Income Tax News

CBI Arrests Income Tax Commissioner and 4 Others in Rs 70 Lakh Bribery Case

12 May 2025 at 08:56

CBI has arrested Jeevan Lal Lavidiya, Commissioner of Income Tax (Exemption), Hyderabad, for allegedly accepting a bribe of Rs 70 lakh to favour a tax appeal related to Shapoorji Pallonji Group.

Posted in Income Tax | 2724 Views

CBDT Notifies New ITR-7 Form for AY 2025-26

12 May 2025 at 08:53

The Central Board of Direct Taxes (CBDT) has notified the amended Income-tax Return Form ITR-7 through Notification No. 46/2025, published in the Gazette of India on May 9, 2025.

Posted in Income Tax | 3012 Views

CBDT Tightens Scrutiny of Top Advance Tax Payers to Curb Bogus Exemption Claims in FY 2025-26

08 May 2025 at 09:05

CBDT has instructed income-tax officials across the country to intensify monitoring of top advance tax payers, including both individuals and corporates, for bogus claims of exemptions and deductions.

Posted in Income Tax | 3690 Views

CBDT Notifies Revised ITR-V and Acknowledgement Forms for AY 2025-26

08 May 2025 at 09:04

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has notified the Income-tax (Seventeenth Amendment) Rules, 2025 via Notification No. 45/2025 dated May 7, 2025.

Posted in Income Tax | 3 comments | 7377 Views

CBDT Notifies New ITR-6 Form for AY 2025-26

07 May 2025 at 17:31

In a significant move aimed at streamlining corporate tax filings, the Central Board of Direct Taxes (CBDT) has notified the amended ITR-6 form applicable for companies for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 2298 Views

Income Tax Dept Targets Disposal of 2 Lakh Appeals Worth Rs 10 Lakh Crore in FY26

07 May 2025 at 09:04

In a major push to expedite tax dispute resolution and unlock substantial revenue, the Income Tax Department has set a bold target of disposing over 200,000 appeals in FY26.

Posted in Income Tax | 8484 Views

CBDT Tightens Oversight on Top Advance Taxpayers to Boost FY26 Direct Tax Collection

06 May 2025 at 09:04

With an ambitious direct tax collection target of Rs 25.2 trillion for FY 2025-26, the CBDT has directed income-tax officials to intensify scrutiny of top advance tax payers and root out bogus claims of exemptions and deductions.

Posted in Income Tax | 3825 Views

IT Department Recovers Rs 1,400 Crore From 63,000 Donors Linked to Dubious Political Donations

06 May 2025 at 09:01

Income Tax Department has recovered Rs 1,400 crore from over 63,000 individuals who evaded taxes by falsely claiming deductions for donations made to RUPPs during the financial years 2022-23 and 2023-24.

Posted in Income Tax | 2781 Views

Finance Ministry Notifies Five NBFCs for Aadhaar-Based Authentication Under PMLA

06 May 2025 at 08:52

The Ministry of Finance has authorized five NBFCs to conduct Aadhaar-based authentication under the PMLA, marking another step towards strengthening digital identity verification in the financial sector.

Posted in Income Tax | 1884 Views

CBDT Notifies New ITR Form ITR-2 for AY 2025-26

05 May 2025 at 15:46

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 4611 Views