Income Tax News

Parliamentary Panel Set to Adopt Report on New Income Tax Bill Ahead of Monsoon Session Push

17 July 2025 at 09:09

A Parliamentary Committee is set to adopt its report on the Income Tax Bill, 2025, ahead of the Monsoon Session. The Bill aims to replace the 1961 Act, simplify procedures, and unify the tax year concept. CBDT begins training for implementation by 2026.

Posted in Income Tax | 1 comments | 1827 Views

Income Tax Department Cracks Down on Bogus Refunds Claimed by MNC, PSU and Govt Employees

17 July 2025 at 08:54

Income Tax Department cracks down on fake tax refund claims by MNC, PSU, and govt employees. Large-scale verification exposes misuse of deductions under Sections 80D, 80G, 10(13A) and more. Refunds withheld; penalties and prosecutions begin.

Posted in Income Tax | 2871 Views

CBDT Reports Income Tax Refund Time Slashed to 17 Days in 2024 from 93 Days in 2013

16 July 2025 at 09:01

India cuts income tax refund time from 93 to 17 days, driven by digital reforms. Refunds surge 474% as taxpayer base and collections rise sharply.

Posted in Income Tax | 2154 Views

CBDT Notifies Tax Exemption for District Legal Services Authorities in Haryana

15 July 2025 at 08:57

CBDT notifies tax exemption under Section 10(46) for District Legal Services Authorities in Haryana for AY 2024-25 to 2028-29, covering income from grants, court orders, fees and bank interest.

Posted in Income Tax | 174 Views

Income Tax Department Cracks Down on Fake Deductions: Rs 1045 Crore Claims Withdrawn

15 July 2025 at 08:36

The Income Tax Department has launched a massive verification drive targeting fraudulent ITR filings involving bogus deductions under sections 10(13A), 80GGC, 80D, 80G, and others.

Posted in Income Tax | 4545 Views

CBDT Extends Tax Exemption Timeline for Sovereign Wealth and Pension Funds Till March 31, 2030

12 July 2025 at 08:55

CBDT extends tax exemption deadline for SWFs and PFs under Section 10(23FE) to March 31, 2030, boosting long-term infrastructure investment in India.

Posted in Income Tax | 1569 Views

Income Tax Department Releases Excel Utilities for ITR-2 and ITR-3 for AY 2025-26

11 July 2025 at 10:34

The Central Board of Direct Taxes (CBDT) has released the Excel-based offline utilities for Income Tax Return (ITR) Forms 2 and 3 for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 1872 Views

CBDT Collects Rs 20,000 Crore in Q1 FY2025, Doubles Previous Year's Recovery

11 July 2025 at 09:40

The CBDT has collected Rs 20,000 crore in pending tax dues in Q1 of FY2025, doubling last year's figures. With a Rs 1.96 lakh crore target, recovery efforts are set to intensify.

Posted in Income Tax | 2025 Views

PIB Warns Against Fake e-PAN Card Emails. Income Tax Department Warns of Phishing Scam

10 July 2025 at 09:21

PIB warns users against fake e-PAN card emails flagged as phishing scams. The Income Tax Department confirms it never requests personal info via email. Learn how to stay safe and report such fraud.

Posted in Income Tax | 1590 Views

Ministry of Finance Notifies IREDA Bonds as Long-Term Specified Asset Under Section 54EC of IT Act

10 July 2025 at 08:56

The Ministry of Finance has notified bonds issued by the Indian Renewable Energy Development Agency (IREDA) as 'long-term specified assets' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax | 414 Views