Income Tax News

CBDT Relaxes Time Limit for Processing Conditionally Accepted ITRs Filed Under Section 119(2)(b)

26 June 2025 at 09:18

The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2025, dated June 25, 2025, extending the time limit for processing income tax returns (ITRs) filed with condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 6978 Views

FM Sitharaman Orders Withdrawal of Low-Value Tax Appeals Within Three Months

25 June 2025 at 09:09

In a review meeting held in the national capital, FM Sitharaman instructed senior officials to ensure all departmental appeals falling below the revised thresholds be identified and withdrawn within three months.

Posted in Income Tax | 1 comments | 27282 Views

CBDT Grants Income Tax Exemption to FSSAI Under Section 10(46A)

25 June 2025 at 09:16

CBDT notifies tax exemption for FSSAI under Section 10(46A) of the Income-tax Act, effective AY 2026–27. The exemption supports the authority’s role under the Food Safety and Standards Act, 2006.

Posted in Income Tax | 2931 Views

Finance Ministry Amends e-Filing Rules for Debts Recovery Tribunals and Appellate Tribunals

24 June 2025 at 09:13

The Ministry of Finance, through its Department of Financial Services, has issued a key amendment to the Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing Rules, 2020

Posted in Income Tax | 2280 Views

NPCI Launches Real-Time PAN and Bank Account Validation API on Income Tax Portal

23 June 2025 at 09:32

The National Payments Corporation of India (NPCI) has introduced a new real-time PAN and bank account validation facility on the income tax e-filing portal.

Posted in Income Tax | 3141 Views

Gross Direct Tax Collection Rises 4.86% in FY26 Despite Surge in Refunds

23 June 2025 at 09:16

While gross collections surged by 4.86%, reaching Rs 5.45 lakh crore, a significant rise in refunds-up by 58.04%-brought down the net collections.

Posted in Income Tax | 1110 Views

CBDT Reviews Status of Follow-Up Actions Under Exchange of Information Framework

23 June 2025 at 09:13

Some media reports have suggested that money deposited in bank accounts of Indian entities in Switzerland has increased. It is reported that the data pertains to different types of funds, including deposits from enterprises, banks and individuals.In

Posted in Income Tax | 315 Views

Income Tax Dept Uncovers Rs 29,208 Crore in Undisclosed Foreign Assets via Belated Returns

23 June 2025 at 09:09

The Income Tax Department identifies Rs 29,208 crore in foreign assets through belated returns for AY 2024-25. CBDT intensifies scrutiny using global data-sharing mechanisms amid spike in Indian deposits in Swiss banks.

Posted in Income Tax | 1800 Views

Senior Citizens Welfare Fund Deposits to Earn 3.35% Interest for FY 2024-25

21 June 2025 at 07:57

The Ministry of Finance has announced that deposits made under the Senior Citizens Welfare Fund (SCWF) will earn 3.35% interest for the financial year 2024-25. The interest rate will apply retrospectively from April 1, 2024, to March 31, 2025.

Posted in Income Tax | 1125 Views

TDS Exemption for IFSC Units Under Section 80LA Effective July 1, 2025

21 June 2025 at 07:56

In a major relief aimed at bolstering India's International Financial Services Centres (IFSCs), the Central Government has issued a notification exempting TDS on certain payments made to units operating in IFSCs

Posted in Income Tax | 2130 Views