Income Tax News

IT Dept Begins Crackdown on Inoperative PANs: Rs 10,000 Fine for Each Transaction

09 June 2025 at 09:33

The Income Tax Department has launched a stringent crackdown on the use of in-operative Permanent Account Numbers (PANs), warning that individuals using such PANs for financial transactions may face penalties of up to Rs 10,000 per transaction.

Posted in Income Tax | 1 comments | 73077 Views

Adani Group's Tax Contribution Rises 29% to Rs 74,945 Crore in FY25

07 June 2025 at 09:29

Adani Group paid Rs 74,945 crore in taxes and related contributions in FY25 - a 29% increase from last year. The voluntary Tax Transparency Report highlights direct, indirect, and global tax payments.

Posted in Income Tax | 1 comments | 1755 Views

Income Tax Department Launches 360-Degree Profiling to Track HNIs Underreporting Income

06 June 2025 at 09:08

The Income Tax Department, in a significant move to curb tax evasion, has intensified its scrutiny of High Net Worth Individuals (HNIs) suspected of underreporting their income.

Posted in Income Tax | 2694 Views

CBDT Notifies Tax Info Sharing to Aid Maharashtra's Girl Child Welfare Scheme

05 June 2025 at 09:28

Ministry of Finance (Department of Revenue) has issued a notification authorizing the sharing of Income Tax data with the Government of Maharashtra to help identify eligible beneficiaries under the Mukhyamantri Mazi Ladki Bahin Yojana.

Posted in Income Tax | 222 Views

Income Tax Return Forms ITR-1 and ITR-4 Now Available for Online Filing with Prefilled Data

04 June 2025 at 13:27

The Income Tax Department has enhanced the online filing experience for taxpayers by enabling the Income Tax Return (ITR) forms ITR-1 (Sahaj) and ITR-4 (Sugam) to be filed online with prefilled data.

Posted in Income Tax | 1230 Views

Navi Mumbai Professor Duped of Rs 1.81 Crore in Fake Income Tax Scam

04 June 2025 at 09:10

In a disturbing incident of cybercrime, a woman professor from a reputed educational institute in Navi Mumbai lost Rs 1.81 crore after falling prey to a well-orchestrated scam by con artists posing as Income Tax officials.

Posted in Income Tax | 3279 Views

CBI Arrests Senior IRS Officer for Rs 25 Lakh Bribe in Income Tax Corruption Case

03 June 2025 at 09:28

The Central Bureau of Investigation (CBI) has arrested a senior IRS officer and a private intermediary for allegedly accepting a bribe of Rs 25 lakh in exchange for favourable treatment in an income tax matter.

Posted in Income Tax | 1953 Views

CBDT Notifies REC Ltd.'s Rs 5,000 Crore Zero Coupon Bond u/s 2(48) of IT Act

03 June 2025 at 09:18

The Ministry of Finance, Department of Revenue, CBDT, has issued Notification No. 52/2025 dated May 30, 2025, formally recognizing the "Ten Year Zero Coupon Bond" issued by REC Ltd. as a zero coupon bond under Clause (48) of Section 2

Posted in Income Tax | 792 Views

CBDT Includes Sikkim in Section 80-IE Tax Deduction via Corrigendum

31 May 2025 at 08:32

CBDT, under the Ministry of Finance, has released a corrigendum to its earlier notification G.S.R. 290(E) dated May 6, 2025, introducing key amendments related to income tax return forms and deductions under Section 80-IE of the Income Tax Act, 1961.

Posted in Income Tax | 2274 Views