Income Tax News

Finance Ministry Rules Out Abolishing LTCG Tax Amid Market Volatility

29 March 2025 at 08:34

In a significant announcement, the Finance Ministry has categorically ruled out any plans to abolish the Long-Term Capital Gains (LTCG) tax, despite recent market downturns that saw investors losing over Rs 74 lakh crore.

Posted in Income Tax | 5592 Views

Section 194T Introduced: TDS on Payments to Partners Now Mandatory

28 March 2025 at 08:42

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Seventh Amendment) Rules, 2025, introducing key changes to the Income-tax Rules, 1962

Posted in Income Tax | 27432 Views

Income Tax Department Cracks Down on Bogus Refunds

28 March 2025 at 08:42

The Investigation Wing of the Income Tax Department has uncovered a large-scale tax fraud during simultaneous surprise raids conducted across Tamil Nadu, including the four southern districts.

Posted in Income Tax | 984 Views

Income Tax Dept Cannot Access Personal Emails, Social Media Accounts: MoS Finance

28 March 2025 at 08:42

The Government of India has clarified that Income Tax officials will not have unrestricted access to personal emails, social media, or bank accounts of taxpayers.

Posted in Income Tax | 4173 Views

WhatsApp Chats Expose Rs 200 Crore Tax Evasion: FM Nirmala Sitharaman Justifies New Tax Bill

27 March 2025 at 08:37

In a significant revelation, Finance Minister Nirmala Sitharaman disclosed that tax authorities successfully uncovered Rs 200 crore worth of tax evasion using WhatsApp messages as evidence.

Posted in Income Tax | 5109 Views

CBDT releases Supplementary FAQs on the Finance Bill, 2025

26 March 2025 at 09:00

Supplementary FAQs on the Finance Bill, 2025

Posted in Income Tax | 2520 Views

CBDT Notifies Amendments in Income-Tax Rules to Broaden Safe Harbour Scope

26 March 2025 at 08:40

CBDT Notifies Sixth Amendment to Income-Tax Rules, 2025Key Highlights of Notification No. 21/2025The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 on March 25, 2025, amending the Income-tax Rules, 1962.

Posted in Income Tax | 2067 Views

Lok Sabha Passes Finance Bill 2025 with 35 Amendments, Moves to Rajya Sabha for Approval

26 March 2025 at 08:34

The Lok Sabha on Tuesday passed the Finance Bill, 2025, incorporating 35 government amendments, marking a significant step in the Budget approval process.

Posted in Income Tax | 2208 Views

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 | 2721 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 | 1626 Views