Income Tax News
Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers
24 January 2025 at 09:25The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act
CBDT Introduces Special Taxation Provisions for Non-Resident Cruise Ship Operators
23 January 2025 at 09:19As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.
Two Impersonators of IT and GST Officers Held for Cheating Jeweller of Rs 40 Lakh
22 January 2025 at 08:50The Greater Chennai Police on Saturday announced the arrest of two men who posed as officials from the Income Tax (I-T) and Goods and Services Tax (GST) departments.
CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024
21 January 2025 at 08:54In a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025.
Income Tax Department Conducts Searches at 44 Premises Over Rs 170 Crore Tax Evasion Allegations
21 January 2025 at 08:53The Income Tax Department on Friday conducted coordinated searches across 44 locations linked to eight high-profile contractors, including relatives of two former ministers, over allegations of tax evasion amounting to more than Rs 170 crore.
Securities Transaction Tax Revenue Jumps 75% Despite Stock Market Swings
21 January 2025 at 08:53The Securities Transaction Tax (STT) collections have witnessed an unprecedented rise, soaring by over 75% to ₹44,538 crore as of January 12, 2025, compared to ₹25,415 crore during the same period in 2024.
Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals
20 January 2025 at 08:48As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.
Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7
18 January 2025 at 07:55In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident
Income Tax Department Empowered to Attach Assets Under Anti-Benami Law Even Without Identifying Beneficial Owner
16 January 2025 at 08:50In a significant ruling dated November 26, 2024, the Adjudicating Authority under the PBPT Act, 1988, upheld the Income Tax Department's power to attach assets under the anti-benami law, even if the actual owner of such properties remains unidentified.
Income Tax Department Cracks Down on Tax Evasion in Educational Institutions
16 January 2025 at 08:50The Income Tax Department has intensified its crackdown on tax evasion within the education sector, conducting nationwide surveys targeting schools suspected of financial irregularities.
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