Income Tax News

Income Tax Department Uses AI to Monitor High-Value Financial Transactions

17 April 2025 at 08:40

The Income Tax Department is rapidly upgrading its surveillance and compliance ecosystem, powered by Artificial Intelligence (AI) and advanced data analytics. According to leading tax experts, the department's intensified focus on high-value transact

Posted in Income Tax | 3504 Views

Income Tax Department Reopens Past Assessment Cases in Crackdown on Fake Purchases and Bogus Invoices

15 April 2025 at 07:29

In a renewed effort to tackle tax evasion, the Income Tax Department has initiated a fresh wave of reassessment proceedings targeting businesses suspected of inflating purchase entries to reduce their taxable profits.

Posted in Income Tax | 3249 Views

Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025

14 April 2025 at 06:43

India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.

Posted in Income Tax | 2157 Views

MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud

11 April 2025 at 09:07

Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.

Posted in Income Tax | 432 Views

Mohandas Pai Criticizes Rising Tax Harassment, Calls Out 'Regulatory Oppression'

11 April 2025 at 08:48

Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous"

Posted in Income Tax | 1719 Views

Farmer Shocked by Rs 143 Crore IT Notice Linked to PAN Card Fraud

10 April 2025 at 08:38

In a bizarre case of identity theft, a 26-year-old farmer from Ajmer, Rajasthan, was left stunned after receiving an income tax notice linked to a Rs 143 crore transaction allegedly made using his PAN card. Ramraj Chaudhary, a resident of Keriakala V

Posted in Income Tax | 4776 Views

CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26

09 April 2025 at 09:03

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified bonds issued by the Housing and Urban Development Corporation Limited (HUDCO) as a 'long-term specified asset' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax | 4368 Views

CBDT Notifies New ITR-B Form for Block Assessment in Search & Seizure Cases

09 April 2025 at 09:00

CBDT has introduced a new Form ITR-B to be used for filing income tax returns for block assessments in cases arising out of search and seizure operations initiated on or after September 1, 2024.

Posted in Income Tax | 2718 Views

CBDT Notifies 30th April 2025 as Last Date to File Under Vivad se Vishwas Scheme

09 April 2025 at 08:57

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified April 30, 2025 as the last date to file a declaration under the Direct Tax Vivad se Vishwas Scheme, 2024.

Posted in Income Tax | 4374 Views

Over 3.24 Lakh Individuals Filed ITR for Income Above Rs 1 Crore in FY 2024-25

08 April 2025 at 08:53

In a sign of rising high-income taxpayers and improved compliance, the latest data released by the IT Dept reveals that 3.24 lakh individuals in India filed their ITRs for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025.

Posted in Income Tax | 1656 Views