Income Tax News

NPCI Launches Real-Time PAN and Bank Account Validation API on Income Tax Portal

23 June 2025 at 09:32

The National Payments Corporation of India (NPCI) has introduced a new real-time PAN and bank account validation facility on the income tax e-filing portal.

Posted in Income Tax | 2988 Views

Gross Direct Tax Collection Rises 4.86% in FY26 Despite Surge in Refunds

23 June 2025 at 09:16

While gross collections surged by 4.86%, reaching Rs 5.45 lakh crore, a significant rise in refunds-up by 58.04%-brought down the net collections.

Posted in Income Tax | 1014 Views

CBDT Reviews Status of Follow-Up Actions Under Exchange of Information Framework

23 June 2025 at 09:13

Some media reports have suggested that money deposited in bank accounts of Indian entities in Switzerland has increased. It is reported that the data pertains to different types of funds, including deposits from enterprises, banks and individuals.In

Posted in Income Tax | 231 Views

Income Tax Dept Uncovers Rs 29,208 Crore in Undisclosed Foreign Assets via Belated Returns

23 June 2025 at 09:09

The Income Tax Department identifies Rs 29,208 crore in foreign assets through belated returns for AY 2024-25. CBDT intensifies scrutiny using global data-sharing mechanisms amid spike in Indian deposits in Swiss banks.

Posted in Income Tax | 1704 Views

Senior Citizens Welfare Fund Deposits to Earn 3.35% Interest for FY 2024-25

21 June 2025 at 07:57

The Ministry of Finance has announced that deposits made under the Senior Citizens Welfare Fund (SCWF) will earn 3.35% interest for the financial year 2024-25. The interest rate will apply retrospectively from April 1, 2024, to March 31, 2025.

Posted in Income Tax | 993 Views

TDS Exemption for IFSC Units Under Section 80LA Effective July 1, 2025

21 June 2025 at 07:56

In a major relief aimed at bolstering India's International Financial Services Centres (IFSCs), the Central Government has issued a notification exempting TDS on certain payments made to units operating in IFSCs

Posted in Income Tax | 1659 Views

CBDT Notifies Tax Exemption for Forum of Regulators Under Section 10(46) of Income Tax Act

20 June 2025 at 09:27

CBDT has issued Notification No. 66/2025, dated June 19, 2025, granting income tax exemption under section 10(46) of the Income-tax Act, 1961 to the Forum of Regulators, a statutory body constituted by the Government of India under the Ministry of Power.

Posted in Income Tax | 240 Views

Income Tax Department Shimla Hosts Outreach Programme to Promote Advance Tax Awareness

19 June 2025 at 09:16

The Income Tax Department in Shimla organized a proactive outreach programme to raise awareness about advance tax compliance, attended by CAs, industry leaders, and hospitality sector representatives.

Posted in Income Tax | 141 Views

CBDT Notifies Dental Council of India as Tax-Exempt Entity Under Section 10(46A)

19 June 2025 at 09:13

The Ministry of Finance has notified the Dental Council of India as a tax-exempt entity under Section 10(46A) of the Income-tax Act, 1961, effective from AY 2024–25. Learn more about the latest CBDT notification.

Posted in Income Tax | 219 Views

Charitable and Religious Trusts to Face Stricter Income Tax Scrutiny in FY 2025-26

17 June 2025 at 09:39

The Central Board of Direct Taxes (CBDT) has issued fresh guidelines for compulsory selection of income-tax returns (ITRs) for scrutiny during the 2025-26 assessment year.

Posted in Income Tax | 3798 Views