Income Tax News

Income Tax Department Reopens Past Assessment Cases in Crackdown on Fake Purchases and Bogus Invoices

15 April 2025 at 07:29

In a renewed effort to tackle tax evasion, the Income Tax Department has initiated a fresh wave of reassessment proceedings targeting businesses suspected of inflating purchase entries to reduce their taxable profits.

Posted in Income Tax | 3267 Views

Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025

14 April 2025 at 06:43

India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.

Posted in Income Tax | 2175 Views

MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud

11 April 2025 at 09:07

Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.

Posted in Income Tax | 435 Views

Mohandas Pai Criticizes Rising Tax Harassment, Calls Out 'Regulatory Oppression'

11 April 2025 at 08:48

Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous"

Posted in Income Tax | 1737 Views

Farmer Shocked by Rs 143 Crore IT Notice Linked to PAN Card Fraud

10 April 2025 at 08:38

In a bizarre case of identity theft, a 26-year-old farmer from Ajmer, Rajasthan, was left stunned after receiving an income tax notice linked to a Rs 143 crore transaction allegedly made using his PAN card. Ramraj Chaudhary, a resident of Keriakala V

Posted in Income Tax | 4782 Views

CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26

09 April 2025 at 09:03

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified bonds issued by the Housing and Urban Development Corporation Limited (HUDCO) as a 'long-term specified asset' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax | 4407 Views

CBDT Notifies New ITR-B Form for Block Assessment in Search & Seizure Cases

09 April 2025 at 09:00

CBDT has introduced a new Form ITR-B to be used for filing income tax returns for block assessments in cases arising out of search and seizure operations initiated on or after September 1, 2024.

Posted in Income Tax | 2742 Views

CBDT Notifies 30th April 2025 as Last Date to File Under Vivad se Vishwas Scheme

09 April 2025 at 08:57

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified April 30, 2025 as the last date to file a declaration under the Direct Tax Vivad se Vishwas Scheme, 2024.

Posted in Income Tax | 4386 Views

Over 3.24 Lakh Individuals Filed ITR for Income Above Rs 1 Crore in FY 2024-25

08 April 2025 at 08:53

In a sign of rising high-income taxpayers and improved compliance, the latest data released by the IT Dept reveals that 3.24 lakh individuals in India filed their ITRs for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025.

Posted in Income Tax | 1692 Views

Rs 30 Crore IT Notice to Mathura Farmer Exposes PAN Card Misuse in UP

07 April 2025 at 08:29

Low-income workers across Uttar Pradesh targeted in massive identity theft scamIn a shocking revelation that has sent ripples across Uttar Pradesh, a farmer from Mathura has been served an Income Tax notice amounting to ₹30 crore.

Posted in Income Tax | 1 comments | 11097 Views