Income Tax News

Income Tax Bill 2025 Tabled in Parliament: Aims to Simplify IT Act, 1961

14 February 2025 at 08:32

Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961

Posted in Income Tax | 3003 Views

ITR Filings Surge to 83.9 Million in FY25, Up 4% from Last Year

13 February 2025 at 08:46

The total number of income tax returns (ITRs) filed in FY25 reached a record 83.9 million by December 31, 2024, marking a 4% increase from the previous year, according to government data.

Posted in Income Tax | 345 Views

Income Tax Bill 2025: Key Tax Reforms & New Rules Effective from April 2026

12 February 2025 at 12:39

The Indian government has introduced a new Income Tax Bill, replacing the Income Tax Act, 1961, which has undergone multiple amendments over the decades.

Posted in Income Tax | 2 comments | 8346 Views

Income Tax Department Launches New Tax Calculator as per Finance Bill 2025

12 February 2025 at 07:14

The Income Tax Department of India has introduced a new Section 115BAC Tax Calculator in line with the provisions of the Finance Bill 2025.

Posted in Income Tax | 4428 Views

CBDT Enhances Tax Compliance for Non-Residents: Form 49C Filing Rules Amended

12 February 2025 at 07:13

The Central Board of Direct Taxes (CBDT) has issued Notification No. 14/2025, amending the Income-tax Rules, 1962, to enhance compliance and reporting requirements for non-resident entities operating liaison offices in India.

Posted in Income Tax | 2730 Views

CBDT Grants Tax Exemption to Bhaikaka University for Scientific Research u/s 35(1)(ii) of IT Act 1961

12 February 2025 at 07:13

The Central Board of Direct Taxes (CBDT) has granted approval to Bhaikaka University, Anand, Gujarat, for tax exemption under Section 35(1)(ii) of the Income-tax Act, 1961.

Posted in Income Tax | 258 Views

New Income Tax Bill to Simplify Tax Laws & Improve Compliance: Set for Parliamentary Review

11 February 2025 at 08:58

The government is set to introduce a new Income Tax Bill aimed at simplifying tax laws, reducing compliance burdens, and modernizing tax administration. Union Finance Minister Nirmala Sitharaman is expected to present the bill this week, after which

Posted in Income Tax | 3441 Views

CBDT Amends IT Rules 2025: New Investment & Compliance Norms for Infrastructure Debt Funds

10 February 2025 at 08:49

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Third Amendment) Rules, 2025, introducing crucial updates to Rule 2F of the Income-tax Rules, 1962.

Posted in Income Tax | 1752 Views

Union Cabinet Approves New Income Tax Bill: Key Highlights and Expected Changes

08 February 2025 at 09:02

The Union Cabinet on Friday approved the new Income Tax Bill, as per sources. The bill is set to replace the Income Tax Act, 1961 and aims to simplify and modernize India's tax system while making compliance easier for taxpayers.

Posted in Income Tax | 4392 Views

Hyderabad IT Professionals Caught in Rs 110 Crore Tax Refund Scam Using Fake Political Donations

08 February 2025 at 08:52

The Income Tax department in Hyderabad has uncovered a massive tax fraud scheme involving IT professionals who falsely claimed tax refunds by making fraudulent donations to registered unrecognised political parties (RUPPs).

Posted in Income Tax | 2223 Views