Income Tax News

West Bengal Launches Settlement of Dispute Scheme 2025 to Provide Relief to Taxpayers

09 August 2025 at 09:09

West Bengal introduces Settlement of Dispute Scheme 2025, allowing taxpayers to resolve pending sales tax, VAT, and entry tax cases at concessional rates. Apply by September 30, 2025.

Posted in Income Tax | 156 Views

ITR-5 Excel Utility for AY 2025-26 Released

09 August 2025 at 08:42

The Income Tax Department has released the Excel Utility of ITR-5 for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 249 Views

Income Tax Bill 2025 Withdrawn, Fresh Version to Be Tabled in Lok Sabha on August 11

08 August 2025 at 17:15

The government will introduce a fresh version of the Income Tax Bill, 2025 in Lok Sabha on August 11, replacing the earlier draft to incorporate Select Committee recommendations and avoid confusion from multiple versions.

Posted in Income Tax | 2967 Views

Income Tax Bill, 2025 Likely to be Tabled in Parliament on 11th August 2025

08 August 2025 at 09:00

Income Tax Bill, 2025 likely to be tabled on Aug 11 aims to replace 1961 Act with simpler, shorter law. Key changes include single tax year, digital compliance and reduced litigation

Posted in Income Tax | 2382 Views

CBDT Grants Income Tax Exemption to Uttarakhand Pollution Control Board

08 August 2025 at 08:46

CBDT grants income tax exemption to Uttarakhand Pollution Control Board from AY 2025-26 under Section 10(46A), recognising its role in environmental protection...

Posted in Income Tax | 72 Views

CBDT Detects Rs 630 Crore Undisclosed Income in Crypto Transactions

07 August 2025 at 09:11

CBDT detects Rs 630 crore in undisclosed crypto income and sends over 44,000 compliance notices under its NUDGE campaign. Learn how the government is cracking down on cryptocurrency linked tax evasion.

Posted in Income Tax | 1227 Views

Parliamentary Panel Criticizes IT Dept for Not Segregating Business and Individual Income Under PIT

07 August 2025 at 09:03

A parliamentary panel has criticised the Income Tax Department for refusing to segregate business and individual income under PIT, calling for a clear action plan to improve tax transparency and policy formulation.

Posted in Income Tax | 1608 Views

Income Tax Bill 2025: No Exemption for Fast-Track Demergers, Startups May Suffer

07 August 2025 at 08:57

Experts have criticised the Income-Tax Bill, 2025 for excluding fast-track demergers from tax-neutral treatment, warning that it contradicts ease of doing business and increases tax burden on startups and MSMEs.

Posted in Income Tax | 2037 Views

Income Tax Department Detects Rs 30,444 Crore Undisclosed Income in FY25 Through 465 Surveys

07 August 2025 at 08:53

In FY25, the Income Tax Department detected Rs 30,444 crore in undisclosed income through 465 surveys, Parliament was informed. Seizures and search operations also yielded assets worth over Rs 2,500 crore.

Posted in Income Tax | 2898 Views

Income Tax Bill 2025: Lok Sabha Panel Recommends Over 330 Changes to Boost Clarity

04 August 2025 at 09:12

The Lok Sabha Select Committee spent 25,000 hours reviewing the Income Tax Bill 2025, recommending 330+ clarity-focused changes.

Posted in Income Tax | 3150 Views