Income Tax News

Direct Tax Collections Rise 13.57% in FY 2024-25

26 April 2025 at 08:57

Direct tax collections for the financial year 2024-25 have recorded a significant upswing, with net collections reaching Rs 22.26 lakh crore as of March 31, 2025, according to provisional data released by CBDT

Posted in Income Tax | 1479 Views

CBDT Clarifies Disallowance of Legal Settlement Expenses under Section 37 via FAQs

25 April 2025 at 08:56

CBDT issues FAQs on Notification No. 38/2025 clarifying that expenses incurred to settle proceedings under SEBI, Competition, and Depositories laws will not qualify for tax deductions under Section 37 of the Income-tax Act from AY 2025-26 onwards.

Posted in Income Tax | 3369 Views

IT Department Issues Notices to Salaried Taxpayers Over 'Unrealistic' Exemption Claims in ITRs

25 April 2025 at 08:40

The Income Tax Department has issued a wave of notices to salaried taxpayers since the beginning of the financial year, flagging "unrealistic" exemption claims made in their income tax returns (ITRs), according to official sources.

Posted in Income Tax | 143511 Views

Luxury Items Over Rs 10 Lakh to Attract TCS - Key FAQs Issued

24 April 2025 at 09:07

CBDT Notifies Luxury Items for TCS - FAQs on Section 206C(1F) Update

Posted in Income Tax | 2787 Views

CBDT Rules Out Tax Relief for Penalty Settlements in SEBI, Competition Law Violations

24 April 2025 at 08:43

CBDT has issued a crucial notification clarifying that any expenditure incurred by businesses to settle proceedings related to violations under key financial and competition laws will not qualify as deductible business expenses under the IT Act, 1961.

Posted in Income Tax | 2142 Views

CBDT Amends Form 27EQ: TCS Now Applicable on Luxury Goods and Collectibles

23 April 2025 at 08:57

In a move aimed at expanding the tax base and ensuring better traceability of high-value transactions, the Central Board of Direct Taxes (CBDT) has issued a notification amending the Income-tax Rules, 1962.

Posted in Income Tax | 4983 Views

Form 10AB Filing Activated: Charitable Trusts Can Now Seek Section 12A Relief

21 April 2025 at 08:26

In a significant relief to charitable and religious institutions, the Income Tax Department has now enabled the filing of condonation requests through Form 10AB on the e-filing portal.

Posted in Income Tax | 5295 Views

Income Tax Dept Clarifies Tax Exemption Rules for DPIIT-Recognised Startups

21 April 2025 at 08:25

In a significant clarification aimed at fostering ease of doing business, the Income Tax Department on Friday reiterated that DPIIT-recognised startups are eligible for multiple tax exemptions

Posted in Income Tax | 1857 Views

Income Tax Dept Probes Startups on Foreign Funds from Singapore

19 April 2025 at 07:22

In a significant move that could impact India's thriving startup ecosystem, the Income Tax Department has issued show cause notices to multiple startups regarding foreign investments routed through Singapore over the past five years.

Posted in Income Tax | 1404 Views

Tea Stall Worker in Gujarat Shocked After Receiving Rs 115 Crore Income Tax Notice

19 April 2025 at 07:22

As the financial year nears its end and salaried professionals across India gear up for tax filings, an unusual and baffling incident has emerged from Gujarat. ..

Posted in Income Tax | 465 Views