Income Tax News

IT Department Flags 1.65 Lakh ITRs for Scrutiny in AY 2025 - 3X Surge Over Previous Years

30 June 2025 at 09:13

The Income Tax Department has selected around 1.65 lakh cases for scrutiny assessment for AY 2025, marking a significant rise from previous years.

Posted in Income Tax | 2 comments | 21522 Views

CBDT Directs Tax Officers to Ensure 'Application of Mind' in Scrutiny Notices, Avoid Irrelevant Queries

28 June 2025 at 09:16

The Central Board of Direct Taxes (CBDT) has issued a directive to Income Tax Department officials across India, emphasizing the need for "due application of mind" while issuing scrutiny notices.

Posted in Income Tax | 8490 Views

Finance Ministry May Amend Income Tax Bill 2025 to Restore Section 80M for 22% Tax Regime

28 June 2025 at 09:12

The Ministry of Finance is expected to amend the draft Income Tax Bill, 2025, to reinstate Section 80M benefits for companies opting for the 22% concessional tax regime under Section 115BAA.

Posted in Income Tax | 24621 Views

31 Banks Now Available for Tax Payments via e-Filing Portal

27 June 2025 at 09:23

The Income Tax Department has expanded the list of banks available on the e-Filing portal's e-Pay Tax service to 31.

Posted in Income Tax | 774 Views

Bombay HC Orders Rs 19.44 Lakh Reward to 76 Year Old Whistleblower After 29 Years in Rs 361 Crore Tax Evasion Case

27 June 2025 at 09:22

After 29 years, whistleblower Darshan Singh Parmar secures Rs 19.44 lakh reward for exposing a Rs 361 crore tax evasion racket. Bombay HC slams Maharashtra govt for delay and bureaucratic apathy.

Posted in Income Tax | 1701 Views

India-Oman Double Taxation Agreement Amended

27 June 2025 at 09:22

The Government of India has officially notified the Protocol amending the 1997 Double Taxation Avoidance Agreement (DTAA) between India and the Sultanate of Oman.

Posted in Income Tax | 1407 Views

FM Sitharaman Directs CBDT to Accelerate Tax Refunds and Settle Pending Appeals

26 June 2025 at 09:19

Union Finance Minister reiterated the need for timely processing of tax refunds and proactive resolution of taxpayer grievances

Posted in Income Tax | 6486 Views

CBDT Relaxes Time Limit for Processing Conditionally Accepted ITRs Filed Under Section 119(2)(b)

26 June 2025 at 09:18

The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2025, dated June 25, 2025, extending the time limit for processing income tax returns (ITRs) filed with condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 6663 Views

CBDT Grants Income Tax Exemption to FSSAI Under Section 10(46A)

25 June 2025 at 09:16

CBDT notifies tax exemption for FSSAI under Section 10(46A) of the Income-tax Act, effective AY 2026–27. The exemption supports the authority’s role under the Food Safety and Standards Act, 2006.

Posted in Income Tax | 2805 Views

FM Sitharaman Orders Withdrawal of Low-Value Tax Appeals Within Three Months

25 June 2025 at 09:09

In a review meeting held in the national capital, FM Sitharaman instructed senior officials to ensure all departmental appeals falling below the revised thresholds be identified and withdrawn within three months.

Posted in Income Tax | 1 comments | 27204 Views