Income Tax News

CBDT Notifies Revised Form 10CCF for IFSC Insurance Businesses

21 August 2025 at 09:21

CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.

Posted in Income Tax | 246 Views

CBDT Seeks Industry Feedback on Crypto Tax Rules, Signals Possible New VDA Law

21 August 2025 at 09:12

CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.

Posted in Income Tax | 1128 Views

CBDT Notifies New Salary & Income Thresholds Under Section 17 of Income Tax Act

20 August 2025 at 09:23

CBDT notifies new rules under Section 17 of the Income-tax Act, 1961. Salary income capped at Rs 4 lakh and gross total income at Rs 8 lakh for specified provisions.

Posted in Income Tax | 7872 Views

Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG

20 August 2025 at 09:05

CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.

Posted in Income Tax | 2214 Views

New Income Tax Bill, 2025: Major Corporate Tax Reforms to Simplify Compliance and Boost Certainty

20 August 2025 at 08:56

The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation

Posted in Income Tax | 4695 Views

Bombay HC Quashes Tax Notice to Wife in Rs 6.75 Crore Mumbai Property Case

18 August 2025 at 08:42

A recent ruling by the Bombay High Court has provided significant relief in a joint property ownership dispute, reinforcing the principle that tax reassessments must be based on credible evidence rather than assumptions of ownership.

Posted in Income Tax | 3504 Views

CBDT, CBIC Face Massive Staff Shortages Amid Push for New Tax Reforms

18 August 2025 at 08:30

CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.

Posted in Income Tax | 2850 Views

ICAI Issues Checklist for Filing ITR-1 and ITR-4 for AY 2025-26

18 August 2025 at 08:30

ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.

Posted in Income Tax | 9291 Views

Income Tax Department Probes CSR-Linked Suspected Money Laundering Network

18 August 2025 at 08:29

Income Tax Dept uncovers CSR-linked money laundering; companies routed funds via bogus trusts to evade tax and claim wrongful deductions.

Posted in Income Tax | 387 Views

CBDT Amends Form No. 7 to include both Assessment Year and Block Period Effective from 1st September 2025

18 August 2025 at 08:29

CBDT notifies Income-tax (21st Amendment) Rules, 2025, effective September 1, revising Form No. 7 to include “block period” along with “assessment year.”

Posted in Income Tax | 2313 Views