Income Tax News

Taxpayers, CAs File Appeals Against IT Notices Over Section 87A Rebate Claims

05 April 2025 at 09:05

The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court's directive

Posted in Income Tax | 1 comments | 30837 Views

CBDT Mandates PAN-Aadhaar Linking by Dec 31, 2025 for Pre-October 2024 Applicants

05 April 2025 at 08:50

CBDT has issued a fresh notification mandating that individuals who were allotted a PAN based on their Aadhaar Enrolment ID before October 1, 2024, must update their Aadhaar number with the Income Tax Department by December 31, 2025.

Posted in Income Tax | 3720 Views

Income Tax Department Enables Rectification Applications for AY 2023-24 via E-Filing Portal

04 April 2025 at 08:52

In a significant move to streamline the ITR rectification process, the Income Tax Department has enabled taxpayers to file rectification applications before an AO for up to AY 2023-24 (Financial Year 2022-23) through the e-filing portal.

Posted in Income Tax | 2 comments | 12021 Views

No Cut in Capital Expenditure, Claims FM Nirmala Sitharaman

04 April 2025 at 08:44

On Tuesday, Finance Minister Nirmala Sitharaman firmly responded to former Finance Minister P Chidambaram's criticism regarding capital expenditure (capex), stating that there has been no reduction in the central government's capex.

Posted in Income Tax | 1383 Views

CBDT Recovers Rs 92,400 Crore in Outstanding Tax for FY 2024-25

03 April 2025 at 08:48

CBDT has successfully recovered ₹92,400 crore in outstanding tax liabilities in the ongoing financial year (2024-25) up to March 15, according to sources familiar with the matter.

Posted in Income Tax | 1995 Views

CBDT Signs Record 174 Advance Pricing Agreements in FY 2024-25

01 April 2025 at 08:45

The Central Board of Direct Taxes (CBDT) entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25.

Posted in Income Tax | 1569 Views

CBI Books Five Hyderabad-Based Income Tax Officials, Chartered Accountant for Alleged Extortion

01 April 2025 at 08:45

CBI has registered a case against five officials of the Income Tax department and a CA based in Hyderabad for allegedly extorting money from taxpayers in exchange for favorable treatment in their tax matters.

Posted in Income Tax | 2241 Views

Finance Act 2025 Notified: Key Tax Reforms and Compliance Enhancements

31 March 2025 at 08:42

The Government of India has officially notified the Finance Act 2025, following its passage in both houses of Parliament and the Presidential assent on March 29, 2025.

Posted in Income Tax | 5871 Views

Income Tax Notices Sent to High-Rent Tenants for TDS Non-Compliance

29 March 2025 at 09:00

The Income Tax Department has issued notices to taxpayers who have been paying monthly rent of Rs 50,000 or more but failed to deduct Tax Deducted at Source (TDS) before remitting the amount to their landlords, a tax expert revealed.

Posted in Income Tax | 1 comments | 4641 Views

CBDT Amends Tax Audit Report (Form 3CD) with Key Changes Effective 1st April 2025

29 March 2025 at 08:56

CBDT has notified the Income-tax (Eighth Amendment) Rules, 2025 via Notification No. 23/2025, introducing significant modifications to Form 3CD, the tax audit report required under Section 44AB of the Income-tax Act, 1961

Posted in Income Tax | 45990 Views