Income Tax News
Income Tax Bill 2025: Key Clarifications on Special Rate Provisions
24 February 2025 at 08:54With taxpayers seeking clarity on the new tax regime, special rate provisions, and compliance requirements, here are some important takeaways
CBDT Clarifies Rs 12 Lakh Income Tax Rebate Excludes Capital Gains
24 February 2025 at 08:54Finance 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.
CBDT Begins Overhaul of Tax Rules After New Income Tax Act 2025
22 February 2025 at 08:59In a significant move aimed at streamlining India's tax framework, the Union Budget 2025-26 has introduced a brand-new Income Tax Act, 2025.
ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025
21 February 2025 at 09:42The 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.
CBDT Issues Circular on TDS Deduction from Salaries for FY 2024-25 under Section 192
21 February 2025 at 08:50The 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.
Income Tax Department Detects Rs 22,000 Crore in Undisclosed Foreign Assets
20 February 2025 at 08:43In a major crackdown on offshore tax evasion, the Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments.
Bombay High Court Quashes IT Department's Advisory on BCCI's Tax-Exempt Status
20 February 2025 at 08:41In a significant relief to the Board of Control for Cricket in India (BCCI), the Bombay High Court has set aside an advisory issued by the Income Tax Department, which questioned the board's tax-exempt status.
Man Duped of Rs 3 Lakh by Fraudster Posing as Income Tax Officer
20 February 2025 at 08:32In a shocking case of fraud, a resident of Urban Estate Phase-1, Iqbaljit Singh Bhatia, was allegedly cheated out of ₹3 lakh by a man impersonating an Income Tax officer.
Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman
19 February 2025 at 08:51In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.
CBDT Extends Due Date for Filing Form No. 56F for AY 2024-25
19 February 2025 at 08:48The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2025, extending the due date for filing Form No. 56F under the Income-tax Act, 1961.
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