Income Tax News

CBDT Begins Overhaul of Tax Rules After New Income Tax Act 2025

22 February 2025 at 08:59

In a significant move aimed at streamlining India's tax framework, the Union Budget 2025-26 has introduced a brand-new Income Tax Act, 2025.

Posted in Income Tax | 1731 Views

ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025

21 February 2025 at 09:42

The Institute of Cost Accountants of India (ICMAI) has submitted a memorandum to the Select Committee of Lok Sabha, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025.

Posted in Income Tax | 3894 Views

CBDT Issues Circular on TDS Deduction from Salaries for FY 2024-25 under Section 192

21 February 2025 at 08:50

The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, detailing the income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2024-25.

Posted in Income Tax | 43569 Views

Income Tax Department Detects Rs 22,000 Crore in Undisclosed Foreign Assets

20 February 2025 at 08:43

In a major crackdown on offshore tax evasion, the Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments.

Posted in Income Tax | 1 comments | 17811 Views

Bombay High Court Quashes IT Department's Advisory on BCCI's Tax-Exempt Status

20 February 2025 at 08:41

In a significant relief to the Board of Control for Cricket in India (BCCI), the Bombay High Court has set aside an advisory issued by the Income Tax Department, which questioned the board's tax-exempt status.

Posted in Income Tax | 1758 Views

Man Duped of Rs 3 Lakh by Fraudster Posing as Income Tax Officer

20 February 2025 at 08:32

In a shocking case of fraud, a resident of Urban Estate Phase-1, Iqbaljit Singh Bhatia, was allegedly cheated out of ₹3 lakh by a man impersonating an Income Tax officer.

Posted in Income Tax | 402 Views

Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman

19 February 2025 at 08:51

In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.

Posted in Income Tax | 1761 Views

CBDT Extends Due Date for Filing Form No. 56F for AY 2024-25

19 February 2025 at 08:48

The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2025, extending the due date for filing Form No. 56F under the Income-tax Act, 1961.

Posted in Income Tax | 2814 Views

Income Tax Bill 2025: IT Department Clarifies If Late ITR Filers Can Still Get Refunds

19 February 2025 at 08:36

The recently introduced Income Tax Bill, 2025, in the Lok Sabha has sparked concerns among taxpayers regarding their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date.

Posted in Income Tax | 5001 Views

Tax Deductions for Political Donations: Individual Taxpayers Outpace Corporates

18 February 2025 at 08:34

The revenue impact of tax deductions availed by individual taxpayers for donations to political parties has witnessed a sharp surge post-Covid-19, surpassing corporate contributions in the two financial years leading up to the 2024 Lok Sabha election

Posted in Income Tax | 1629 Views