Income Tax News
ICAI Requests FM Sitharaman for Extension of Tax Audit Report Deadline to 31st December 2025
11 September 2025 at 10:06ICAI requests extension of tax audit report filing deadline to 31st Dec 2025 due to operational challenges.
Poor Dhaba Cook Duped into Bank Fraud, Faces Rs 46 Crore Income Tax Notice
10 September 2025 at 09:24A dhaba cook from Bhind, Madhya Pradesh, earning just Rs 10,000 a month, has been hit with a shocking Rs 46 crore income tax notice after being duped into opening a bank account linked to fraudulent transactions.
Income Tax Act 1961 Repealed from 1st April 2026, Correction Statement Deadline Announced
10 September 2025 at 08:48The Income Tax Act, 1961 will be repealed from April 1, 2026, under the new Income Tax Act, 2025. Correction statements for FY 2018-19 to 2023-24 must be filed by March 31, 2026, or they will be time-barred.
Excel Utilities for Updated ITR-5, ITR-6, and ITR-7 for AYs 2021-22 & 2022-23 Released
06 September 2025 at 17:13The Income Tax Department has announced the release of Excel utilities for filing updated returns in ITR-5, ITR-6, and ITR-7 for the Assessment Years 2021-22 and 2022-23
ITR-5 Offline Utility for AY 2025-26 Now Available for Filing
06 September 2025 at 17:08The Income Tax Department has released the offline utility for ITR-5 for AY 2025-26, enabling firms, LLPs, AOPs, and trusts to file returns easily.
CBDT Issues Corrigenda to Income Tax Act, 2025
05 September 2025 at 09:36The Ministry of Law & Justice issues corrigenda to the Income-tax Act, 2025, correcting typographical errors and replacing "previous year" with "tax year," ensuring accuracy ahead of its April 1, 2026 rollout.
CBDT Extends Infrastructure Tax Exemption Deadline to March 2030
05 September 2025 at 09:31CBDT issues Circular No. 11/2025 extending the tax-free investment window under Section 10(23FE) from March 2025 to March 2030, boosting infrastructure funding in India.
Income Tax Act, 2025 Explained: Effective Date, Key Reforms & Impact
05 September 2025 at 09:26Income Tax Act, 2025 takes effect from April 1, 2026, simplifying laws, defining 'Tax Year,' recognizing VDAs, and ensuring transparency & digital compliance.
UP Shopkeeper Gets Rs 141 Crore Tax Notice After PAN Misuse for Fake Firms
02 September 2025 at 09:30A grocery shopkeeper in Bulandshahr, UP, was shocked after receiving a Rs 141 crore tax notice when his PAN card was allegedly misused to create fake firms.
CBDT Notifies New Tax Rules: 6-Year Extension Under Section 10(23FE)
02 September 2025 at 08:51CBDT extends tax exemption timelines under Section 10(23FE) by 6 years through the Income-tax (25th Amendment) Rules, 2025, aiding global funds.
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