Income Tax News

CBDT Grants Income Tax Exemptions to Haryana Construction Workers Welfare Board and Ayodhya Development Authority

08 November 2025 at 09:19

CBDT has notified tax exemptions for the Haryana Building and Other Construction Workers Welfare Board and Ayodhya Vikas Pradhikaran under Section 10 of the Income-tax Act, recognizing their welfare and development roles.

Posted in Income Tax | 105 Views

CBDT Notifies 1% and 3% Arm's Length Price Tolerance for AY 2025-26

08 November 2025 at 06:31

As per CBDT Notification S.O. 5053(E), a 1% variation is allowed for wholesale trading and 3% for all other cases under Section 92C of the Income Tax Act, ensuring consistency in transfer pricing compliance.

Posted in Income Tax | 1668 Views

Major Relief for Aishwarya Rai Bachchan: ITAT Deletes Rs 4 Crore Section 14A Tax Disallowance

07 November 2025 at 06:32

Aishwarya Rai Bachchan wins Rs 4 crore income tax case at ITAT Mumbai as the tribunal rules in her favour on Section 14A disallowance. The judgment clarifies how tax officers must record satisfaction before applying Rule 8D on exempt income expenses.

Posted in Income Tax | 2190 Views

ICAI Proposes Optional Joint Taxation for Married Couples in Pre-Budget 2026-27 Suggestions

07 November 2025 at 06:32

ICAI, in its Pre-Budget 2026-27 suggestions, has proposed optional joint taxation for married couples to promote fairness and family welfare.

Posted in Income Tax | 10149 Views

CBDT Grants Income Tax Exemption to Karnataka Housing Board Under Section 10(46A)

06 November 2025 at 06:46

CBDT grants income tax exemption to Karnataka Housing Board under Section 10(46A) of the Income Tax Act, effective from AY 2024-25. The notification ensures no adverse impact from its retrospective application.

Posted in Income Tax | 114 Views

Income Tax Department Withdraws Long-Pending Rs 8500 Crore Transfer Pricing Case Against Vodafone India

05 November 2025 at 09:39

The Income Tax Department has withdrawn its Rs 8,500 crore transfer pricing case against Vodafone India Services Pvt. Ltd., ending a decade-long dispute linked to a 2008 business restructuring.

Posted in Income Tax | 2550 Views

Income Tax Department Warns Taxpayers Against Fake Messages and Phishing Scams

04 November 2025 at 09:30

The Income Tax Department warns taxpayers against fake emails and SMS phishing scams impersonating official communication.

Posted in Income Tax | 609 Views

ITAT Delhi Favors Taxpayer in Rs 8.68 Lakh Cash Deposit Case

03 November 2025 at 06:27

The ITAT Delhi has ruled in favour of a taxpayer whose Rs 8.68 lakh cash deposit was wrongly treated as business income under Section 44AD, holding that the Assessing Officer exceeded his jurisdiction in a limited scrutiny case.

Posted in Income Tax | 3408 Views

PMLA Court Denies Bail to IPS Officer's Husband in Rs 263 Crore IT Refund Scam

03 November 2025 at 06:26

A special PMLA court has rejected the bail plea of Purushottam Chavan, husband of an IPS officer, in a ₹263 crore income tax refund scam, citing the gravity of the economic offence and lack of medical urgency.

Posted in Income Tax | 390 Views

Tax Community Shocked as ITAT Endorses 22% Tax on LTCG Under Section 115BAA

03 November 2025 at 06:26

In a controversial ruling, the ITAT has upheld a 22% tax on long-term capital gains, equating it with the corporate tax rate u/s 115BAA, a decision tax experts say ignores legislative intent and could invite arbitrary tax demands.

Posted in Income Tax | 1728 Views