Income Tax News
Major Changes in Profits and Gains of Business and Profession Under Income Tax Bill 2025
25 February 2025 at 08:39The Income Tax Bill 2025 introduces several key changes in the chapter on Profits and Gains of Business and Profession (PGBP), aimed at enhancing clarity, coherence, and compliance.
Income Tax Bill 2025: Major Changes in Deeming Provisions (Sections 68-69D) & Their Impact
25 February 2025 at 08:39The Income Tax Bill 2025 has introduced significant modifications to the deeming provisions under Sections 68-69D of the Income Tax Act, 1961.
Income Tax Bill 2025: How Return Filing Simplifications Will Benefit Taxpayers
24 February 2025 at 08:54The Income Tax Bill, 2025, aims to make income tax return (ITR) filing more structured and user-friendly. With streamlined provisions for taxpayers, exempt entities, and return deadlines, the proposed changes focus on better clarity and accessibility.
Income Tax Bill 2025: Key Clarifications on Special Rate Provisions
24 February 2025 at 08:54With taxpayers seeking clarity on the new tax regime, special rate provisions, and compliance requirements, here are some important takeaways
CBDT Clarifies Rs 12 Lakh Income Tax Rebate Excludes Capital Gains
24 February 2025 at 08:54Finance Minister Nirmala Sitharaman's Budget 2025 announcement regarding income tax rebates has created confusion among taxpayers, particularly about the inclusion of capital gains in the Rs 12 lakh exemption.
CBDT Begins Overhaul of Tax Rules After New Income Tax Act 2025
22 February 2025 at 08:59In a significant move aimed at streamlining India's tax framework, the Union Budget 2025-26 has introduced a brand-new Income Tax Act, 2025.
ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025
21 February 2025 at 09:42The Institute of Cost Accountants of India (ICMAI) has submitted a memorandum to the Select Committee of Lok Sabha, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025.
CBDT Issues Circular on TDS Deduction from Salaries for FY 2024-25 under Section 192
21 February 2025 at 08:50The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, detailing the income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2024-25.
Income Tax Department Detects Rs 22,000 Crore in Undisclosed Foreign Assets
20 February 2025 at 08:43In a major crackdown on offshore tax evasion, the Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments.
Bombay High Court Quashes IT Department's Advisory on BCCI's Tax-Exempt Status
20 February 2025 at 08:41In a significant relief to the Board of Control for Cricket in India (BCCI), the Bombay High Court has set aside an advisory issued by the Income Tax Department, which questioned the board's tax-exempt status.
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