Income Tax News

Lok Sabha Select Committee Proposes Changes to Income Tax Bill, 2025

18 July 2025 at 09:24

The Select Committee of the 18th Lok Sabha has finalized the Income-Tax Bill, 2025, aiming to consolidate and reform India's direct tax structure.

Posted in Income Tax | 2331 Views

AI Detects Tax Evasion in Hyderabad Using Font Analysis of Forged Capital Gains Bills

18 July 2025 at 09:13

The Income Tax Department uses AI to detect a forged capital gains bill in Hyderabad. A Calibri font, not public in 2002, exposed the fraud.

Posted in Income Tax | 1236 Views

ITR-2 Now Enabled for Online Filing with Prefilled Data on Income Tax Portal

18 July 2025 at 09:08

ITR-2 is now live for online filing with prefilled data on the Income Tax portal. Taxpayers can file seamlessly without uploading JSON files.

Posted in Income Tax | 738 Views

Revised Tax Audit Forms 3CA-3CD and 3CB-3CD Enabled on e-Filing Portal

18 July 2025 at 09:04

Revised Forms 3CA-3CD and 3CB-3CD Now Live on Income Tax e-Filing Portal Following Notification No. 23/2025

Posted in Income Tax | 2664 Views

Finance Ministry Notifies Amendments to Special Benami Courts in Raipur and Jaipur

18 July 2025 at 08:57

The Ministry of Finance has notified amendments to special courts under the Benami Property Act, 1988, updating designations in Raipur and Jaipur via Notification No. 117/2025 dated July 17, 2025.

Posted in Income Tax | 66 Views

Parliamentary Panel Set to Adopt Report on New Income Tax Bill Ahead of Monsoon Session Push

17 July 2025 at 09:09

A Parliamentary Committee is set to adopt its report on the Income Tax Bill, 2025, ahead of the Monsoon Session. The Bill aims to replace the 1961 Act, simplify procedures, and unify the tax year concept. CBDT begins training for implementation by 2026.

Posted in Income Tax | 1 comments | 1854 Views

Income Tax Department Cracks Down on Bogus Refunds Claimed by MNC, PSU and Govt Employees

17 July 2025 at 08:54

Income Tax Department cracks down on fake tax refund claims by MNC, PSU, and govt employees. Large-scale verification exposes misuse of deductions under Sections 80D, 80G, 10(13A) and more. Refunds withheld; penalties and prosecutions begin.

Posted in Income Tax | 2892 Views

CBDT Reports Income Tax Refund Time Slashed to 17 Days in 2024 from 93 Days in 2013

16 July 2025 at 09:01

India cuts income tax refund time from 93 to 17 days, driven by digital reforms. Refunds surge 474% as taxpayer base and collections rise sharply.

Posted in Income Tax | 2190 Views

CBDT Notifies Tax Exemption for District Legal Services Authorities in Haryana

15 July 2025 at 08:57

CBDT notifies tax exemption under Section 10(46) for District Legal Services Authorities in Haryana for AY 2024-25 to 2028-29, covering income from grants, court orders, fees and bank interest.

Posted in Income Tax | 189 Views

Income Tax Department Cracks Down on Fake Deductions: Rs 1045 Crore Claims Withdrawn

15 July 2025 at 08:36

The Income Tax Department has launched a massive verification drive targeting fraudulent ITR filings involving bogus deductions under sections 10(13A), 80GGC, 80D, 80G, and others.

Posted in Income Tax | 4560 Views