Income Tax News
Income Tax Department Issues Notices to 300 Private Equity Firms Over Capital Gains Tax Evasion
22 March 2025 at 08:46In a major crackdown on tax evasion, the Income-Tax Department has issued notices to approximately 300 private equity (PE) firms and company promoters over alleged non-payment or underpayment of capital gains tax, according to a report.
Over Rs 11.8 Trillion Stuck in Direct Tax Disputes, FM Tells Rajya Sabha
21 March 2025 at 08:48In a recent disclosure in Rajya Sabha, Finance Minister Nirmala Sitharaman revealed that a staggering Rs 17.59 trillion in tax revenue remains locked in litigation, with over 1.53 lakh cases pending across various judicial and quasi-judicial forums.
Income Tax Bill 2025: AMT Expansion May Increase Tax Burden on LLPs and Partnership Firms
21 March 2025 at 08:46The Income-Tax Bill, 2025, has proposed significant changes to the alternative minimum tax (AMT) framework, potentially increasing the tax burden on partnership firms and limited liability partnerships (LLPs) with long-term capital gains (LTCG).
Over 9 Crore Taxpayers Filed ITR for FY 2025, 4.68 Lakh Report Income Above Rs 1 Crore
20 March 2025 at 08:36The latest data from the Income Tax Department reveals that more than 9 crore taxpayers have filed their income tax returns (ITR) as of February 28, 2025, for the financial year 2024-25.
Income Tax Bill 2025: Public Consultation Opens for Drafting New Rules & Forms
19 March 2025 at 08:56The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration.
Income Tax Department Releases Updated Excel-Based Utility for ITR-3 for AY 2024-25
19 March 2025 at 08:51The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession.
Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13% YoY
18 March 2025 at 08:51India's direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the TINMIS.
CBDT Issues FAQs on Revised Guidelines for Compounding of Offences Under IT Act, 1961
18 March 2025 at 08:50CBDT has issued Circular No. 04/2025 dated March 17, 2025, providing Frequently Asked Questions (FAQs) on the revised guidelines for the Compounding of Offences under the Income Tax Act, 1961.
Income Tax Department Raids Sri Chaitanya Group Over Alleged Rs 230 Crore Tax Fraud
18 March 2025 at 08:49The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.
CBDT Clarifies Application of Principal Purpose Test in DTAAs
17 March 2025 at 08:34In a significant move to provide clarity on the implementation of tax treaties, the CBDT has issued Circular 01/2025, emphasizing the application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements (DTAAs).
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