Income Tax News

CBDT Notifies New ITR Form ITR-2 for AY 2025-26

05 May 2025 at 15:46

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 4557 Views

CBDT Notifies New ITR-5 Form for AY 2025-26

03 May 2025 at 08:49

The Central Board of Direct Taxes (CBDT) has officially notified a revised Income Tax Return (ITR) Form 5 applicable for Assessment Year 2025-26.

Posted in Income Tax | 2865 Views

CBDT Releases Amended Income Tax Act, 1961 Updated by Finance Act, 2025

03 May 2025 at 08:37

The Central Board of Direct Taxes (CBDT) has released the updated version of the Income-tax Act, 1961, incorporating amendments introduced by the Finance Act, 2025.

Posted in Income Tax | 4359 Views

CBDT Notifies New ITR-3 Form for AY 2025-26

02 May 2025 at 08:58

In a significant move towards streamlining income tax return filings, the Central Board of Direct Taxes (CBDT) has notified the new ITR-3 form for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025.

Posted in Income Tax | 5988 Views

Delhi Court Extends CBI Custody of IRS Officer and CA in Faceless IT Scheme Bribery Case

01 May 2025 at 08:52

A Delhi court on Tuesday extended the CBI custody of a senior Income Tax official and a Chartered Accountant for two more days in connection with a bribery case linked to the government's "faceless" income tax assessment scheme.

Posted in Income Tax | 2073 Views

CBDT Notifies ITR Forms 1 and 4 for AY 2025-26

30 April 2025 at 09:02

CBDT has notified the Income-tax (Twelfth Amendment) Rules, 2025 through Notification No. 40/2025, dated April 29, 2025, amending the Income-tax Rules, 1962. The revised ITR-1 and ITR-4 forms are now applicable for AY 2025-26.

Posted in Income Tax | 9936 Views

CBDT Sets Aggressive Rs 2.4 Lakh Crore Target to Unearth Black Money in FY 2025-26

29 April 2025 at 08:52

In a bold move to curb black money and strengthen the formal economy, the CBDT has unveiled an aggressive action plan for the fiscal year 2025-26.

Posted in Income Tax | 2415 Views

Faceless IT Scheme Sabotage: CBI Arrests Senior IRS Officer, Private Individual

26 April 2025 at 09:00

CBI arrests two accused including an IRS Officer and a private person on allegations of involvement in sabotaging the Faceless Scheme of Income Tax Assessment

Posted in Income Tax | 2 comments | 3567 Views

Direct Tax Collections Rise 13.57% in FY 2024-25

26 April 2025 at 08:57

Direct tax collections for the financial year 2024-25 have recorded a significant upswing, with net collections reaching Rs 22.26 lakh crore as of March 31, 2025, according to provisional data released by CBDT

Posted in Income Tax | 1473 Views

CBDT Clarifies Disallowance of Legal Settlement Expenses under Section 37 via FAQs

25 April 2025 at 08:56

CBDT issues FAQs on Notification No. 38/2025 clarifying that expenses incurred to settle proceedings under SEBI, Competition, and Depositories laws will not qualify for tax deductions under Section 37 of the Income-tax Act from AY 2025-26 onwards.

Posted in Income Tax | 3339 Views