Income Tax News
CBDT Grants Tax Exemption to Bhaikaka University for Scientific Research u/s 35(1)(ii) of IT Act 1961
12 February 2025 at 07:13The Central Board of Direct Taxes (CBDT) has granted approval to Bhaikaka University, Anand, Gujarat, for tax exemption under Section 35(1)(ii) of the Income-tax Act, 1961.
New Income Tax Bill to Simplify Tax Laws & Improve Compliance: Set for Parliamentary Review
11 February 2025 at 08:58The government is set to introduce a new Income Tax Bill aimed at simplifying tax laws, reducing compliance burdens, and modernizing tax administration. Union Finance Minister Nirmala Sitharaman is expected to present the bill this week, after which
CBDT Amends IT Rules 2025: New Investment & Compliance Norms for Infrastructure Debt Funds
10 February 2025 at 08:49The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Third Amendment) Rules, 2025, introducing crucial updates to Rule 2F of the Income-tax Rules, 1962.
Union Cabinet Approves New Income Tax Bill: Key Highlights and Expected Changes
08 February 2025 at 09:02The Union Cabinet on Friday approved the new Income Tax Bill, as per sources. The bill is set to replace the Income Tax Act, 1961 and aims to simplify and modernize India's tax system while making compliance easier for taxpayers.
Hyderabad IT Professionals Caught in Rs 110 Crore Tax Refund Scam Using Fake Political Donations
08 February 2025 at 08:52The Income Tax department in Hyderabad has uncovered a massive tax fraud scheme involving IT professionals who falsely claimed tax refunds by making fraudulent donations to registered unrecognised political parties (RUPPs).
Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman
08 February 2025 at 08:52Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman
CBI Books IRS Officer, 6 CAs for Leaking Sensitive Faceless Assessment Data
08 February 2025 at 08:52CBI on Thursday conducted searches across 18 locations nationwide after registering a case against an Indian Revenue Service (IRS) officer and several Income Tax (IT) officials for allegedly sharing sensitive data related to pending tax assessments
Section 271AAB Amended by Finance Bill 2025: Major Changes in Penalty Provisions Under IT Act
06 February 2025 at 08:45Major Changes in Penalty Provisions Under Income-tax Act: Section 271AAB Amended by Finance Bill 2025
New Direct Tax Code to Simplify Structure, No New Taxes to Be Introduced: Finance Secretary
06 February 2025 at 08:45In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes.
CBDT Outlines Data Sharing Mechanism for PMGKAY Beneficiary Identification between DGIT (Systems) and DFPD
05 February 2025 at 08:56CBDT has issued a new directive for the sharing of taxpayer information with the Department of Food and Public Distribution (DFPD) for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
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