Income Tax News

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

Senior Citizens Welfare Fund Deposits to Earn 3.35% Interest for FY 2024-25

21 June 2025 at 07:57

The Ministry of Finance has announced that deposits made under the Senior Citizens Welfare Fund (SCWF) will earn 3.35% interest for the financial year 2024-25. The interest rate will apply retrospectively from April 1, 2024, to March 31, 2025.

Posted in Income Tax | 987 Views

TDS Exemption for IFSC Units Under Section 80LA Effective July 1, 2025

21 June 2025 at 07:56

In a major relief aimed at bolstering India's International Financial Services Centres (IFSCs), the Central Government has issued a notification exempting TDS on certain payments made to units operating in IFSCs

Posted in Income Tax | 1593 Views

CBDT Notifies Tax Exemption for Forum of Regulators Under Section 10(46) of Income Tax Act

20 June 2025 at 09:27

CBDT has issued Notification No. 66/2025, dated June 19, 2025, granting income tax exemption under section 10(46) of the Income-tax Act, 1961 to the Forum of Regulators, a statutory body constituted by the Government of India under the Ministry of Power.

Posted in Income Tax | 234 Views

Income Tax Department Shimla Hosts Outreach Programme to Promote Advance Tax Awareness

19 June 2025 at 09:16

The Income Tax Department in Shimla organized a proactive outreach programme to raise awareness about advance tax compliance, attended by CAs, industry leaders, and hospitality sector representatives.

Posted in Income Tax | 132 Views

CBDT Notifies Dental Council of India as Tax-Exempt Entity Under Section 10(46A)

19 June 2025 at 09:13

The Ministry of Finance has notified the Dental Council of India as a tax-exempt entity under Section 10(46A) of the Income-tax Act, 1961, effective from AY 2024–25. Learn more about the latest CBDT notification.

Posted in Income Tax | 219 Views

Charitable and Religious Trusts to Face Stricter Income Tax Scrutiny in FY 2025-26

17 June 2025 at 09:39

The Central Board of Direct Taxes (CBDT) has issued fresh guidelines for compulsory selection of income-tax returns (ITRs) for scrutiny during the 2025-26 assessment year.

Posted in Income Tax | 3792 Views

CBDT Grants Retrospective Tax Exemption to Treasurer Charitable Endowments, Haryana under Section 10(46)

17 June 2025 at 09:30

The Central Board of Direct Taxes (CBDT) under the Ministry of Finance has issued Notification No. 58/2025, dated June 16, 2025, granting tax exemption to Treasurer Charitable Endowments, Haryana, under clause (46) of Section 10 of the Income-tax Act

Posted in Income Tax | 411 Views

CBDT Grants Retrospective Tax Exemption to Haryana RERA, Gurugram Under Section 10(46)

17 June 2025 at 09:26

CBDT, under the Ministry of Finance, has issued Notification No. 57/2025 dated June 16, 2025, granting tax exemption to the Haryana Real Estate Regulatory Authority (HRERA), Gurugram under clause (46) of section 10 of the Income-tax Act, 1961.

Posted in Income Tax | 339 Views

CBDT Notifies Tax Exemption for HP School Education Board Under Section 10(46)

17 June 2025 at 09:20

CBDT, under the Ministry of Finance, has issued Notification No. 59/2025 dated June 16, 2025, granting tax exemption to the Himachal Pradesh Board of School Education (HPBOSE), Dharamshala, under clause (46) of section 10 of the Income-tax Act, 1961.

Posted in Income Tax | 387 Views