Income Tax News

No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill

24 July 2025 at 09:26

Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.

Posted in Income Tax | 1323 Views

Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore

24 July 2025 at 09:16

The Finance Ministry informed Parliament that Rs 35,105 crore in tax and penalties have been raised under the Black Money Act, 2015, but only Rs 338 crore has been recovered so far.

Posted in Income Tax | 1230 Views

Centre Waived Rs 99,000 Crore in Corporate Taxes in FY24: Govt Tells Rajya Sabha

24 July 2025 at 08:50

The Centre waived Rs 98,999 crore in corporate tax revenue in FY 2023-24, continuing its policy of incentivizing businesses through lower tax rates and deductions, Minister of State for Finance Pankaj Chaudhary informed Parliament.

Posted in Income Tax | 285 Views

Income Tax Bill 2025: Parliamentary Panel Retains Powers for Tax Officials to Access Social Media and Emails

23 July 2025 at 09:27

The Parliamentary panel reviewing the Income Tax Bill, 2025 has retained provisions allowing tax officials to access social media and email accounts during searches. Stakeholder concerns over privacy were dismissed. Read full details.

Posted in Income Tax | 2412 Views

Income Tax Bill 2025: Panel Recommends No Penalty for Late TDS Refund Claims

23 July 2025 at 09:21

Parliamentary panel recommends changes to the Income Tax Bill, 2025, including allowing late TDS refund claims and exempting anonymous donations to religious-cum-charitable trusts.

Posted in Income Tax | 3297 Views

Offline Utility for ITR-2 for AY 2025-26 Now Available for Filing

23 July 2025 at 08:56

Download the offline utility for ITR-2 for AY 2025-26. File income tax returns easily for capital gains, foreign assets, and more. Now available on the portal.

Posted in Income Tax | 276 Views

Tax Audit Must Remain CA-Only Function, Say Experts in Income Tax Bill Review

22 July 2025 at 10:18

Experts have urged the govt to retain the current definition of 'accountant' u/s 288 of the IT Act, emphasizing that tax audit functions must remain the exclusive domain of Chartered Accountants to maintain audit quality and legal consistency.

Posted in Income Tax | 3183 Views

Lok Sabha Select Committee Submits Key Recommendations on Income Tax Bill, 2025

22 July 2025 at 09:23

The Lok Sabha Select Committee has submitted its report on the Income Tax Bill, 2025, recommending critical amendments for clarity, fairness and alignment with current tax practices.

Posted in Income Tax | 2127 Views

CBDT Relaxes TDS/TCS Norms for Inoperative PANs Linked with Aadhaar

22 July 2025 at 09:06

CBDT eases TDS/TCS rules for inoperative PANs. Relief granted if PAN is linked with Aadhaar within specified timelines. Know new compliance norms.

Posted in Income Tax | 3204 Views

AI-Powered Probe Helps Income Tax Dept Expose Fake Exemption Rackets

21 July 2025 at 09:22

Income Tax Department busts nationwide scam using AI and financial intelligence, exposing fake ITR deductions and inflated refund claims facilitated by rackets across India. CBDT issues caution to taxpayers.

Posted in Income Tax | 2088 Views