Income Tax News

CBDT Mandates Aadhaar OTP for Email, Mobile & PAN Updates

09 July 2025 at 09:20

The Income Tax Department has made Aadhaar OTP mandatory for updating contact details and applying for a new PAN from July 1, 2025. Learn about the new rules, deadlines and their implications.

Posted in Income Tax | 11151 Views

Income Tax Refund Scam Busted: Indians Posing as Foreign Citizens to Evade Tax

08 July 2025 at 08:55

The Income Tax Department has uncovered a large-scale scam involving fraudulent refund claims by Indian taxpayers who falsely declared themselves as foreign citizens during IT return filing.

Posted in Income Tax | 2916 Views

Finance Ministry Grants Five-Year Exemption to IDFC First Bank from Shareholding Cap in Niraj Kakad Constructions

08 July 2025 at 08:48

The Ministry of Finance, on the recommendation of the Reserve Bank of India (RBI), has granted a five-year exemption to IDFC First Bank Limited from the provisions of Section 19(2) of the Banking Regulation Act, 1949.

Posted in Income Tax | 2214 Views

Finance Ministry Grants Income Tax Exemption to Rajasthan Housing Board Under Section 10(46A)

08 July 2025 at 08:45

In a significant relief to the Rajasthan Housing Board, the Ministry of Finance has granted income tax exemption under Section 10(46A)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 261 Views

ITR Refunds for AY 2025-26 Likely to Be Delayed as IT Dept Reviews Past Tax Records

05 July 2025 at 09:13

Over 90 lakh ITRs filed so far for AY 2025-26, with 86 lakh e-verified. Tax refunds delayed as IT Department reviews past assessment records. Processing data removed from website, raising concerns among taxpayers.

Posted in Income Tax | 1 comments | 10845 Views

Tax Benefits Extended to UPS as Govt Pushes Pension Reforms

05 July 2025 at 08:46

The Government has extended NPS-equivalent tax benefits to the UPS for Central Government employees, ensuring parity, flexibility, and enhanced retirement security under the new pension framework effective from April 1, 2025.

Posted in Income Tax | 234 Views

Income Tax Dept Rolls Out "TAXASSIST" to Guide Taxpayers, Flag Errors & Ensure Compliance

04 July 2025 at 09:12

The Income Tax Department launches "TAXASSIST" to support taxpayers in resolving notices, revising returns, and correcting wrongful claims like 80GGC deductions. Avoid scrutiny.

Posted in Income Tax | 9411 Views

Form ITR-B Filing Now Enabled Online for Section 158BC Notices via e-Proceeding Tab

04 July 2025 at 08:45

Taxpayers who have received notice under Section 158BC can now submit Form ITR-B via the e-Proceeding tab on the Income Tax portal

Posted in Income Tax | 3411 Views

India's Tax Reforms and Digital Transformation Boost Revenue, Cut Compliance Costs: FM Sitharaman

03 July 2025 at 09:02

FM Nirmala Sitharaman highlighted India's strides in tax reforms, digital transformation, and inclusive growth at the Third Plenary Meeting of the Fourth International Conference on Financing for Development

Posted in Income Tax | 2475 Views

Karnataka State Pollution Control Board Gets Income Tax Exemption on Specified Incomes

03 July 2025 at 08:52

In a major relief for the Karnataka State Pollution Control Board (KSPCB), the Central Government has notified income-tax exemption on specific sources of income under Section 10(46) of the Income-tax Act, 1961.

Posted in Income Tax | 156 Views