Income Tax News

Form 10AB Filing Activated: Charitable Trusts Can Now Seek Section 12A Relief

21 April 2025 at 08:26

In a significant relief to charitable and religious institutions, the Income Tax Department has now enabled the filing of condonation requests through Form 10AB on the e-filing portal.

Posted in Income Tax | 2001 Views

Income Tax Dept Clarifies Tax Exemption Rules for DPIIT-Recognised Startups

21 April 2025 at 08:25

In a significant clarification aimed at fostering ease of doing business, the Income Tax Department on Friday reiterated that DPIIT-recognised startups are eligible for multiple tax exemptions

Posted in Income Tax | 825 Views

Income Tax Dept Probes Startups on Foreign Funds from Singapore

19 April 2025 at 07:22

In a significant move that could impact India's thriving startup ecosystem, the Income Tax Department has issued show cause notices to multiple startups regarding foreign investments routed through Singapore over the past five years.

Posted in Income Tax | 1161 Views

Tea Stall Worker in Gujarat Shocked After Receiving Rs 115 Crore Income Tax Notice

19 April 2025 at 07:22

As the financial year nears its end and salaried professionals across India gear up for tax filings, an unusual and baffling incident has emerged from Gujarat. ..

Posted in Income Tax | 243 Views

Lok Sabha Panel Reviews Income Tax Bill 2025 Ahead of Monsoon Session

18 April 2025 at 08:41

The Select Committee of the Lok Sabha on the proposed Income-Tax Bill, 2025 convened a crucial meeting today at Parliament House, New Delhi. Chaired by BJP Member of Parliament Baijayant Panda, the 31-member panel is actively reviewing the draft legi

Posted in Income Tax | 1383 Views

Nagpur Man Slapped with Rs 314 Crore Tax Notice in Rs 560 Crore Hawala Scam Probe

18 April 2025 at 08:27

In a bizarre twist of events, Chandrashekhar Kohad, a petty contractor originally from Nagpur and currently living in Multai, Madhya Pradesh, has been served a staggering Rs 314 crore income tax demand - an amount he says he cannot even comprehend.

Posted in Income Tax | 1815 Views

Income Tax Department Uses AI to Monitor High-Value Financial Transactions

17 April 2025 at 08:40

The Income Tax Department is rapidly upgrading its surveillance and compliance ecosystem, powered by Artificial Intelligence (AI) and advanced data analytics. According to leading tax experts, the department's intensified focus on high-value transact

Posted in Income Tax | 2937 Views

Income Tax Department Reopens Past Assessment Cases in Crackdown on Fake Purchases and Bogus Invoices

15 April 2025 at 07:29

In a renewed effort to tackle tax evasion, the Income Tax Department has initiated a fresh wave of reassessment proceedings targeting businesses suspected of inflating purchase entries to reduce their taxable profits.

Posted in Income Tax | 2940 Views

Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025

14 April 2025 at 06:43

India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.

Posted in Income Tax | 1950 Views

MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud

11 April 2025 at 09:07

Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.

Posted in Income Tax | 339 Views