CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.
The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation
A recent ruling by the Bombay High Court has provided significant relief in a joint property ownership dispute, reinforcing the principle that tax reassessments must be based on credible evidence rather than assumptions of ownership.
CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.
ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.
Income Tax Dept uncovers CSR-linked money laundering; companies routed funds via bogus trusts to evade tax and claim wrongful deductions.
CBDT notifies Income-tax (21st Amendment) Rules, 2025, effective September 1, revising Form No. 7 to include “block period” along with “assessment year.”
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.
On India’s 79th Independence Day, PM Modi announced sweeping reforms to build a self-reliant, citizen-friendly nation.
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.
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