Income Tax News

CBDT Allows Waiver of Interest on Delayed TDS/TCS Payments Due to Technical Glitches

29 March 2025 at 08:53

The Central Board of Direct Taxes (CBDT) has issued Circular No. 05/2025, providing relief to taxpayers facing interest levies under Section 201(1A)(ii) and Section 206C(7) of the Income-tax Act, 1961.

Posted in Income Tax | 6336 Views

Income Tax Department Updates Excel Based Utilities for ITRs and Audit Forms

29 March 2025 at 08:35

The Income Tax Department has released the latest versions of Excel-based utilities and schemas for various Income Tax Returns (ITR) and audit report forms.

Posted in Income Tax | 2379 Views

Finance Ministry Rules Out Abolishing LTCG Tax Amid Market Volatility

29 March 2025 at 08:34

In a significant announcement, the Finance Ministry has categorically ruled out any plans to abolish the Long-Term Capital Gains (LTCG) tax, despite recent market downturns that saw investors losing over Rs 74 lakh crore.

Posted in Income Tax | 5562 Views

Section 194T Introduced: TDS on Payments to Partners Now Mandatory

28 March 2025 at 08:42

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Seventh Amendment) Rules, 2025, introducing key changes to the Income-tax Rules, 1962

Posted in Income Tax | 27294 Views

Income Tax Department Cracks Down on Bogus Refunds

28 March 2025 at 08:42

The Investigation Wing of the Income Tax Department has uncovered a large-scale tax fraud during simultaneous surprise raids conducted across Tamil Nadu, including the four southern districts.

Posted in Income Tax | 891 Views

Income Tax Dept Cannot Access Personal Emails, Social Media Accounts: MoS Finance

28 March 2025 at 08:42

The Government of India has clarified that Income Tax officials will not have unrestricted access to personal emails, social media, or bank accounts of taxpayers.

Posted in Income Tax | 4059 Views

WhatsApp Chats Expose Rs 200 Crore Tax Evasion: FM Nirmala Sitharaman Justifies New Tax Bill

27 March 2025 at 08:37

In a significant revelation, Finance Minister Nirmala Sitharaman disclosed that tax authorities successfully uncovered Rs 200 crore worth of tax evasion using WhatsApp messages as evidence.

Posted in Income Tax | 5073 Views

CBDT releases Supplementary FAQs on the Finance Bill, 2025

26 March 2025 at 09:00

Supplementary FAQs on the Finance Bill, 2025

Posted in Income Tax | 2448 Views

CBDT Notifies Amendments in Income-Tax Rules to Broaden Safe Harbour Scope

26 March 2025 at 08:40

CBDT Notifies Sixth Amendment to Income-Tax Rules, 2025Key Highlights of Notification No. 21/2025The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 on March 25, 2025, amending the Income-tax Rules, 1962.

Posted in Income Tax | 1953 Views

Lok Sabha Passes Finance Bill 2025 with 35 Amendments, Moves to Rajya Sabha for Approval

26 March 2025 at 08:34

The Lok Sabha on Tuesday passed the Finance Bill, 2025, incorporating 35 government amendments, marking a significant step in the Budget approval process.

Posted in Income Tax | 2193 Views