Income Tax News
AI Tools Helped Income Tax Department Collect Rs 11,000 Crore in 4 Years: CBDT Chairman
26 July 2025 at 08:50CBDT Chairman Ravi Agarwal reveals AI-driven initiatives have led to Rs 11,000 crore in additional tax revenue from over 1 crore updated returns, and uncovered Rs 29,000 crore in foreign assets and Rs 1,000 crore in VDA income in FY25.
FM Sitharaman Directs CBDT to Withdraw Low-Value Tax Appeals Within Three Months
25 July 2025 at 15:28Finance Minister Nirmala Sitharaman directs CBDT to withdraw low-value tax appeals under new thresholds within 3 months, targeting resolution of Rs 10 lakh crore in disputed tax demands and improving taxpayer trust.
Income Tax Bill 2025 Cuts Word Count by 50%, No Change in Tax Rates: Baijayant Panda
25 July 2025 at 09:17Income Tax Bill, 2025 aims to simplify compliance with no change in tax rates. Baijayant Panda highlights 50% word count reduction, easier language, and 566 suggestions from the Select Committee report.
Finance Ministry Says No to IBC Loan Waiver Exemption in Income Tax Bill 2025
25 July 2025 at 09:08Finance Ministry rejects MCA's proposal to exempt IBC loan waivers from income tax under the Income Tax Bill, 2025, citing policy and judicial precedent. Experts warn this could discourage resolution applicants and hurt asset recoveries.
CBDT Grants Section 35 Approval to IQRAA Hospital for Scientific Research Contributions
25 July 2025 at 09:00CBDT approves IQRAA International Hospital & Research Centre, Kozhikode for scientific research under Section 35(1)(ii) of the Income-tax Act. Valid for AY 2026-27 to AY 2030-31
CBDT Approves Gitarthganga for Tax Deduction under Section 35 for Social Science Research
25 July 2025 at 08:44CBDT has granted approval to Gitarthganga, Ahmedabad (PAN: AAATG1334K), as a recognized institution for conducting Social Science or Statistical Research under Section 35(1)(iii) of the Income Tax Act, 1961.
India Collects Rs 437 Crore in Crypto Taxes in FY24
24 July 2025 at 09:33India collected Rs 437 crore in crypto taxes in FY24, up 62% from FY23. Govt boosts compliance with TDS, data analytics and taxpayer alerts
No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill
24 July 2025 at 09:26Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.
Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore
24 July 2025 at 09:16The Finance Ministry informed Parliament that Rs 35,105 crore in tax and penalties have been raised under the Black Money Act, 2015, but only Rs 338 crore has been recovered so far.
Centre Waived Rs 99,000 Crore in Corporate Taxes in FY24: Govt Tells Rajya Sabha
24 July 2025 at 08:50The Centre waived Rs 98,999 crore in corporate tax revenue in FY 2023-24, continuing its policy of incentivizing businesses through lower tax rates and deductions, Minister of State for Finance Pankaj Chaudhary informed Parliament.
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