Income Tax News

Over 3.24 Lakh Individuals Filed ITR for Income Above Rs 1 Crore in FY 2024-25

08 April 2025 at 08:53

In a sign of rising high-income taxpayers and improved compliance, the latest data released by the IT Dept reveals that 3.24 lakh individuals in India filed their ITRs for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025.

Posted in Income Tax | 1695 Views

Rs 30 Crore IT Notice to Mathura Farmer Exposes PAN Card Misuse in UP

07 April 2025 at 08:29

Low-income workers across Uttar Pradesh targeted in massive identity theft scamIn a shocking revelation that has sent ripples across Uttar Pradesh, a farmer from Mathura has been served an Income Tax notice amounting to ₹30 crore.

Posted in Income Tax | 1 comments | 11100 Views

CBDT Notifies Exemption from TDS on NSS Withdrawals Under Section 194EE

07 April 2025 at 08:28

In a move that brings relief to individual investors, the Central Board of Direct Taxes (CBDT) has notified that no Tax Deducted at Source (TDS) shall be applicable on certain withdrawals from the National Savings Scheme (NSS).

Posted in Income Tax | 1 comments | 4362 Views

Taxpayers, CAs File Appeals Against IT Notices Over Section 87A Rebate Claims

05 April 2025 at 09:05

The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court's directive

Posted in Income Tax | 1 comments | 30747 Views

CBDT Mandates PAN-Aadhaar Linking by Dec 31, 2025 for Pre-October 2024 Applicants

05 April 2025 at 08:50

CBDT has issued a fresh notification mandating that individuals who were allotted a PAN based on their Aadhaar Enrolment ID before October 1, 2024, must update their Aadhaar number with the Income Tax Department by December 31, 2025.

Posted in Income Tax | 3660 Views

Income Tax Department Enables Rectification Applications for AY 2023-24 via E-Filing Portal

04 April 2025 at 08:52

In a significant move to streamline the ITR rectification process, the Income Tax Department has enabled taxpayers to file rectification applications before an AO for up to AY 2023-24 (Financial Year 2022-23) through the e-filing portal.

Posted in Income Tax | 2 comments | 11985 Views

No Cut in Capital Expenditure, Claims FM Nirmala Sitharaman

04 April 2025 at 08:44

On Tuesday, Finance Minister Nirmala Sitharaman firmly responded to former Finance Minister P Chidambaram's criticism regarding capital expenditure (capex), stating that there has been no reduction in the central government's capex.

Posted in Income Tax | 1335 Views

CBDT Recovers Rs 92,400 Crore in Outstanding Tax for FY 2024-25

03 April 2025 at 08:48

CBDT has successfully recovered ₹92,400 crore in outstanding tax liabilities in the ongoing financial year (2024-25) up to March 15, according to sources familiar with the matter.

Posted in Income Tax | 1977 Views

CBDT Signs Record 174 Advance Pricing Agreements in FY 2024-25

01 April 2025 at 08:45

The Central Board of Direct Taxes (CBDT) entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25.

Posted in Income Tax | 1554 Views

CBI Books Five Hyderabad-Based Income Tax Officials, Chartered Accountant for Alleged Extortion

01 April 2025 at 08:45

CBI has registered a case against five officials of the Income Tax department and a CA based in Hyderabad for allegedly extorting money from taxpayers in exchange for favorable treatment in their tax matters.

Posted in Income Tax | 2205 Views