Income Tax News

ICAI Welcomes New Income Tax Bill for Promoting Investment and Simplifying Tax Regime

16 August 2025 at 08:58

ICAI has welcomed the new Income Tax Bill, effective April 1, 2026, calling it a simpler, clearer framework that incorporates 90 of its suggestions to boost ease of doing business and attract investment.

Posted in Income Tax | 1722 Views

From Zero Tax to 40,000 Compliance Cuts: PM Modi Outlines Decade of Transformation on 79th Independence Day

16 August 2025 at 08:38

On India’s 79th Independence Day, PM Modi announced sweeping reforms to build a self-reliant, citizen-friendly nation.

Posted in Income Tax | 1326 Views

Facility for Filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-3 and ITR-4 Now Available

15 August 2025 at 08:46

The Income Tax Department has announced that taxpayers can now file updated returns for Assessment Years (AY) 2021-22 and AY 2022-23 using ITR-3 and ITR-4 forms.

Posted in Income Tax | 225 Views

Income Tax Department Releases Excel Utility of ITR-6 for AY 2025-26

15 August 2025 at 08:20

The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.

Posted in Income Tax | 381 Views

New Income Tax Bill 2025 Clears Confusion on Rental Income, Home Loan Deductions

15 August 2025 at 07:50

New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.

Posted in Income Tax | 1830 Views

Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025

15 August 2025 at 07:42

Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.

Posted in Income Tax | 16242 Views

Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025

15 August 2025 at 07:18

Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.

Posted in Income Tax | 1245 Views

Finance Ministry Issues Corrigendum to IT Bill, Clarifies Interest on Advance Tax Short-Payment

14 August 2025 at 09:10

The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.

Posted in Income Tax | 1452 Views

Net Direct Tax Collections Drop 3.95% YoY to Rs 6.64 Lakh Crore as of August 11

14 August 2025 at 08:56

India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year

Posted in Income Tax | 180 Views

New Income Tax Bill 2025 Simplifies Tax Law Without Changing Rates: FM Nirmala Sitharaman

14 August 2025 at 08:49

Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.

Posted in Income Tax | 1257 Views