Income Tax News

CBDT Mandates E-Filing for Business Trusts & AIFs Under New Tax Rules

26 February 2025 at 08:54

The Central Board of Direct Taxes (CBDT) has issued Notification No. 17/2025, introducing amendments to the Income-Tax Rules, 1962 under the Income-Tax Act, 1961.

Posted in Income Tax | 1851 Views

Virtual Digital Assets Now Classified as Undisclosed Income Under Income Tax Act

25 February 2025 at 08:40

In a significant step toward regulating cryptocurrency transactions and curbing tax evasion, the government has proposed to include Virtual Digital Assets (VDAs) within the definition of "undisclosed income" under the block assessment scheme.

Posted in Income Tax | 3966 Views

Major Changes in Profits and Gains of Business and Profession Under Income Tax Bill 2025

25 February 2025 at 08:39

The Income Tax Bill 2025 introduces several key changes in the chapter on Profits and Gains of Business and Profession (PGBP), aimed at enhancing clarity, coherence, and compliance.

Posted in Income Tax | 8577 Views

Income Tax Bill 2025: Major Changes in Deeming Provisions (Sections 68-69D) & Their Impact

25 February 2025 at 08:39

The Income Tax Bill 2025 has introduced significant modifications to the deeming provisions under Sections 68-69D of the Income Tax Act, 1961.

Posted in Income Tax | 2208 Views

Income Tax Bill 2025: How Return Filing Simplifications Will Benefit Taxpayers

24 February 2025 at 08:54

The Income Tax Bill, 2025, aims to make income tax return (ITR) filing more structured and user-friendly. With streamlined provisions for taxpayers, exempt entities, and return deadlines, the proposed changes focus on better clarity and accessibility.

Posted in Income Tax | 2772 Views

Income Tax Bill 2025: Key Clarifications on Special Rate Provisions

24 February 2025 at 08:54

With taxpayers seeking clarity on the new tax regime, special rate provisions, and compliance requirements, here are some important takeaways

Posted in Income Tax | 3201 Views

CBDT Clarifies Rs 12 Lakh Income Tax Rebate Excludes Capital Gains

24 February 2025 at 08:54

Finance Minister Nirmala Sitharaman's Budget 2025 announcement regarding income tax rebates has created confusion among taxpayers, particularly about the inclusion of capital gains in the Rs 12 lakh exemption.

Posted in Income Tax | 5277 Views

CBDT Begins Overhaul of Tax Rules After New Income Tax Act 2025

22 February 2025 at 08:59

In a significant move aimed at streamlining India's tax framework, the Union Budget 2025-26 has introduced a brand-new Income Tax Act, 2025.

Posted in Income Tax | 1737 Views

ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025

21 February 2025 at 09:42

The Institute of Cost Accountants of India (ICMAI) has submitted a memorandum to the Select Committee of Lok Sabha, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025.

Posted in Income Tax | 3912 Views

CBDT Issues Circular on TDS Deduction from Salaries for FY 2024-25 under Section 192

21 February 2025 at 08:50

The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, detailing the income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2024-25.

Posted in Income Tax | 43806 Views