted in Income Tax | 1116 Views