Income Tax News

ICSI Calls for Recognition of Company Secretaries as 'Accountants' Under Income Tax Bill

02 August 2025 at 09:05

The Institute of Company Secretaries of India (ICSI) urges the government to recognise CS professionals as accountants and calls for a comprehensive overhaul of taxation laws

Posted in Income Tax | 3 comments | 14826 Views

CBI Arrests Income Tax Inspector and Middleman in Rs 70,000 Bribery Case in Vijayawada

01 August 2025 at 09:33

The CBI has arrested an Income Tax Inspector in Vijayawada and a middleman for accepting a Rs 70,000 bribe from a businessman in Eluru to suppress departmental action. A trap was laid following a complaint, and both accused are now in custody.

Posted in Income Tax | 2181 Views

ICAI Warns of Action Against CAs Violating New Tax Audit Limits

01 August 2025 at 09:31

ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.

Posted in Income Tax | 3465 Views

75 Year Old Senior Citizen Gets IT Notice for AY 2014

01 August 2025 at 09:17

75-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.

Posted in Income Tax | 4074 Views

Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules

01 August 2025 at 09:08

The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.

Posted in Income Tax | 1779 Views

Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth

31 July 2025 at 09:26

FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.

Posted in Income Tax | 1260 Views

Income Tax Department Releases Offline and Online Utility for ITR-3 Filing for AY 2025-26

31 July 2025 at 09:03

The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.

Posted in Income Tax | 1 comments | 228 Views

Karnataka MP Raises Concerns Over Income Tax Act Amendments Impacting CA Services

30 July 2025 at 09:18

MP G. Kumar Naik has raised concerns that the proposed amendments to the Income Tax Act may negatively impact Chartered Accountants.

Posted in Income Tax | 543 Views

No Change in LTCG Tax Rates in Income Tax Bill 2025, Clarifies IT Department

30 July 2025 at 09:12

The IT Department has clarified that the Income Tax Bill, 2025 does not propose any changes to LTCG tax rates. The Bill focuses on simplifying language and removing obsolete provisions, with all ambiguities to be addressed during the legislative process.

Posted in Income Tax | 2247 Views

ICAI Limits 60 Tax Audit Assignments Per CA Partner from FY 2026-27

30 July 2025 at 09:05

ICAI has issued new guidelines titled "The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025," capping tax audit assignments at 60 per CA per year, effective from April 1, 2026

Posted in Income Tax | 9225 Views