Income Tax News

Customs Act Amendment: Finance Ministry Deletes Entry 10A from Exemption List

21 July 2025 at 09:07

The Finance Ministry has deleted Serial No. 10A from Customs Notification No. 146/94 via Notification No. 34/2025-Customs dated July 19, 2025. Importers and stakeholders must review the change for compliance.

Posted in Income Tax | 171 Views

Finance Ministry Grants IT Exemption to Andhra Pradesh Pollution Control Board for Specified Incomes

19 July 2025 at 07:12

The Finance Ministry has notified tax exemptions under Section 10(46) of the Income Tax Act for Andhra Pradesh Pollution Control Board, applicable from AY 2022-2023 to AY 202-2027, covering specified income sources.

Posted in Income Tax | 99 Views

New Income Tax Bill Seeks to End NPA Tax Disputes by Aligning with RBI Guidelines

19 July 2025 at 06:43

The new Income Tax Bill proposes a clear definition of NPAs in line with RBI norms, aiming to resolve long-standing tax disputes and avoid litigation over the taxation of unrealised interest income.

Posted in Income Tax | 1551 Views

Income Tax Department Releases Updated Common Offline Utility & Schema for Form 3CA-3CD and 3CB-3CD Filings

18 July 2025 at 10:25

The Income Tax Department has released an updated version (1.4.0) of the common offline utility for filing Forms 3CA-3CD and 3CB-3CD under Section 44AB. Edge browser installation is mandatory for using the utility.

Posted in Income Tax | 951 Views

Income Tax Bill 2025: Parliamentary Panel Retains CA-Only Definition of 'Accountant'

18 July 2025 at 10:13

The Parliamentary Committee on the Income-Tax Bill, 2025, has upheld the definition of 'accountant' to include only Chartered Accountants, excluding cost accountants and company secretaries.

Posted in Income Tax | 4830 Views

Lok Sabha Select Committee Proposes Changes to Income Tax Bill, 2025

18 July 2025 at 09:24

The Select Committee of the 18th Lok Sabha has finalized the Income-Tax Bill, 2025, aiming to consolidate and reform India's direct tax structure.

Posted in Income Tax | 2325 Views

AI Detects Tax Evasion in Hyderabad Using Font Analysis of Forged Capital Gains Bills

18 July 2025 at 09:13

The Income Tax Department uses AI to detect a forged capital gains bill in Hyderabad. A Calibri font, not public in 2002, exposed the fraud.

Posted in Income Tax | 1203 Views

ITR-2 Now Enabled for Online Filing with Prefilled Data on Income Tax Portal

18 July 2025 at 09:08

ITR-2 is now live for online filing with prefilled data on the Income Tax portal. Taxpayers can file seamlessly without uploading JSON files.

Posted in Income Tax | 726 Views

Revised Tax Audit Forms 3CA-3CD and 3CB-3CD Enabled on e-Filing Portal

18 July 2025 at 09:04

Revised Forms 3CA-3CD and 3CB-3CD Now Live on Income Tax e-Filing Portal Following Notification No. 23/2025

Posted in Income Tax | 2598 Views

Finance Ministry Notifies Amendments to Special Benami Courts in Raipur and Jaipur

18 July 2025 at 08:57

The Ministry of Finance has notified amendments to special courts under the Benami Property Act, 1988, updating designations in Raipur and Jaipur via Notification No. 117/2025 dated July 17, 2025.

Posted in Income Tax | 63 Views