Income Tax News
Finance Ministry Grants Five-Year Exemption to IDFC First Bank from Shareholding Cap in Niraj Kakad Constructions
08 July 2025 at 08:48The 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.
Finance Ministry Grants Income Tax Exemption to Rajasthan Housing Board Under Section 10(46A)
08 July 2025 at 08:45In 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.
ITR Refunds for AY 2025-26 Likely to Be Delayed as IT Dept Reviews Past Tax Records
05 July 2025 at 09:13Over 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.
Tax Benefits Extended to UPS as Govt Pushes Pension Reforms
05 July 2025 at 08:46The 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.
Income Tax Dept Rolls Out "TAXASSIST" to Guide Taxpayers, Flag Errors & Ensure Compliance
04 July 2025 at 09:12The Income Tax Department launches "TAXASSIST" to support taxpayers in resolving notices, revising returns, and correcting wrongful claims like 80GGC deductions. Avoid scrutiny.
Form ITR-B Filing Now Enabled Online for Section 158BC Notices via e-Proceeding Tab
04 July 2025 at 08:45Taxpayers who have received notice under Section 158BC can now submit Form ITR-B via the e-Proceeding tab on the Income Tax portal
India's Tax Reforms and Digital Transformation Boost Revenue, Cut Compliance Costs: FM Sitharaman
03 July 2025 at 09:02FM 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
Karnataka State Pollution Control Board Gets Income Tax Exemption on Specified Incomes
03 July 2025 at 08:52In 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.
Big Relief for NRIs: US Lowers Proposed Tax on Remittances to India from 5% to 1% in Revised Trump Bill
02 July 2025 at 09:09In 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%
CBDT Issues Clarification on Waiver of Interest Under Sections 201(1A)(ii) and 206C(7) of Income Tax Act
02 July 2025 at 09:03The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2025 dated July 1, 2025, to clarify key concerns raised by field officers regarding the waiver of interest under Sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961
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