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Income Tax News


CBDT Notifies Fresh Guidelines for Compulsory Scrutiny of Income Tax Returns for FY 2025-26

   14 June 2025 at 14:26

The Central Board of Direct Taxes (CBDT) has issued comprehensive guidelines for the compulsory selection of income tax returns (ITRs) for complete scrutiny during Financial Year 2025-26.

Posted in Income Tax |   88932 Views


CBDT Issues Notices Over Crypto Tax Evasion: Section 115BBH Violations Under Scanner

   14 June 2025 at 09:24

The Central Board of Direct Taxes (CBDT) has intensified its scrutiny of cryptocurrency-linked tax evasion and income laundering, with a new data-driven initiative targeting individuals and entities engaged in Virtual Digital Asset (VDA) transactions

Posted in Income Tax |   2781 Views


Air India Crash: Tata Group's Rs 1 Crore Ex-Gratia Payment Likely Exempt from Income Tax

   13 June 2025 at 10:48

Tata Group offers Rs 1 crore compensation per victim's family after AI171 crash. Tax-exempt ex-gratia under Indian law. Nation mourns 242 lives lost.

Posted in Income Tax |   4566 Views


CBDT Notifies Zero-Coupon Bond Issued by NABARD Worth Rs 19,500 Crore for Income Tax Purposes

   13 June 2025 at 09:19

CBDT has officially notified a zero-coupon bond issued by the National Bank for Agriculture and Rural Development (NABARD) under clause (48) of Section 2 of the Income-tax Act, 1961.

Posted in Income Tax |   723 Views


Income Tax Department Releases Common Offline Utilities for ITR-1 and ITR-4 for AY 2025-26

   12 June 2025 at 09:03

The Income Tax Department has released the Common Offline Utility (COU) for filing Income Tax Returns (ITR-1 and ITR-4) for the Assessment Year 2025-26

Posted in Income Tax |   366 Views


Centre Mulls Tax Relief for Banks on NPA Interest Income

   11 June 2025 at 09:20

The Indian government is currently reviewing a proposal to amend the Income Tax Act to align the definition of NPAs with that of the RBI - a move that could significantly ease tax burdens for banks and financial institutions.

Posted in Income Tax |   348 Views


Income Tax Department Cracks Down on Dubious Political Donation Claims Under Section 80GGC

   11 June 2025 at 09:18

The Income Tax Department, in a bid to curb misuse of tax deductions on political donations, has intensified scrutiny of claims made under Section 80GGC of the Income Tax Act

Posted in Income Tax |   2994 Views


CBDT Allows Processing of Pending ITRs for AY 2023-24 Till 30th November 2025

   10 June 2025 at 09:22

CBDT has issued a directive under Section 119(2)(a) of the Income-tax Act, 1961, allowing the processing of valid electronically filed ITRs for AY 2023-24, even where the original time limit to issue intimation under Section 143(1) has already expired.

Posted in Income Tax |   4416 Views


IT Dept Begins Crackdown on Inoperative PANs: Rs 10,000 Fine for Each Transaction

   09 June 2025 at 09:33

The Income Tax Department has launched a stringent crackdown on the use of in-operative Permanent Account Numbers (PANs), warning that individuals using such PANs for financial transactions may face penalties of up to Rs 10,000 per transaction.

Posted in Income Tax  1 comments |   73110 Views


Adani Group's Tax Contribution Rises 29% to Rs 74,945 Crore in FY25

   07 June 2025 at 09:29

Adani Group paid Rs 74,945 crore in taxes and related contributions in FY25 - a 29% increase from last year. The voluntary Tax Transparency Report highlights direct, indirect, and global tax payments.

Posted in Income Tax  1 comments |   1782 Views



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