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Income Tax News


CBDT Amends Form 27EQ: TCS Now Applicable on Luxury Goods and Collectibles

   23 April 2025 at 08:57

In a move aimed at expanding the tax base and ensuring better traceability of high-value transactions, the Central Board of Direct Taxes (CBDT) has issued a notification amending the Income-tax Rules, 1962.

Posted in Income Tax |   5040 Views


Form 10AB Filing Activated: Charitable Trusts Can Now Seek Section 12A Relief

   21 April 2025 at 08:26

In a significant relief to charitable and religious institutions, the Income Tax Department has now enabled the filing of condonation requests through Form 10AB on the e-filing portal.

Posted in Income Tax |   5754 Views


Income Tax Dept Clarifies Tax Exemption Rules for DPIIT-Recognised Startups

   21 April 2025 at 08:25

In a significant clarification aimed at fostering ease of doing business, the Income Tax Department on Friday reiterated that DPIIT-recognised startups are eligible for multiple tax exemptions

Posted in Income Tax |   1959 Views


Income Tax Dept Probes Startups on Foreign Funds from Singapore

   19 April 2025 at 07:22

In a significant move that could impact India's thriving startup ecosystem, the Income Tax Department has issued show cause notices to multiple startups regarding foreign investments routed through Singapore over the past five years.

Posted in Income Tax |   1458 Views


Tea Stall Worker in Gujarat Shocked After Receiving Rs 115 Crore Income Tax Notice

   19 April 2025 at 07:22

As the financial year nears its end and salaried professionals across India gear up for tax filings, an unusual and baffling incident has emerged from Gujarat. ..

Posted in Income Tax |   501 Views


Lok Sabha Panel Reviews Income Tax Bill 2025 Ahead of Monsoon Session

   18 April 2025 at 08:41

The Select Committee of the Lok Sabha on the proposed Income-Tax Bill, 2025 convened a crucial meeting today at Parliament House, New Delhi. Chaired by BJP Member of Parliament Baijayant Panda, the 31-member panel is actively reviewing the draft legi

Posted in Income Tax |   1764 Views


Nagpur Man Slapped with Rs 314 Crore Tax Notice in Rs 560 Crore Hawala Scam Probe

   18 April 2025 at 08:27

In a bizarre twist of events, Chandrashekhar Kohad, a petty contractor originally from Nagpur and currently living in Multai, Madhya Pradesh, has been served a staggering Rs 314 crore income tax demand - an amount he says he cannot even comprehend.

Posted in Income Tax |   2055 Views


Income Tax Department Uses AI to Monitor High-Value Financial Transactions

   17 April 2025 at 08:40

The Income Tax Department is rapidly upgrading its surveillance and compliance ecosystem, powered by Artificial Intelligence (AI) and advanced data analytics. According to leading tax experts, the department's intensified focus on high-value transact

Posted in Income Tax |   3555 Views


Income Tax Department Reopens Past Assessment Cases in Crackdown on Fake Purchases and Bogus Invoices

   15 April 2025 at 07:29

In a renewed effort to tackle tax evasion, the Income Tax Department has initiated a fresh wave of reassessment proceedings targeting businesses suspected of inflating purchase entries to reduce their taxable profits.

Posted in Income Tax |   3291 Views


Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025

   14 April 2025 at 06:43

India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.

Posted in Income Tax |   2511 Views



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