Income Tax News
Supreme Court Justice Criticizes Tax and Legal Mindset, Calls for Bold Reforms
23 September 2025 at 08:52Supreme Court Justice Manmohan warns that India must reimagine outdated tax and legal systems to achieve its 2047 developed nation goal, stressing mindset change, simpler laws and modern reforms.
ITR-5 and ITR-7 Now Enabled for Online Filing for AY 2025-26, Offline Utility Available for ITR-7
22 September 2025 at 08:39The Income Tax Department has enabled ITR-5 and ITR-7 for online filing with prefilled data for AY 2025-26. The offline utility for ITR-7 is also available for download to simplify tax compliance.
Direct Tax Collections Rise 9% to Rs 10.82 Lakh Crore in FY26 So Far
20 September 2025 at 08:58India’s net direct tax collections rose 9% to Rs 10.82 lakh crore till Sept 17, 2025. Corporate and non-corporate tax payments drove growth, while refunds fell nearly 24%.
ICAI Requests CBDT to Extend ITR Deadlines and Align Specified Dates
18 September 2025 at 17:09The ICAI has urged CBDT to extend ITR deadlines, align specified dates under section 44AB and allow auto-renewal for small charitable trusts.
IT Department Sees Record Surge with Over 7.3 Crore ITRs Filed for AY 2025-26
18 September 2025 at 08:20A record of over 7.3 crore ITRs were filed by Sept 15. CBDT extended deadline to Sept 16 amid heavy portal traffic and taxpayer complaints of glitches.
CBDT and its Subordinate Offices to undertake Special Campaign 5.0 for Swachhata and Efficiency
18 September 2025 at 08:20Govt launches Special Campaign 5.0 (Oct 2-31, 2025). CBDT to focus on swachhata, e-waste disposal, record management, and grievance redressal.
CBDT Issues SOP for Taxing Capital Gains on JDAs Under Section 45(5A)
18 September 2025 at 08:19CBDT issues SOP for assessing capital gains on Joint Development Agreements under Section 45(5A), adopting the successful Kolkata model nationwide.
Income Tax Department Targets CAs in Rs 2000 Crore Political Funding Tax Evasion Case
16 September 2025 at 08:56Jharkhand Income Tax Department seeks CBDT approval to cancel licences of chartered accountants involved in facilitating Rs 2000 crore political funding tax evasion.
CBDT Grants One-Day Extension for ITR Filing for AY 2025-26 to 16th September 2025
16 September 2025 at 05:39CBDT has further extended the ITR filing due date for AY 2025-26. Returns, originally due on July 31 and then September 15, can now be filed till September 16, 2025.
Pune Tax Professionals Booked in Rs 500 Crore Bogus ITR Deduction Scam
12 September 2025 at 09:06The Income Tax Department has unearthed a Rs 500 crore ITR fraud in Pune, involving bogus deductions and over 10,000 fake returns filed by tax professionals.
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