Income Tax News

Personal Income Tax Collections Rise to 3.5% of GDP in FY24

13 March 2025 at 08:47

The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.

Posted in Income Tax | 1050 Views

Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid

12 March 2025 at 08:54

The Bombay High Court has directed the RBI to accept Rs 20 lakh in old demonetised Rs 500 and Rs 1000 currency notes that were confiscated from a group of Kolhapur residents during an Income Tax raid on December 26, 2016

Posted in Income Tax | 3150 Views

Shah Rukh Khan Wins Tax Case: ITAT Rules in Favor of Foreign Tax Credit Claim

11 March 2025 at 09:05

Bollywood superstar Shah Rukh Khan has secured a significant legal victory in a long-standing income tax dispute. The Income Tax Appellate Tribunal (ITAT) ruled in his favor, dismissing reassessment proceedings related to his 2011-12 income, specific

Posted in Income Tax | 2646 Views

Income Tax Department Invites Suggestions for Simplification of Tax Rules and Forms

11 March 2025 at 09:00

In a move to enhance efficiency and ease of compliance, the Income Tax Department has launched a dedicated initiative to simplify income tax rules and forms.

Posted in Income Tax | 2640 Views

ICAI Seeks Simplification of Income Tax Bill 2025, Recommends Fewer Sections and Clarity in Language

10 March 2025 at 08:57

The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025.

Posted in Income Tax | 4206 Views

India Needs Taxpayer-Friendly Reforms, Not Just Enforcement

08 March 2025 at 08:42

India's long-standing struggle between taxpayers and the tax office was supposed to end this year with the introduction of a new income tax law aimed at simplifying compliance and improving relations between the government and taxpayers.

Posted in Income Tax | 423 Views

Income Tax Department Alerts Taxpayers About Fake Tax Refund Scams

07 March 2025 at 09:04

The Income Tax Department has issued an urgent warning to taxpayers, cautioning them against fraudulent calls and messages related to income tax refunds.

Posted in Income Tax | 8655 Views

New Income Tax Bill: Tax Officers Could Gain Access to Emails & Social Media for Tax Scrutiny

06 March 2025 at 08:35

While the government claims the bill is meant to simplify India's tax laws, a controversial provision buried within the draft has raised concerns over digital privacy.

Posted in Income Tax | 2937 Views

Updated List of Banks Enabled for Direct Tax Payments on e-Filing Portal

05 March 2025 at 08:49

In a move to streamline tax payments, the Income Tax Department has expanded the list of banks available for tax payments through the e-Pay Tax service on the e-Filing Portal

Posted in Income Tax | 729 Views

Direct Tax Code 2025: Major Reforms & Why Experts Are Concerned

04 March 2025 at 08:39

The recently introduced Direct Tax Code (DTC) 2025 aims to simplify India's tax regime, addressing long-standing demands from taxpayers for greater clarity and ease of compliance.

Posted in Income Tax | 1749 Views