Income Tax News

Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules

01 August 2025 at 09:08

The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.

Posted in Income Tax | 1749 Views

Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth

31 July 2025 at 09:26

FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.

Posted in Income Tax | 1248 Views

Income Tax Department Releases Offline and Online Utility for ITR-3 Filing for AY 2025-26

31 July 2025 at 09:03

The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.

Posted in Income Tax | 1 comments | 228 Views

Karnataka MP Raises Concerns Over Income Tax Act Amendments Impacting CA Services

30 July 2025 at 09:18

MP G. Kumar Naik has raised concerns that the proposed amendments to the Income Tax Act may negatively impact Chartered Accountants.

Posted in Income Tax | 537 Views

No Change in LTCG Tax Rates in Income Tax Bill 2025, Clarifies IT Department

30 July 2025 at 09:12

The IT Department has clarified that the Income Tax Bill, 2025 does not propose any changes to LTCG tax rates. The Bill focuses on simplifying language and removing obsolete provisions, with all ambiguities to be addressed during the legislative process.

Posted in Income Tax | 2238 Views

ICAI Limits 60 Tax Audit Assignments Per CA Partner from FY 2026-27

30 July 2025 at 09:05

ICAI has issued new guidelines titled "The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025," capping tax audit assignments at 60 per CA per year, effective from April 1, 2026

Posted in Income Tax | 9126 Views

Excel Utilities for Updated Returns in ITR-1 & ITR-2 for AY 2021-22 and 2022-23 Now Available

30 July 2025 at 08:44

The Income Tax Department has released the Excel Utilities for filing updated returns (ITR-U) using ITR-1 and ITR-2 forms for Assessment Years (AY) 2021-22 and 2022-23. These updates are aligned with the amendments introduced in the Finance Act, 2025

Posted in Income Tax | 168 Views

CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed

29 July 2025 at 08:59

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.

Posted in Income Tax | 3192 Views

CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions

29 July 2025 at 08:51

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.

Posted in Income Tax | 1641 Views

Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors

29 July 2025 at 08:45

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.

Posted in Income Tax | 1239 Views