Income Tax News

India's Fiscal Deficit on Track for FY26, but Slowing Tax Revenues Raise Concerns

08 October 2025 at 06:40

India is on track to meet its FY26 fiscal deficit target of 4.4% of GDP, but slowing income tax and GST revenues raise concerns. Analysts flag risks amid government borrowing plans and expenditure trends.

Posted in Income Tax | 222 Views

IT Department Releases Updated ITR-5 and ITR-6 Utilities for AY 2025-26

06 October 2025 at 07:14

CBDT releases updated ITR-5 and ITR-6 utilities for AY 2025-26 on Oct 2, 2025, improving accuracy, validation, and ease of income tax filing.

Posted in Income Tax | 300 Views

Income Tax Department to Launch Nudge Campaign on Joint Development Agreements

04 October 2025 at 06:54

The Income Tax Department plans a nudge campaign targeting landowners under joint development agreements (JDAs) who have not paid capital gains tax.

Posted in Income Tax | 2766 Views

Gujarat High Court Questions CBDT Over Non-Extension of ITR Deadline for FY 2024-25

04 October 2025 at 06:54

Gujarat High Court seeks explanation from CBDT on why the ITR filing deadline for FY 2024-25 was not extended, even after the tax audit report deadline was postponed to October 31, 2025. Further hearing scheduled for October 6.

Posted in Income Tax | 3537 Views

FIU-IND Issues Notices to 25 Offshore Crypto Exchanges for PMLA Non-Compliance

02 October 2025 at 07:50

FIU-IND has issued notices to 25 offshore Virtual Digital Asset Service Providers, including Huione, Paxful, CEX.IO, and BitMex, for non-compliance under the PMLA, 2002.

Posted in Income Tax | 1317 Views

ICAI Releases Income Tax Act, 2025: A Simplified Tax Framework Unveiled

29 September 2025 at 09:33

The ICAI has launched the Income Tax Act, 2025, replacing the 1961 Act with a simplified, taxpayer-friendly framework effective April 1, 2026.

Posted in Income Tax | 11874 Views

Two Income Tax Officials Jailed 4 Years for Rs 15 Lakh Bribe

29 September 2025 at 09:11

Two Income Tax officials sentenced to 4 years in jail for accepting ₹15 lakh bribe in Jodhpur CBI court; jeweller acquitted due to insufficient evidence.

Posted in Income Tax | 2361 Views

CBDT Issues Digital Evidence Manual: Tax Officials to Trace Offshore Servers, AI Data

27 September 2025 at 09:06

CBDT’s new digital evidence manual empowers tax officials to use Companies Act provisions to access offshore data. Firms must keep daily backups in India, disclose overseas custodians and comply with stricter digital evidence rules.

Posted in Income Tax | 3954 Views

CAG and CBDT Sign MoU to Enhance Training, Research and Data-Driven Audits

26 September 2025 at 09:00

The CAG and CBDT have signed an MoU to collaborate on training, research, and AI-driven audits, focusing on capacity building, GST audits, and governance reforms.

Posted in Income Tax | 1551 Views

CBDT Extends Tax Audit Report Filing Due Date for AY 2025-26 to 31st October 2025

25 September 2025 at 16:09

CBDT has extended the due date for filing Tax Audit Reports for Assessment Year 2025-26 from September 30 to October 31, 2025, providing relief to taxpayers and professionals.

Posted in Income Tax | 1 comments | 15471 Views