Income Tax News

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 | 390 Views

Aadhaar OTP Now Mandatory for PAN Registration on Income Tax Portal

16 June 2025 at 09:10

The Income Tax Department has updated the PAN registration process on its official portal, making Aadhaar-based OTP verification mandatory for all individuals registering their Permanent Account Number (PAN) online.

Posted in Income Tax | 4 comments | 5451 Views

FM Sitharaman to Hold High-Level GST, Income Tax and Customs Review Meetings This June

16 June 2025 at 09:00

Finance Minister Nirmala Sitharaman is scheduled to hold a series of high-level review meetings with top officials from the CBIC, CBDT and Customs Departments between June 19 and June 30.

Posted in Income Tax | 276 Views

CBDT Notifies Fresh Guidelines for Compulsory Scrutiny of Income Tax Returns for FY 2025-26

14 June 2025 at 14:26

The Central Board of Direct Taxes (CBDT) has issued comprehensive guidelines for the compulsory selection of income tax returns (ITRs) for complete scrutiny during Financial Year 2025-26.

Posted in Income Tax | 88131 Views

CBDT Issues Notices Over Crypto Tax Evasion: Section 115BBH Violations Under Scanner

14 June 2025 at 09:24

The Central Board of Direct Taxes (CBDT) has intensified its scrutiny of cryptocurrency-linked tax evasion and income laundering, with a new data-driven initiative targeting individuals and entities engaged in Virtual Digital Asset (VDA) transactions

Posted in Income Tax | 2697 Views

Air India Crash: Tata Group's Rs 1 Crore Ex-Gratia Payment Likely Exempt from Income Tax

13 June 2025 at 10:48

Tata Group offers Rs 1 crore compensation per victim's family after AI171 crash. Tax-exempt ex-gratia under Indian law. Nation mourns 242 lives lost.

Posted in Income Tax | 4464 Views

CBDT Notifies Zero-Coupon Bond Issued by NABARD Worth Rs 19,500 Crore for Income Tax Purposes

13 June 2025 at 09:19

CBDT has officially notified a zero-coupon bond issued by the National Bank for Agriculture and Rural Development (NABARD) under clause (48) of Section 2 of the Income-tax Act, 1961.

Posted in Income Tax | 648 Views

Income Tax Department Releases Common Offline Utilities for ITR-1 and ITR-4 for AY 2025-26

12 June 2025 at 09:03

The Income Tax Department has released the Common Offline Utility (COU) for filing Income Tax Returns (ITR-1 and ITR-4) for the Assessment Year 2025-26

Posted in Income Tax | 306 Views

Centre Mulls Tax Relief for Banks on NPA Interest Income

11 June 2025 at 09:20

The Indian government is currently reviewing a proposal to amend the Income Tax Act to align the definition of NPAs with that of the RBI - a move that could significantly ease tax burdens for banks and financial institutions.

Posted in Income Tax | 264 Views

Income Tax Department Cracks Down on Dubious Political Donation Claims Under Section 80GGC

11 June 2025 at 09:18

The Income Tax Department, in a bid to curb misuse of tax deductions on political donations, has intensified scrutiny of claims made under Section 80GGC of the Income Tax Act

Posted in Income Tax | 2871 Views