Income Tax News
Income Tax Rules 2025: Changes to Regulations for IFSC Finance Companies
29 January 2025 at 08:50In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025.
CBDT Notifies Shri Chaitanya Health and Care Trust for Scientific Research Under Section 35(1)(ii)
29 January 2025 at 08:50In a significant development, the Ministry of Finance through CBDT, has issued Notification No. 11/2025 dated January 27, 2025, approving Shri Chaitanya Health and Care Trust's unit, Bhaktivedanta Hospital & Research Institute in Thane, Maharashtra
Supreme Court Declines PIL Challenging TDS System as 'Arbitrary and Irrational'
27 January 2025 at 08:58The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking to declare the Tax Deducted at Source (TDS) system as "manifestly arbitrary, irrational, and violative of fundamental rights."
Bombay High Court Disposes of PIL Regarding Eligibility of Rebate u/s 87A of the Income Tax Act
25 January 2025 at 10:21The Bombay High Court on January 24, 2025, disposed of the Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants concerning the eligibility of the rebate under Section 87A of the Income Tax Act, 1961.
Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers
24 January 2025 at 09:25The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act
CBDT Introduces Special Taxation Provisions for Non-Resident Cruise Ship Operators
23 January 2025 at 09:19As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.
Two Impersonators of IT and GST Officers Held for Cheating Jeweller of Rs 40 Lakh
22 January 2025 at 08:50The Greater Chennai Police on Saturday announced the arrest of two men who posed as officials from the Income Tax (I-T) and Goods and Services Tax (GST) departments.
CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024
21 January 2025 at 08:54In a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025.
Income Tax Department Conducts Searches at 44 Premises Over Rs 170 Crore Tax Evasion Allegations
21 January 2025 at 08:53The Income Tax Department on Friday conducted coordinated searches across 44 locations linked to eight high-profile contractors, including relatives of two former ministers, over allegations of tax evasion amounting to more than Rs 170 crore.
Securities Transaction Tax Revenue Jumps 75% Despite Stock Market Swings
21 January 2025 at 08:53The Securities Transaction Tax (STT) collections have witnessed an unprecedented rise, soaring by over 75% to ₹44,538 crore as of January 12, 2025, compared to ₹25,415 crore during the same period in 2024.
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