Income Tax News

Income Tax Department Releases Excel Utility of ITR-6 for AY 2025-26

15 August 2025 at 08:20

The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.

Posted in Income Tax | 426 Views

New Income Tax Bill 2025 Clears Confusion on Rental Income, Home Loan Deductions

15 August 2025 at 07:50

New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.

Posted in Income Tax | 1848 Views

Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025

15 August 2025 at 07:42

Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.

Posted in Income Tax | 16545 Views

Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025

15 August 2025 at 07:18

Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.

Posted in Income Tax | 1257 Views

Finance Ministry Issues Corrigendum to IT Bill, Clarifies Interest on Advance Tax Short-Payment

14 August 2025 at 09:10

The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.

Posted in Income Tax | 1476 Views

Net Direct Tax Collections Drop 3.95% YoY to Rs 6.64 Lakh Crore as of August 11

14 August 2025 at 08:56

India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year

Posted in Income Tax | 186 Views

New Income Tax Bill 2025 Simplifies Tax Law Without Changing Rates: FM Nirmala Sitharaman

14 August 2025 at 08:49

Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.

Posted in Income Tax | 1281 Views

Revised Income Tax Bill Empowers Authorities to Access Digital Assets During Search Operations

14 August 2025 at 08:42

The updated Income Tax Bill 2025 expands Section 132, granting tax officials controlled access to digital data including emails, crypto and cloud storage, during authorised search and seizure operations.

Posted in Income Tax | 1005 Views

Income Tax Bill 2025: Full Tax Exemption on Commuted Pension for All Eligible Pensioners

14 August 2025 at 08:38

The Income Tax Bill 2025 brings major relief to pensioners by exempting commuted pension from tax for both government and private sector investors in approved pension funds, effective April 2026.

Posted in Income Tax | 2553 Views

Rajya Sabha Passes New Income Tax Bill 2025 by Voice Vote to Replace Six-Decade-Old Act

13 August 2025 at 09:35

Parliament passes New Income Tax Bill 2025 and Taxation Laws (Amendment) Bill to modernise India's direct tax regime, replacing the Income Tax Act, 1961 with updated provisions for individuals and businesses.

Posted in Income Tax | 1 comments | 3666 Views