Income Tax News

CBDT to Finalise Rules for New Income Tax Act, 2025 by Year-End, Digital Data SOP Soon

28 August 2025 at 09:16

CBDT is drafting simplified rules and forms under the Income Tax Act, 2025, set to apply from April 1, 2026. A new SOP for digital data handling during surveys and searches will also be released, alongside the introduction of the 'tax year' concept.

Posted in Income Tax | 2658 Views

Income Tax Act 2025 Explicitly Empowers Digital Search & Seizure: CBDT Member Clarifies

28 August 2025 at 08:51

CBDT Member R.N. Parbat says digital search and seizure under Income Tax Act 2025 is vital to trace hidden income and assets online.

Posted in Income Tax | 3249 Views

CBDT Panel Recommends Tougher Benami Law With Wider Data Access for IT Department

26 August 2025 at 09:38

Centre may tighten Benami law with Aadhaar, property, and vehicle data access for tax officials, stricter rules for shell firms and dummy directors.

Posted in Income Tax | 1380 Views

Income Tax Raids NGOs Across 6 States, Uncover Rs 800 Crore CSR Fund Misuse

26 August 2025 at 09:21

Income Tax raids on NGOs across 6 states expose Rs 800 crore CSR misuse and Rs 10,000 crore bogus remittances abroad; probe still underway.

Posted in Income Tax | 417 Views

ITAT Patna Grants Tax Relief on Rs 4.5 Crore Property Sale Despite Filing Error

25 August 2025 at 09:10

ITAT Patna grants major relief to taxpayer, allowing Rs 4.5 crore property sale exemption despite the wrong section being claimed. Tribunal rules substance over form, citing CBDT's 1955 circular.

Posted in Income Tax | 1719 Views

Police Arrest Four for Impersonating Income Tax Officers, Extorting Citizen at Gunpoint

25 August 2025 at 09:03

Surendranagar police arrested four men posing as income tax officers for extorting valuables at gunpoint. Cash, gold, and SUVs worth over Rs 24 lakh seized; three accused still absconding.

Posted in Income Tax | 279 Views

President Gives Assent to The Income Tax Bill 2025 and The Taxation Laws (Amendment) Bill 2025

22 August 2025 at 09:26

The President has given assent to the Income Tax Bill 2025 and the Taxation Laws (Amendment) Bill 2025, marking a major step in India's direct tax reforms aimed at simplifying compliance and strengthening tax administration.

Posted in Income Tax | 3615 Views

CBDT Notifies Key Changes to Rule 21AIA with Section 10(4D) of Income Tax Act

22 August 2025 at 09:04

CBDT notifies the Income-tax (Twenty-Fourth Amendment) Rules, 2025, revising Rule 21AIA on specified funds by omitting sub-rule (4) and redefining the term in line with Section 10(4D) of the Income Tax Act.

Posted in Income Tax | 375 Views

Excel Utility of ITR-7 for AY 2025-26 Released by Income Tax Department

22 August 2025 at 08:52

The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26, enabling taxpayers falling under this category to file their income tax returns seamlessly.

Posted in Income Tax | 90 Views

CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets

22 August 2025 at 08:35

CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.

Posted in Income Tax | 31500 Views