Income Tax News

IT Department Opposes Actor Vijay's Rs 1.5 Crore Penalty Challenge in Supreme Court

25 September 2025 at 09:16

The Income Tax Department opposed actor C. Joseph Vijay’s writ petition challenging a Rs 1.5 crore penalty for not voluntarily disclosing an additional Rs 15 crore income during FY 2015-16.

Posted in Income Tax | 2496 Views

Supreme Court Upholds Rs 8.59 Crore Service Tax Demand on Airports Authority of India

25 September 2025 at 09:06

The Supreme Court has upheld a Rs 8.59 crore service tax demand on the Airports Authority of India for fees collected from airlines, exporters, and cargo operators between 2003 and 2007, rejecting AAI’s appeal against the CESTAT ruling.

Posted in Income Tax | 243 Views

Rajasthan HC Extends Tax Audit Report Deadline to 31st October, CBDT Notification Still Awaited

24 September 2025 at 14:24

The Rajasthan High Court has extended the Tax Audit Report deadline by one month, but taxpayers and professionals now await CBDT's official notification for nationwide clarity.

Posted in Income Tax | 10788 Views

ICAI, Direct Tax Committee Highlights Technical Glitches in Income Tax Portal Ahead of Tax Audit Deadline

24 September 2025 at 09:26

ICAI flags technical glitches in the Income Tax E-filing Portal ahead of the September 30, 2025 deadline, urging CBDT to address login failures, slow utilities and DSC issues impacting tax audit and ITR filings.

Posted in Income Tax | 6378 Views

CBDT Waives Interest for Taxpayers Affected by Incorrect 87A Rebate under Section 115BAC

23 September 2025 at 08:53

CBDT issues Circular 13/2025 granting relief to taxpayers affected by rectifications . Interest under section 220(2) waived if demands are paid by December 31, 2025. Key details on rebate correction under section 87A explained

Posted in Income Tax | 2820 Views

Supreme Court Justice Criticizes Tax and Legal Mindset, Calls for Bold Reforms

23 September 2025 at 08:52

Supreme Court Justice Manmohan warns that India must reimagine outdated tax and legal systems to achieve its 2047 developed nation goal, stressing mindset change, simpler laws and modern reforms.

Posted in Income Tax | 2256 Views

ITR-5 and ITR-7 Now Enabled for Online Filing for AY 2025-26, Offline Utility Available for ITR-7

22 September 2025 at 08:39

The 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.

Posted in Income Tax | 249 Views

Direct Tax Collections Rise 9% to Rs 10.82 Lakh Crore in FY26 So Far

20 September 2025 at 08:58

India’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%.

Posted in Income Tax | 213 Views

ICAI Requests CBDT to Extend ITR Deadlines and Align Specified Dates

18 September 2025 at 17:09

The ICAI has urged CBDT to extend ITR deadlines, align specified dates under section 44AB and allow auto-renewal for small charitable trusts.

Posted in Income Tax | 46314 Views

IT Department Sees Record Surge with Over 7.3 Crore ITRs Filed for AY 2025-26

18 September 2025 at 08:20

A 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.

Posted in Income Tax | 141 Views