Income Tax News

Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG

20 August 2025 at 09:05

CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.

Posted in Income Tax | 2262 Views

New Income Tax Bill, 2025: Major Corporate Tax Reforms to Simplify Compliance and Boost Certainty

20 August 2025 at 08:56

The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation

Posted in Income Tax | 4854 Views

Bombay HC Quashes Tax Notice to Wife in Rs 6.75 Crore Mumbai Property Case

18 August 2025 at 08:42

A recent ruling by the Bombay High Court has provided significant relief in a joint property ownership dispute, reinforcing the principle that tax reassessments must be based on credible evidence rather than assumptions of ownership.

Posted in Income Tax | 3696 Views

CBDT, CBIC Face Massive Staff Shortages Amid Push for New Tax Reforms

18 August 2025 at 08:30

CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.

Posted in Income Tax | 3024 Views

ICAI Issues Checklist for Filing ITR-1 and ITR-4 for AY 2025-26

18 August 2025 at 08:30

ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.

Posted in Income Tax | 9669 Views

Income Tax Department Probes CSR-Linked Suspected Money Laundering Network

18 August 2025 at 08:29

Income Tax Dept uncovers CSR-linked money laundering; companies routed funds via bogus trusts to evade tax and claim wrongful deductions.

Posted in Income Tax | 432 Views

CBDT Amends Form No. 7 to include both Assessment Year and Block Period Effective from 1st September 2025

18 August 2025 at 08:29

CBDT notifies Income-tax (21st Amendment) Rules, 2025, effective September 1, revising Form No. 7 to include “block period” along with “assessment year.”

Posted in Income Tax | 2436 Views

ICAI Welcomes New Income Tax Bill for Promoting Investment and Simplifying Tax Regime

16 August 2025 at 08:58

ICAI has welcomed the new Income Tax Bill, effective April 1, 2026, calling it a simpler, clearer framework that incorporates 90 of its suggestions to boost ease of doing business and attract investment.

Posted in Income Tax | 1827 Views

From Zero Tax to 40,000 Compliance Cuts: PM Modi Outlines Decade of Transformation on 79th Independence Day

16 August 2025 at 08:38

On India’s 79th Independence Day, PM Modi announced sweeping reforms to build a self-reliant, citizen-friendly nation.

Posted in Income Tax | 1329 Views

Facility for Filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-3 and ITR-4 Now Available

15 August 2025 at 08:46

The Income Tax Department has announced that taxpayers can now file updated returns for Assessment Years (AY) 2021-22 and AY 2022-23 using ITR-3 and ITR-4 forms.

Posted in Income Tax | 231 Views