Income Tax News
Income Tax Dept Targets Disposal of 2 Lakh Appeals Worth Rs 10 Lakh Crore in FY26
07 May 2025 at 09:04In a major push to expedite tax dispute resolution and unlock substantial revenue, the Income Tax Department has set a bold target of disposing over 200,000 appeals in FY26.
CBDT Tightens Oversight on Top Advance Taxpayers to Boost FY26 Direct Tax Collection
06 May 2025 at 09:04With an ambitious direct tax collection target of Rs 25.2 trillion for FY 2025-26, the CBDT has directed income-tax officials to intensify scrutiny of top advance tax payers and root out bogus claims of exemptions and deductions.
IT Department Recovers Rs 1,400 Crore From 63,000 Donors Linked to Dubious Political Donations
06 May 2025 at 09:01Income Tax Department has recovered Rs 1,400 crore from over 63,000 individuals who evaded taxes by falsely claiming deductions for donations made to RUPPs during the financial years 2022-23 and 2023-24.
Finance Ministry Notifies Five NBFCs for Aadhaar-Based Authentication Under PMLA
06 May 2025 at 08:52The Ministry of Finance has authorized five NBFCs to conduct Aadhaar-based authentication under the PMLA, marking another step towards strengthening digital identity verification in the financial sector.
CBDT Notifies New ITR Form ITR-2 for AY 2025-26
05 May 2025 at 15:46The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26.
CBDT Notifies New ITR-5 Form for AY 2025-26
03 May 2025 at 08:49The Central Board of Direct Taxes (CBDT) has officially notified a revised Income Tax Return (ITR) Form 5 applicable for Assessment Year 2025-26.
CBDT Releases Amended Income Tax Act, 1961 Updated by Finance Act, 2025
03 May 2025 at 08:37The Central Board of Direct Taxes (CBDT) has released the updated version of the Income-tax Act, 1961, incorporating amendments introduced by the Finance Act, 2025.
CBDT Notifies New ITR-3 Form for AY 2025-26
02 May 2025 at 08:58In a significant move towards streamlining income tax return filings, the Central Board of Direct Taxes (CBDT) has notified the new ITR-3 form for Assessment Year 2025-26 through Notification No. 41/2025 dated April 30, 2025.
Delhi Court Extends CBI Custody of IRS Officer and CA in Faceless IT Scheme Bribery Case
01 May 2025 at 08:52A Delhi court on Tuesday extended the CBI custody of a senior Income Tax official and a Chartered Accountant for two more days in connection with a bribery case linked to the government's "faceless" income tax assessment scheme.
CBDT Notifies ITR Forms 1 and 4 for AY 2025-26
30 April 2025 at 09:02CBDT has notified the Income-tax (Twelfth Amendment) Rules, 2025 through Notification No. 40/2025, dated April 29, 2025, amending the Income-tax Rules, 1962. The revised ITR-1 and ITR-4 forms are now applicable for AY 2025-26.
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