Income Tax News
New Income Tax Bill Seeks to End NPA Tax Disputes by Aligning with RBI Guidelines
19 July 2025 at 06:43The new Income Tax Bill proposes a clear definition of NPAs in line with RBI norms, aiming to resolve long-standing tax disputes and avoid litigation over the taxation of unrealised interest income.
Income Tax Department Releases Updated Common Offline Utility & Schema for Form 3CA-3CD and 3CB-3CD Filings
18 July 2025 at 10:25The Income Tax Department has released an updated version (1.4.0) of the common offline utility for filing Forms 3CA-3CD and 3CB-3CD under Section 44AB. Edge browser installation is mandatory for using the utility.
Income Tax Bill 2025: Parliamentary Panel Retains CA-Only Definition of 'Accountant'
18 July 2025 at 10:13The Parliamentary Committee on the Income-Tax Bill, 2025, has upheld the definition of 'accountant' to include only Chartered Accountants, excluding cost accountants and company secretaries.
Lok Sabha Select Committee Proposes Changes to Income Tax Bill, 2025
18 July 2025 at 09:24The Select Committee of the 18th Lok Sabha has finalized the Income-Tax Bill, 2025, aiming to consolidate and reform India's direct tax structure.
AI Detects Tax Evasion in Hyderabad Using Font Analysis of Forged Capital Gains Bills
18 July 2025 at 09:13The Income Tax Department uses AI to detect a forged capital gains bill in Hyderabad. A Calibri font, not public in 2002, exposed the fraud.
ITR-2 Now Enabled for Online Filing with Prefilled Data on Income Tax Portal
18 July 2025 at 09:08ITR-2 is now live for online filing with prefilled data on the Income Tax portal. Taxpayers can file seamlessly without uploading JSON files.
Revised Tax Audit Forms 3CA-3CD and 3CB-3CD Enabled on e-Filing Portal
18 July 2025 at 09:04Revised Forms 3CA-3CD and 3CB-3CD Now Live on Income Tax e-Filing Portal Following Notification No. 23/2025
Finance Ministry Notifies Amendments to Special Benami Courts in Raipur and Jaipur
18 July 2025 at 08:57The Ministry of Finance has notified amendments to special courts under the Benami Property Act, 1988, updating designations in Raipur and Jaipur via Notification No. 117/2025 dated July 17, 2025.
Parliamentary Panel Set to Adopt Report on New Income Tax Bill Ahead of Monsoon Session Push
17 July 2025 at 09:09A Parliamentary Committee is set to adopt its report on the Income Tax Bill, 2025, ahead of the Monsoon Session. The Bill aims to replace the 1961 Act, simplify procedures, and unify the tax year concept. CBDT begins training for implementation by 2026.
Income Tax Department Cracks Down on Bogus Refunds Claimed by MNC, PSU and Govt Employees
17 July 2025 at 08:54Income Tax Department cracks down on fake tax refund claims by MNC, PSU, and govt employees. Large-scale verification exposes misuse of deductions under Sections 80D, 80G, 10(13A) and more. Refunds withheld; penalties and prosecutions begin.
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