A special CBI court in Bengaluru has sentenced former ED officer M. Lalit Bazad to 3 years in prison with a Rs 5.5 lakh fine for accepting a Rs 5 lakh bribe in a 2021 corruption case linked to a China loan scam.
CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.
The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.
The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.
India introduces a Digital Credit Assessment Model for MSMEs, enabling faster, fully digital loan approvals by leveraging real-time data and reducing paperwork. Over 98,000 MSME loans sanctioned under the new model since April 2025.
India has recorded over 65,000 crore digital transactions worth more than Rs 12,000 lakh crore in the last 6 financial years, driven by UPI, government initiatives, and RBI-backed infrastructure
The DGGI Bhubaneswar has uncovered a Rs 100 crore GST fraud involving 27 fake firms operated by a Rourkela businesswoman. She was arrested after fake input tax credit claims and bogus transactions across states were exposed.
Finance Minister Nirmala Sitharaman reveals Income Tax Bill 2025 took 60,000 man-hours to draft. The bill simplifies tax laws, modernizes the 1961 Act and stresses timely implementation and taxpayer trust.
CBDT Chairman Ravi Agarwal says work is underway to frame rules and forms under the Income Tax Bill 2025. The new framework will prioritize clarity, simplicity and voluntary compliance.
The Income Tax Bill 2025 aims to simplify tax laws, reduce litigation, and consolidate TDS provisions, says MP PP Chaudhary. The bill replaces the 1961 Act with fewer words and clearer language.
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