Income Tax News
New Direct Tax Code to Simplify Structure, No New Taxes to Be Introduced: Finance Secretary
06 February 2025 at 08:45In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes.
CBDT Outlines Data Sharing Mechanism for PMGKAY Beneficiary Identification between DGIT (Systems) and DFPD
05 February 2025 at 08:56CBDT has issued a new directive for the sharing of taxpayer information with the Department of Food and Public Distribution (DFPD) for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
FM Sitharaman Urges Southern States to Present Tax Devolution Concerns to 16th Finance Commission
05 February 2025 at 08:56Amid growing concerns from southern states over the perceived unfair distribution of tax revenues, FM Nirmala Sitharaman has emphasized that it is the Finance Commission, not the central government, that determines the devolution of taxes.
CBDT Chairman Emphasizes 'Trust First' Approach in Tax Administration
05 February 2025 at 08:56In a significant move reflecting the evolving landscape of India's tax administration, CBDT Chairman Ravi Agrawal announced a shift towards a more participative and non-adversarial approach.
Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility
30 January 2025 at 09:24In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.
CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000
30 January 2025 at 09:16The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.
Income Tax Rules 2025: Changes to Regulations for IFSC Finance Companies
29 January 2025 at 08:50In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025.
CBDT Notifies Shri Chaitanya Health and Care Trust for Scientific Research Under Section 35(1)(ii)
29 January 2025 at 08:50In a significant development, the Ministry of Finance through CBDT, has issued Notification No. 11/2025 dated January 27, 2025, approving Shri Chaitanya Health and Care Trust's unit, Bhaktivedanta Hospital & Research Institute in Thane, Maharashtra
Supreme Court Declines PIL Challenging TDS System as 'Arbitrary and Irrational'
27 January 2025 at 08:58The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking to declare the Tax Deducted at Source (TDS) system as "manifestly arbitrary, irrational, and violative of fundamental rights."
Bombay High Court Disposes of PIL Regarding Eligibility of Rebate u/s 87A of the Income Tax Act
25 January 2025 at 10:21The Bombay High Court on January 24, 2025, disposed of the Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants concerning the eligibility of the rebate under Section 87A of the Income Tax Act, 1961.
Popular News
- ED Files Chargesheet in Rs 734 Crore GST ITC Fraud Case
- GST Officers Leaking Return Data to Rivals for Money, Alleges Gujarat CA Group
- State Govt to Expand Amnesty Scheme for Pending Pre-GST Tax Arrears
- ICAI Moves Toward Lifting CA Advertising Ban for Global Competitiveness
- ICAI Issues FAQs on Guidance Note on Financial Statements for Non-Corporate Entities
Trending Online Classes
CAclubindia
