Income Tax News

CBDT Outlines Data Sharing Mechanism for PMGKAY Beneficiary Identification between DGIT (Systems) and DFPD

05 February 2025 at 08:56

CBDT has issued a new directive for the sharing of taxpayer information with the Department of Food and Public Distribution (DFPD) for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)

Posted in Income Tax | 492 Views

FM Sitharaman Urges Southern States to Present Tax Devolution Concerns to 16th Finance Commission

05 February 2025 at 08:56

Amid growing concerns from southern states over the perceived unfair distribution of tax revenues, FM Nirmala Sitharaman has emphasized that it is the Finance Commission, not the central government, that determines the devolution of taxes.

Posted in Income Tax | 258 Views

CBDT Chairman Emphasizes 'Trust First' Approach in Tax Administration

05 February 2025 at 08:56

In a significant move reflecting the evolving landscape of India's tax administration, CBDT Chairman Ravi Agrawal announced a shift towards a more participative and non-adversarial approach.

Posted in Income Tax | 606 Views

Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility

30 January 2025 at 09:24

In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.

Posted in Income Tax | 5982 Views

CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000

30 January 2025 at 09:16

The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.

Posted in Income Tax | 2292 Views

Income Tax Rules 2025: Changes to Regulations for IFSC Finance Companies

29 January 2025 at 08:50

In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025.

Posted in Income Tax | 2079 Views

CBDT Notifies Shri Chaitanya Health and Care Trust for Scientific Research Under Section 35(1)(ii)

29 January 2025 at 08:50

In a significant development, the Ministry of Finance through CBDT, has issued Notification No. 11/2025 dated January 27, 2025, approving Shri Chaitanya Health and Care Trust's unit, Bhaktivedanta Hospital & Research Institute in Thane, Maharashtra

Posted in Income Tax | 309 Views

Supreme Court Declines PIL Challenging TDS System as 'Arbitrary and Irrational'

27 January 2025 at 08:58

The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking to declare the Tax Deducted at Source (TDS) system as "manifestly arbitrary, irrational, and violative of fundamental rights."

Posted in Income Tax | 2667 Views

Bombay High Court Disposes of PIL Regarding Eligibility of Rebate u/s 87A of the Income Tax Act

25 January 2025 at 10:21

The Bombay High Court on January 24, 2025, disposed of the Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants concerning the eligibility of the rebate under Section 87A of the Income Tax Act, 1961.

Posted in Income Tax | 4635 Views

Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers

24 January 2025 at 09:25

The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act

Posted in Income Tax | 2091 Views