Income Tax News

Income Tax Bill 2025: GAAR-Based Reassessments May Extend Beyond Time Limits

01 March 2025 at 08:45

The Income Tax Bill 2025 proposes a major shift in tax reassessment rules, allowing authorities to issue notices under the General Anti Avoidance Rules (GAAR) even for tax years that have crossed the prescribed time limits.

Posted in Income Tax | 1974 Views

Lok Sabha Select Committee to Review Income Tax Bill 2025 on March 6-7

01 March 2025 at 08:45

The Select Committee of the Lok Sabha, chaired by Bharatiya Janata Party (BJP) Vice President and Lok Sabha MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.

Posted in Income Tax | 1422 Views

Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains

28 February 2025 at 08:53

The Income Tax Department has started issuing demand notices to taxpayers who claimed a rebate under Section 87A on short-term capital gains (STCG) in their Income Tax Returns (ITRs).

Posted in Income Tax | 1 comments | 22377 Views

CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act

28 February 2025 at 08:46

CBDT has issued an Office Memorandum (OM) dated February 27, 2025, providing crucial clarifications on the implementation of the Risk Management Strategy under the IT Act, 1961, in light of recent amendments introduced by the Finance (No. 2) Act, 2024.

Posted in Income Tax | 1962 Views

Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations

28 February 2025 at 08:35

The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT).

Posted in Income Tax | 3927 Views

ITR Filers Earning Over Rs 1 Crore See Record 43% Growth in FY25

27 February 2025 at 08:41

The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025.

Posted in Income Tax | 1824 Views

CBDT Tightens TDS Compliance, 40,000 Taxpayers Under Investigation

27 February 2025 at 08:41

In a significant move to ensure Tax Deducted at Source (TDS) compliance, the CBDT has initiated an extensive review of nearly 40,000 taxpayers based on tax deductions claimed during the financial years 2022-23 and 2023-24, according to a report. Comp

Posted in Income Tax | 2352 Views

Income Tax Bill 2025: Tax Experts Seek Clarity on NPO Concessions and Commercial Activity

26 February 2025 at 08:54

The Income Tax Bill, 2025, has consolidated tax laws governing non-profit organisations (NPOs), streamlining provisions that were previously scattered across multiple sections of the Income Tax Act, 1961.

Posted in Income Tax | 1578 Views

CBDT Mandates E-Filing for Business Trusts & AIFs Under New Tax Rules

26 February 2025 at 08:54

The Central Board of Direct Taxes (CBDT) has issued Notification No. 17/2025, introducing amendments to the Income-Tax Rules, 1962 under the Income-Tax Act, 1961.

Posted in Income Tax | 1779 Views

Virtual Digital Assets Now Classified as Undisclosed Income Under Income Tax Act

25 February 2025 at 08:40

In a significant step toward regulating cryptocurrency transactions and curbing tax evasion, the government has proposed to include Virtual Digital Assets (VDAs) within the definition of "undisclosed income" under the block assessment scheme.

Posted in Income Tax | 3852 Views