Income Tax News

ITAT Patna Grants Tax Relief on Rs 4.5 Crore Property Sale Despite Filing Error

25 August 2025 at 09:10

ITAT Patna grants major relief to taxpayer, allowing Rs 4.5 crore property sale exemption despite the wrong section being claimed. Tribunal rules substance over form, citing CBDT's 1955 circular.

Posted in Income Tax | 1824 Views

Police Arrest Four for Impersonating Income Tax Officers, Extorting Citizen at Gunpoint

25 August 2025 at 09:03

Surendranagar police arrested four men posing as income tax officers for extorting valuables at gunpoint. Cash, gold, and SUVs worth over Rs 24 lakh seized; three accused still absconding.

Posted in Income Tax | 417 Views

President Gives Assent to The Income Tax Bill 2025 and The Taxation Laws (Amendment) Bill 2025

22 August 2025 at 09:26

The President has given assent to the Income Tax Bill 2025 and the Taxation Laws (Amendment) Bill 2025, marking a major step in India's direct tax reforms aimed at simplifying compliance and strengthening tax administration.

Posted in Income Tax | 3807 Views

CBDT Notifies Key Changes to Rule 21AIA with Section 10(4D) of Income Tax Act

22 August 2025 at 09:04

CBDT notifies the Income-tax (Twenty-Fourth Amendment) Rules, 2025, revising Rule 21AIA on specified funds by omitting sub-rule (4) and redefining the term in line with Section 10(4D) of the Income Tax Act.

Posted in Income Tax | 441 Views

Excel Utility of ITR-7 for AY 2025-26 Released by Income Tax Department

22 August 2025 at 08:52

The Income Tax Department has released the Excel Utility of ITR-7 for Assessment Year (AY) 2025-26, enabling taxpayers falling under this category to file their income tax returns seamlessly.

Posted in Income Tax | 189 Views

CBDT Raises Exemption Limit from Rs 5 Lakh to Rs 20 Lakh for Undisclosed Foreign Assets

22 August 2025 at 08:35

CBDT has directed that prosecution under sections 49 and 50 of BMA, 2015, will not be initiated in cases where penalties under sections 42 and 43 are not attracted in respect of assets (excluding immovable property) valued up to Rs 20 lakh.

Posted in Income Tax | 32406 Views

CBDT Notifies Revised Form 10CCF for IFSC Insurance Businesses

21 August 2025 at 09:21

CBDT notifies the Income-tax (23rd Amendment) Rules, 2025, revising Form 10CCF to clarify income reporting for IFSC Insurance Offices under Section 80LA.

Posted in Income Tax | 342 Views

CBDT Seeks Industry Feedback on Crypto Tax Rules, Signals Possible New VDA Law

21 August 2025 at 09:12

CBDT has sought feedback from crypto stakeholders on India's tax regime, 1% TDS, and the need for a new VDA law. The move signals possible regulatory reforms as investors migrate offshore due to high taxes and uncertainty.

Posted in Income Tax | 1359 Views

CBDT Notifies New Salary & Income Thresholds Under Section 17 of Income Tax Act

20 August 2025 at 09:23

CBDT notifies new rules under Section 17 of the Income-tax Act, 1961. Salary income capped at Rs 4 lakh and gross total income at Rs 8 lakh for specified provisions.

Posted in Income Tax | 8325 Views

Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG

20 August 2025 at 09:05

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.

Posted in Income Tax | 2373 Views