Income Tax News

Income Tax Officer Caught Taking Bribe, Posed as Another Officer to Extort Elderly Taxpayer

17 March 2025 at 08:33

In a shocking case of corruption, the Central Bureau of Investigation (CBI) caught an Income Tax officer red-handed while accepting a bribe of ₹50,000 from a 62-year-old taxpayer.

Posted in Income Tax | 711 Views

New Income Tax Bill Under Review: Parliamentary Panel Holds Key Discussions

15 March 2025 at 08:14

A select committee of Parliament convened to discuss the provisions of the proposed New Income Tax Bill, a key reform initiative aimed at overhauling India's direct tax structure.

Posted in Income Tax | 1404 Views

No Direct Revenue Impact Expected from IT Bill, Clarifies MoS Finance

14 March 2025 at 09:02

The recently introduced Income-tax Bill, 2025, in the Lok Sabha is designed to streamline India's tax framework but is not expected to have an immediate impact on revenue collection, according to Minister of State for Finance Pankaj Chaudhary.

Posted in Income Tax | 1128 Views

IT Department Uses Satellite Imagery to Crack Down on Dubious Agricultural Income Claims

14 March 2025 at 09:02

In a major tax crackdown, the Income Tax (I-T) Department has uncovered discrepancies in agricultural income declarations using satellite imagery.

Posted in Income Tax | 2232 Views

Top 5 Industrial States Contribute 72% of Direct Taxes

13 March 2025 at 08:48

The top five industrial states of India - Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday.

Posted in Income Tax | 495 Views

Personal Income Tax Collections Rise to 3.5% of GDP in FY24

13 March 2025 at 08:47

The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.

Posted in Income Tax | 1053 Views

Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid

12 March 2025 at 08:54

The Bombay High Court has directed the RBI to accept Rs 20 lakh in old demonetised Rs 500 and Rs 1000 currency notes that were confiscated from a group of Kolhapur residents during an Income Tax raid on December 26, 2016

Posted in Income Tax | 3177 Views

Shah Rukh Khan Wins Tax Case: ITAT Rules in Favor of Foreign Tax Credit Claim

11 March 2025 at 09:05

Bollywood superstar Shah Rukh Khan has secured a significant legal victory in a long-standing income tax dispute. The Income Tax Appellate Tribunal (ITAT) ruled in his favor, dismissing reassessment proceedings related to his 2011-12 income, specific

Posted in Income Tax | 2661 Views

Income Tax Department Invites Suggestions for Simplification of Tax Rules and Forms

11 March 2025 at 09:00

In a move to enhance efficiency and ease of compliance, the Income Tax Department has launched a dedicated initiative to simplify income tax rules and forms.

Posted in Income Tax | 2679 Views

ICAI Seeks Simplification of Income Tax Bill 2025, Recommends Fewer Sections and Clarity in Language

10 March 2025 at 08:57

The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025.

Posted in Income Tax | 4218 Views