Income Tax News

ICAI Limits 60 Tax Audit Assignments Per CA Partner from FY 2026-27

30 July 2025 at 09:05

ICAI has issued new guidelines titled "The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025," capping tax audit assignments at 60 per CA per year, effective from April 1, 2026

Posted in Income Tax | 9489 Views

Excel Utilities for Updated Returns in ITR-1 & ITR-2 for AY 2021-22 and 2022-23 Now Available

30 July 2025 at 08:44

The Income Tax Department has released the Excel Utilities for filing updated returns (ITR-U) using ITR-1 and ITR-2 forms for Assessment Years (AY) 2021-22 and 2022-23. These updates are aligned with the amendments introduced in the Finance Act, 2025

Posted in Income Tax | 186 Views

CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed

29 July 2025 at 08:59

CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.

Posted in Income Tax | 3243 Views

CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions

29 July 2025 at 08:51

The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.

Posted in Income Tax | 1680 Views

Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors

29 July 2025 at 08:45

The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.

Posted in Income Tax | 1278 Views

Income Tax Bill 2025 Took 60,000 Man-Hours to Draft, Says FM Nirmala Sitharaman

28 July 2025 at 09:13

Finance Minister Nirmala Sitharaman reveals Income Tax Bill 2025 took 60,000 man-hours to draft. The bill simplifies tax laws, modernizes the 1961 Act and stresses timely implementation and taxpayer trust.

Posted in Income Tax | 2715 Views

CBDT Chairman: Work Underway on Rules and Forms for Income Tax Bill 2025

28 July 2025 at 09:09

CBDT Chairman Ravi Agarwal says work is underway to frame rules and forms under the Income Tax Bill 2025. The new framework will prioritize clarity, simplicity and voluntary compliance.

Posted in Income Tax | 1473 Views

Income Tax Bill 2025 Aims to Simplify Language, Cut Litigation and Consolidate TDS Provisions: MP PP Chaudhary

28 July 2025 at 09:04

The Income Tax Bill 2025 aims to simplify tax laws, reduce litigation, and consolidate TDS provisions, says MP PP Chaudhary. The bill replaces the 1961 Act with fewer words and clearer language.

Posted in Income Tax | 1347 Views

Pay Tax and Relax: IRS Chief Vikram Sahay at Sopore Income Tax Awareness Event

28 July 2025 at 08:54

As part of Income Tax Day celebrations, the Income Tax Department Srinagar conducted a tax awareness programme in Sopore, led by Chief Commissioner Vikram Sahay, to promote compliance and taxpayer confidence.

Posted in Income Tax | 1209 Views