Income Tax News

Big Relief for NRIs: US Lowers Proposed Tax on Remittances to India from 5% to 1% in Revised Trump Bill

02 July 2025 at 09:09

In a major relief for Indian professionals working in the United States and Non-Resident Indians (NRIs) sending money back home, the revised draft of the One Big Beautiful Bill Act (OBBBA) has slashed the proposed tax rate on remittances to 1%

Posted in Income Tax | 1563 Views

CBDT Issues Clarification on Waiver of Interest Under Sections 201(1A)(ii) and 206C(7) of Income Tax Act

02 July 2025 at 09:03

The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2025 dated July 1, 2025, to clarify key concerns raised by field officers regarding the waiver of interest under Sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961

Posted in Income Tax | 11613 Views

CBDT Notifies Cost Inflation Index for FY 2025-26 at 376

02 July 2025 at 08:50

The Central Board of Direct Taxes (CBDT), via Notification No. 70/2025 dated July 1, 2025, has officially notified the Cost Inflation Index (CII) for the Financial Year 2025-26 as "376".

Posted in Income Tax | 5298 Views

India to Launch First Nationwide Household Income Survey in 2026 to Tackle Inequality and Tax Gaps

01 July 2025 at 09:15

India will launch its first-ever nationwide Household Income Survey in February 2026, offering policymakers comprehensive and direct data on household earnings from salaries, agriculture, business, investments, and informal sector jobs.

Posted in Income Tax | 1950 Views

Ravi Agrawal Reappointed as CBDT Chairman on Contract Basis Till June 2026

30 June 2025 at 09:13

The Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Shri Ravi Agrawal, IRS (IT:88028), as the Chairman of the Central Board of Direct Taxes (CBDT).

Posted in Income Tax | 1797 Views

IT Department Flags 1.65 Lakh ITRs for Scrutiny in AY 2025 - 3X Surge Over Previous Years

30 June 2025 at 09:13

The Income Tax Department has selected around 1.65 lakh cases for scrutiny assessment for AY 2025, marking a significant rise from previous years.

Posted in Income Tax | 2 comments | 21474 Views

CBDT Directs Tax Officers to Ensure 'Application of Mind' in Scrutiny Notices, Avoid Irrelevant Queries

28 June 2025 at 09:16

The Central Board of Direct Taxes (CBDT) has issued a directive to Income Tax Department officials across India, emphasizing the need for "due application of mind" while issuing scrutiny notices.

Posted in Income Tax | 8454 Views

Finance Ministry May Amend Income Tax Bill 2025 to Restore Section 80M for 22% Tax Regime

28 June 2025 at 09:12

The Ministry of Finance is expected to amend the draft Income Tax Bill, 2025, to reinstate Section 80M benefits for companies opting for the 22% concessional tax regime under Section 115BAA.

Posted in Income Tax | 24588 Views

31 Banks Now Available for Tax Payments via e-Filing Portal

27 June 2025 at 09:23

The Income Tax Department has expanded the list of banks available on the e-Filing portal's e-Pay Tax service to 31.

Posted in Income Tax | 735 Views

Bombay HC Orders Rs 19.44 Lakh Reward to 76 Year Old Whistleblower After 29 Years in Rs 361 Crore Tax Evasion Case

27 June 2025 at 09:22

After 29 years, whistleblower Darshan Singh Parmar secures Rs 19.44 lakh reward for exposing a Rs 361 crore tax evasion racket. Bombay HC slams Maharashtra govt for delay and bureaucratic apathy.

Posted in Income Tax | 1689 Views