Income Tax News

Taxation Laws (Amendment) Bill, 2025 Introduced in Lok Sabha

12 August 2025 at 09:04

The Taxation Laws (Amendment) Bill, 2025, introduced in Lok Sabha by FM Nirmala Sitharaman, proposes tax exemptions for Unified Pension Scheme payouts, enhances standard deduction and refines search case block assessments.

Posted in Income Tax | 3705 Views

FM Sitharaman introduces Revised Income Tax (No. 2) Bill, 2025 in Lok Sabha

11 August 2025 at 15:13

The Income-tax (No. 2) Bill, 2025, introduced in Lok Sabha, proposes a comprehensive overhaul of India's direct tax laws from April 1, 2026, with simplified provisions, updated definitions, modern compliance and stronger anti-avoidance measures.

Posted in Income Tax | 7221 Views

IT Department Charges Hyderabad Techies for Misusing ITR-U in Rs 2.22 Crore Fraud

11 August 2025 at 09:04

Hyderabad Income Tax Department prosecutes two IT professionals for Rs 2.22 crore tax fraud, alleging misuse of ITR-U facility to insert new bogus deductions after being flagged.

Posted in Income Tax | 37821 Views

Rajasthan Police Warns of Rising Online Frauds During ITR Filing Season

11 August 2025 at 08:52

Rajasthan Police warns of rising online scams during ITR filing season, with fraudsters using fake refund offers and phishing links to steal taxpayer data.

Posted in Income Tax | 279 Views

West Bengal Launches Settlement of Dispute Scheme 2025 to Provide Relief to Taxpayers

09 August 2025 at 09:09

West Bengal introduces Settlement of Dispute Scheme 2025, allowing taxpayers to resolve pending sales tax, VAT, and entry tax cases at concessional rates. Apply by September 30, 2025.

Posted in Income Tax | 321 Views

ITR-5 Excel Utility for AY 2025-26 Released

09 August 2025 at 08:42

The Income Tax Department has released the Excel Utility of ITR-5 for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 360 Views

Income Tax Bill 2025 Withdrawn, Fresh Version to Be Tabled in Lok Sabha on August 11

08 August 2025 at 17:15

The government will introduce a fresh version of the Income Tax Bill, 2025 in Lok Sabha on August 11, replacing the earlier draft to incorporate Select Committee recommendations and avoid confusion from multiple versions.

Posted in Income Tax | 2991 Views

Income Tax Bill, 2025 Likely to be Tabled in Parliament on 11th August 2025

08 August 2025 at 09:00

Income Tax Bill, 2025 likely to be tabled on Aug 11 aims to replace 1961 Act with simpler, shorter law. Key changes include single tax year, digital compliance and reduced litigation

Posted in Income Tax | 2415 Views

CBDT Grants Income Tax Exemption to Uttarakhand Pollution Control Board

08 August 2025 at 08:46

CBDT grants income tax exemption to Uttarakhand Pollution Control Board from AY 2025-26 under Section 10(46A), recognising its role in environmental protection...

Posted in Income Tax | 78 Views

CBDT Detects Rs 630 Crore Undisclosed Income in Crypto Transactions

07 August 2025 at 09:11

CBDT detects Rs 630 crore in undisclosed crypto income and sends over 44,000 compliance notices under its NUDGE campaign. Learn how the government is cracking down on cryptocurrency linked tax evasion.

Posted in Income Tax | 1236 Views