Income Tax News

ICAI, Direct Tax Committee Highlights Technical Glitches in Income Tax Portal Ahead of Tax Audit Deadline

24 September 2025 at 09:26

ICAI flags technical glitches in the Income Tax E-filing Portal ahead of the September 30, 2025 deadline, urging CBDT to address login failures, slow utilities and DSC issues impacting tax audit and ITR filings.

Posted in Income Tax | 6294 Views

CBDT Waives Interest for Taxpayers Affected by Incorrect 87A Rebate under Section 115BAC

23 September 2025 at 08:53

CBDT issues Circular 13/2025 granting relief to taxpayers affected by rectifications . Interest under section 220(2) waived if demands are paid by December 31, 2025. Key details on rebate correction under section 87A explained

Posted in Income Tax | 2718 Views

Supreme Court Justice Criticizes Tax and Legal Mindset, Calls for Bold Reforms

23 September 2025 at 08:52

Supreme Court Justice Manmohan warns that India must reimagine outdated tax and legal systems to achieve its 2047 developed nation goal, stressing mindset change, simpler laws and modern reforms.

Posted in Income Tax | 2142 Views

ITR-5 and ITR-7 Now Enabled for Online Filing for AY 2025-26, Offline Utility Available for ITR-7

22 September 2025 at 08:39

The Income Tax Department has enabled ITR-5 and ITR-7 for online filing with prefilled data for AY 2025-26. The offline utility for ITR-7 is also available for download to simplify tax compliance.

Posted in Income Tax | 165 Views

Direct Tax Collections Rise 9% to Rs 10.82 Lakh Crore in FY26 So Far

20 September 2025 at 08:58

India’s net direct tax collections rose 9% to Rs 10.82 lakh crore till Sept 17, 2025. Corporate and non-corporate tax payments drove growth, while refunds fell nearly 24%.

Posted in Income Tax | 126 Views

ICAI Requests CBDT to Extend ITR Deadlines and Align Specified Dates

18 September 2025 at 17:09

The ICAI has urged CBDT to extend ITR deadlines, align specified dates under section 44AB and allow auto-renewal for small charitable trusts.

Posted in Income Tax | 46218 Views

IT Department Sees Record Surge with Over 7.3 Crore ITRs Filed for AY 2025-26

18 September 2025 at 08:20

A record of over 7.3 crore ITRs were filed by Sept 15. CBDT extended deadline to Sept 16 amid heavy portal traffic and taxpayer complaints of glitches.

Posted in Income Tax | 96 Views

CBDT and its Subordinate Offices to undertake Special Campaign 5.0 for Swachhata and Efficiency

18 September 2025 at 08:20

Govt launches Special Campaign 5.0 (Oct 2-31, 2025). CBDT to focus on swachhata, e-waste disposal, record management, and grievance redressal.

Posted in Income Tax | 72 Views

CBDT Issues SOP for Taxing Capital Gains on JDAs Under Section 45(5A)

18 September 2025 at 08:19

CBDT issues SOP for assessing capital gains on Joint Development Agreements under Section 45(5A), adopting the successful Kolkata model nationwide.

Posted in Income Tax | 7788 Views

Income Tax Department Targets CAs in Rs 2000 Crore Political Funding Tax Evasion Case

16 September 2025 at 08:56

Jharkhand Income Tax Department seeks CBDT approval to cancel licences of chartered accountants involved in facilitating Rs 2000 crore political funding tax evasion.

Posted in Income Tax | 4023 Views