Income Tax News

IT Department Recovers Rs 1,400 Crore From 63,000 Donors Linked to Dubious Political Donations

06 May 2025 at 09:01

Income Tax Department has recovered Rs 1,400 crore from over 63,000 individuals who evaded taxes by falsely claiming deductions for donations made to RUPPs during the financial years 2022-23 and 2023-24.

Posted in Income Tax | 2757 Views

Finance Ministry Notifies Five NBFCs for Aadhaar-Based Authentication Under PMLA

06 May 2025 at 08:52

The Ministry of Finance has authorized five NBFCs to conduct Aadhaar-based authentication under the PMLA, marking another step towards strengthening digital identity verification in the financial sector.

Posted in Income Tax | 1845 Views

CBDT Notifies New ITR Form ITR-2 for AY 2025-26

05 May 2025 at 15:46

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 4569 Views

CBDT Notifies New ITR-5 Form for AY 2025-26

03 May 2025 at 08:49

The Central Board of Direct Taxes (CBDT) has officially notified a revised Income Tax Return (ITR) Form 5 applicable for Assessment Year 2025-26.

Posted in Income Tax | 2880 Views

CBDT Releases Amended Income Tax Act, 1961 Updated by Finance Act, 2025

03 May 2025 at 08:37

The Central Board of Direct Taxes (CBDT) has released the updated version of the Income-tax Act, 1961, incorporating amendments introduced by the Finance Act, 2025.

Posted in Income Tax | 4392 Views

CBDT Notifies New ITR-3 Form for AY 2025-26

02 May 2025 at 08:58

In a significant move towards streamlining income tax return filings, the Central Board of Direct Taxes (CBDT) has notified the new ITR-3 form for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025.

Posted in Income Tax | 5994 Views

Delhi Court Extends CBI Custody of IRS Officer and CA in Faceless IT Scheme Bribery Case

01 May 2025 at 08:52

A Delhi court on Tuesday extended the CBI custody of a senior Income Tax official and a Chartered Accountant for two more days in connection with a bribery case linked to the government's "faceless" income tax assessment scheme.

Posted in Income Tax | 2088 Views

CBDT Notifies ITR Forms 1 and 4 for AY 2025-26

30 April 2025 at 09:02

CBDT has notified the Income-tax (Twelfth Amendment) Rules, 2025 through Notification No. 40/2025, dated April 29, 2025, amending the Income-tax Rules, 1962. The revised ITR-1 and ITR-4 forms are now applicable for AY 2025-26.

Posted in Income Tax | 9948 Views

CBDT Sets Aggressive Rs 2.4 Lakh Crore Target to Unearth Black Money in FY 2025-26

29 April 2025 at 08:52

In a bold move to curb black money and strengthen the formal economy, the CBDT has unveiled an aggressive action plan for the fiscal year 2025-26.

Posted in Income Tax | 2421 Views

Faceless IT Scheme Sabotage: CBI Arrests Senior IRS Officer, Private Individual

26 April 2025 at 09:00

CBI arrests two accused including an IRS Officer and a private person on allegations of involvement in sabotaging the Faceless Scheme of Income Tax Assessment

Posted in Income Tax | 2 comments | 3570 Views