Income Tax News

India-Oman Double Taxation Agreement Amended

27 June 2025 at 09:22

The Government of India has officially notified the Protocol amending the 1997 Double Taxation Avoidance Agreement (DTAA) between India and the Sultanate of Oman.

Posted in Income Tax | 1377 Views

FM Sitharaman Directs CBDT to Accelerate Tax Refunds and Settle Pending Appeals

26 June 2025 at 09:19

Union Finance Minister reiterated the need for timely processing of tax refunds and proactive resolution of taxpayer grievances

Posted in Income Tax | 6462 Views

CBDT Relaxes Time Limit for Processing Conditionally Accepted ITRs Filed Under Section 119(2)(b)

26 June 2025 at 09:18

The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2025, dated June 25, 2025, extending the time limit for processing income tax returns (ITRs) filed with condonation of delay under Section 119(2)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 6543 Views

CBDT Grants Income Tax Exemption to FSSAI Under Section 10(46A)

25 June 2025 at 09:16

CBDT notifies tax exemption for FSSAI under Section 10(46A) of the Income-tax Act, effective AY 2026–27. The exemption supports the authority’s role under the Food Safety and Standards Act, 2006.

Posted in Income Tax | 2784 Views

FM Sitharaman Orders Withdrawal of Low-Value Tax Appeals Within Three Months

25 June 2025 at 09:09

In a review meeting held in the national capital, FM Sitharaman instructed senior officials to ensure all departmental appeals falling below the revised thresholds be identified and withdrawn within three months.

Posted in Income Tax | 1 comments | 27126 Views

Finance Ministry Amends e-Filing Rules for Debts Recovery Tribunals and Appellate Tribunals

24 June 2025 at 09:13

The Ministry of Finance, through its Department of Financial Services, has issued a key amendment to the Debts Recovery Tribunals and Debts Recovery Appellate Tribunals Electronic Filing Rules, 2020

Posted in Income Tax | 1953 Views

NPCI Launches Real-Time PAN and Bank Account Validation API on Income Tax Portal

23 June 2025 at 09:32

The National Payments Corporation of India (NPCI) has introduced a new real-time PAN and bank account validation facility on the income tax e-filing portal.

Posted in Income Tax | 2973 Views

Gross Direct Tax Collection Rises 4.86% in FY26 Despite Surge in Refunds

23 June 2025 at 09:16

While gross collections surged by 4.86%, reaching Rs 5.45 lakh crore, a significant rise in refunds-up by 58.04%-brought down the net collections.

Posted in Income Tax | 1008 Views

CBDT Reviews Status of Follow-Up Actions Under Exchange of Information Framework

23 June 2025 at 09:13

Some media reports have suggested that money deposited in bank accounts of Indian entities in Switzerland has increased. It is reported that the data pertains to different types of funds, including deposits from enterprises, banks and individuals.In

Posted in Income Tax | 228 Views

Income Tax Dept Uncovers Rs 29,208 Crore in Undisclosed Foreign Assets via Belated Returns

23 June 2025 at 09:09

The Income Tax Department identifies Rs 29,208 crore in foreign assets through belated returns for AY 2024-25. CBDT intensifies scrutiny using global data-sharing mechanisms amid spike in Indian deposits in Swiss banks.

Posted in Income Tax | 1701 Views