The Income Tax Department has released the offline utility for ITR-5 for AY 2025-26, enabling firms, LLPs, AOPs, and trusts to file returns easily.
The Ministry of Law & Justice issues corrigenda to the Income-tax Act, 2025, correcting typographical errors and replacing "previous year" with "tax year," ensuring accuracy ahead of its April 1, 2026 rollout.
CBDT issues Circular No. 11/2025 extending the tax-free investment window under Section 10(23FE) from March 2025 to March 2030, boosting infrastructure funding in India.
Income Tax Act, 2025 takes effect from April 1, 2026, simplifying laws, defining 'Tax Year,' recognizing VDAs, and ensuring transparency & digital compliance.
A grocery shopkeeper in Bulandshahr, UP, was shocked after receiving a Rs 141 crore tax notice when his PAN card was allegedly misused to create fake firms.
CBDT extends tax exemption timelines under Section 10(23FE) by 6 years through the Income-tax (25th Amendment) Rules, 2025, aiding global funds.
Supreme Court quashes prosecution against Vijay Krishnaswami, slams Income Tax Department for ignoring CBDT circulars; imposes Rs 2 lakh cost.
CBDT is drafting simplified rules and forms under the Income Tax Act, 2025, set to apply from April 1, 2026. A new SOP for digital data handling during surveys and searches will also be released, alongside the introduction of the 'tax year' concept.
CBDT Member R.N. Parbat says digital search and seizure under Income Tax Act 2025 is vital to trace hidden income and assets online.
Centre may tighten Benami law with Aadhaar, property, and vehicle data access for tax officials, stricter rules for shell firms and dummy directors.
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