Income Tax News

Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025

15 August 2025 at 07:18

Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.

Posted in Income Tax | 1257 Views

Finance Ministry Issues Corrigendum to IT Bill, Clarifies Interest on Advance Tax Short-Payment

14 August 2025 at 09:10

The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.

Posted in Income Tax | 1473 Views

Net Direct Tax Collections Drop 3.95% YoY to Rs 6.64 Lakh Crore as of August 11

14 August 2025 at 08:56

India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year

Posted in Income Tax | 183 Views

New Income Tax Bill 2025 Simplifies Tax Law Without Changing Rates: FM Nirmala Sitharaman

14 August 2025 at 08:49

Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.

Posted in Income Tax | 1278 Views

Revised Income Tax Bill Empowers Authorities to Access Digital Assets During Search Operations

14 August 2025 at 08:42

The updated Income Tax Bill 2025 expands Section 132, granting tax officials controlled access to digital data including emails, crypto and cloud storage, during authorised search and seizure operations.

Posted in Income Tax | 990 Views

Income Tax Bill 2025: Full Tax Exemption on Commuted Pension for All Eligible Pensioners

14 August 2025 at 08:38

The Income Tax Bill 2025 brings major relief to pensioners by exempting commuted pension from tax for both government and private sector investors in approved pension funds, effective April 2026.

Posted in Income Tax | 2538 Views

Rajya Sabha Passes New Income Tax Bill 2025 by Voice Vote to Replace Six-Decade-Old Act

13 August 2025 at 09:35

Parliament passes New Income Tax Bill 2025 and Taxation Laws (Amendment) Bill to modernise India's direct tax regime, replacing the Income Tax Act, 1961 with updated provisions for individuals and businesses.

Posted in Income Tax | 1 comments | 3663 Views

Income Tax Bill 2025: Refunds for Belated Returns, House Property Deduction Clarified

13 August 2025 at 09:16

Lok Sabha passed the Revised Income Tax Bill, 2025, clarifying tax refund eligibility for late-filers and standard deduction computation on house property, effective April 1, 2026.

Posted in Income Tax | 2373 Views

JioFinance App Launches Rs 24 Self-Service ITR Filing Feature

12 August 2025 at 17:25

JioFinance App, with TaxBuddy, launches a new ITR filing feature offering regime comparison, deduction mapping & expert-assisted tax planning.

Posted in Income Tax | 3357 Views

Income Tax Department Warns Taxpayers Against Phishing Emails Promising Refunds

12 August 2025 at 09:18

Income Tax Department warns taxpayers about phishing emails promising refunds from fake address donotreply@incometaxindiafilling.gov.in; advises not to click suspicious links and report scams.

Posted in Income Tax | 1218 Views