Income Tax News

Income Tax Dept Flags Rs 29 Lakh Crore as Hard to Recover from Rs 43 Lakh Crore Dues

25 March 2025 at 08:41

The Income Tax Department is grappling with an overwhelming backlog of direct tax arrears, with Rs 29 lakh crore classified as nearly impossible to recover, as per official submissions to the Parliamentary Standing Committee on Finance.

Posted in Income Tax | 2694 Views

Govt Proposes to Scrap 6% Equalisation Levy on Digital Ads in Finance Bill 2025

25 March 2025 at 08:32

In a significant move impacting India's digital advertising landscape, the government has proposed amendments to the Finance Bill 2025, including the removal of the 6% equalisation levy on online advertisements.

Posted in Income Tax | 1533 Views

Maharashtra Approves Tax Amnesty Scheme for PSUs, Aims to Recover Rs 8,000 Crore

24 March 2025 at 08:34

In a significant move to resolve long-standing tax disputes, the Maharashtra Legislative Council on Thursday sanctioned a bill granting amnesty to PSUs of the Central and state governments for their tax dues to the Maharashtra government.

Posted in Income Tax | 669 Views

ITAT Mumbai Rules: No Capital Gains Tax on Co-Owner Without Beneficial Interest

22 March 2025 at 08:49

The Income Tax Appellate Tribunal (ITAT), Mumbai bench, has ruled that an individual listed as a co-owner of a property without actual financial interest cannot be taxed for capital gains upon its sale.

Posted in Income Tax | 7710 Views

Income Tax Department Issues Notices to 300 Private Equity Firms Over Capital Gains Tax Evasion

22 March 2025 at 08:46

In a major crackdown on tax evasion, the Income-Tax Department has issued notices to approximately 300 private equity (PE) firms and company promoters over alleged non-payment or underpayment of capital gains tax, according to a report.

Posted in Income Tax | 2418 Views

Over Rs 11.8 Trillion Stuck in Direct Tax Disputes, FM Tells Rajya Sabha

21 March 2025 at 08:48

In a recent disclosure in Rajya Sabha, Finance Minister Nirmala Sitharaman revealed that a staggering Rs 17.59 trillion in tax revenue remains locked in litigation, with over 1.53 lakh cases pending across various judicial and quasi-judicial forums.

Posted in Income Tax | 1557 Views

Income Tax Bill 2025: AMT Expansion May Increase Tax Burden on LLPs and Partnership Firms

21 March 2025 at 08:46

The Income-Tax Bill, 2025, has proposed significant changes to the alternative minimum tax (AMT) framework, potentially increasing the tax burden on partnership firms and limited liability partnerships (LLPs) with long-term capital gains (LTCG).

Posted in Income Tax | 3948 Views

Over 9 Crore Taxpayers Filed ITR for FY 2025, 4.68 Lakh Report Income Above Rs 1 Crore

20 March 2025 at 08:36

The latest data from the Income Tax Department reveals that more than 9 crore taxpayers have filed their income tax returns (ITR) as of February 28, 2025, for the financial year 2024-25.

Posted in Income Tax | 4635 Views

Income Tax Bill 2025: Public Consultation Opens for Drafting New Rules & Forms

19 March 2025 at 08:56

The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration.

Posted in Income Tax | 2055 Views

Income Tax Department Releases Updated Excel-Based Utility for ITR-3 for AY 2024-25

19 March 2025 at 08:51

The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession.

Posted in Income Tax | 921 Views