The Income Tax Department has uncovered a large-scale scam involving fraudulent refund claims by Indian taxpayers who falsely declared themselves as foreign citizens during IT return filing.
The Ministry of Finance, on the recommendation of the Reserve Bank of India (RBI), has granted a five-year exemption to IDFC First Bank Limited from the provisions of Section 19(2) of the Banking Regulation Act, 1949.
In a significant relief to the Rajasthan Housing Board, the Ministry of Finance has granted income tax exemption under Section 10(46A)(b) of the Income-tax Act, 1961.
Over 90 lakh ITRs filed so far for AY 2025-26, with 86 lakh e-verified. Tax refunds delayed as IT Department reviews past assessment records. Processing data removed from website, raising concerns among taxpayers.
The Government has extended NPS-equivalent tax benefits to the UPS for Central Government employees, ensuring parity, flexibility, and enhanced retirement security under the new pension framework effective from April 1, 2025.
The Income Tax Department launches "TAXASSIST" to support taxpayers in resolving notices, revising returns, and correcting wrongful claims like 80GGC deductions. Avoid scrutiny.
Taxpayers who have received notice under Section 158BC can now submit Form ITR-B via the e-Proceeding tab on the Income Tax portal
FM Nirmala Sitharaman highlighted India's strides in tax reforms, digital transformation, and inclusive growth at the Third Plenary Meeting of the Fourth International Conference on Financing for Development
In a major relief for the Karnataka State Pollution Control Board (KSPCB), the Central Government has notified income-tax exemption on specific sources of income under Section 10(46) of the Income-tax Act, 1961.
In a major relief for Indian professionals working in the United States and Non-Resident Indians (NRIs) sending money back home, the revised draft of the One Big Beautiful Bill Act (OBBBA) has slashed the proposed tax rate on remittances to 1%
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