Income Tax News

CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets

22 August 2025 at 08:35

CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.

Posted in Income Tax | 32352 Views

CBDT Notifies Revised Form 10CCF for IFSC Insurance Businesses

21 August 2025 at 09:21

CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.

Posted in Income Tax | 312 Views

CBDT Seeks Industry Feedback on Crypto Tax Rules, Signals Possible New VDA Law

21 August 2025 at 09:12

CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.

Posted in Income Tax | 1353 Views

CBDT Notifies New Salary & Income Thresholds Under Section 17 of Income Tax Act

20 August 2025 at 09:23

CBDT notifies new rules under Section 17 of the Income-tax Act, 1961. Salary income capped at Rs 4 lakh and gross total income at Rs 8 lakh for specified provisions.

Posted in Income Tax | 8301 Views

Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG

20 August 2025 at 09:05

CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.

Posted in Income Tax | 2340 Views

New Income Tax Bill, 2025: Major Corporate Tax Reforms to Simplify Compliance and Boost Certainty

20 August 2025 at 08:56

The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation

Posted in Income Tax | 5013 Views

Bombay HC Quashes Tax Notice to Wife in Rs 6.75 Crore Mumbai Property Case

18 August 2025 at 08:42

A recent ruling by the Bombay High Court has provided significant relief in a joint property ownership dispute, reinforcing the principle that tax reassessments must be based on credible evidence rather than assumptions of ownership.

Posted in Income Tax | 3777 Views

CBDT, CBIC Face Massive Staff Shortages Amid Push for New Tax Reforms

18 August 2025 at 08:30

CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.

Posted in Income Tax | 3123 Views

ICAI Issues Checklist for Filing ITR-1 and ITR-4 for AY 2025-26

18 August 2025 at 08:30

ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.

Posted in Income Tax | 9834 Views