Income Tax News

Income Tax Department Raids Sri Chaitanya Group Over Alleged Rs 230 Crore Tax Fraud

18 March 2025 at 08:49

The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.

Posted in Income Tax | 1875 Views

CBDT Clarifies Application of Principal Purpose Test in DTAAs

17 March 2025 at 08:34

In a significant move to provide clarity on the implementation of tax treaties, the CBDT has issued Circular 01/2025, emphasizing the application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements (DTAAs).

Posted in Income Tax | 1893 Views

Income Tax Department Cracks Down on Dubious Political Donations

17 March 2025 at 08:34

The Income Tax (IT) department has launched a major crackdown on suspicious political donations, issuing hundreds of notices to individuals who contributed over ₹5 lakh to lesser-known political parties in the financial year 2020-21.

Posted in Income Tax | 2706 Views

Income Tax Officer Caught in Bribery Case Over PAN Card Cancellation Delay

17 March 2025 at 08:34

In yet another case of corruption within the Income Tax Department, a complaint has been filed against an IT officer in Jalgaon for demanding a bribe to process the cancellation of a newly issued PAN card.

Posted in Income Tax | 2787 Views

Income Tax Officer Caught Taking Bribe, Posed as Another Officer to Extort Elderly Taxpayer

17 March 2025 at 08:33

In a shocking case of corruption, the Central Bureau of Investigation (CBI) caught an Income Tax officer red-handed while accepting a bribe of ₹50,000 from a 62-year-old taxpayer.

Posted in Income Tax | 816 Views

New Income Tax Bill Under Review: Parliamentary Panel Holds Key Discussions

15 March 2025 at 08:14

A select committee of Parliament convened to discuss the provisions of the proposed New Income Tax Bill, a key reform initiative aimed at overhauling India's direct tax structure.

Posted in Income Tax | 1506 Views

No Direct Revenue Impact Expected from IT Bill, Clarifies MoS Finance

14 March 2025 at 09:02

The recently introduced Income-tax Bill, 2025, in the Lok Sabha is designed to streamline India's tax framework but is not expected to have an immediate impact on revenue collection, according to Minister of State for Finance Pankaj Chaudhary.

Posted in Income Tax | 1227 Views

IT Department Uses Satellite Imagery to Crack Down on Dubious Agricultural Income Claims

14 March 2025 at 09:02

In a major tax crackdown, the Income Tax (I-T) Department has uncovered discrepancies in agricultural income declarations using satellite imagery.

Posted in Income Tax | 2508 Views

Top 5 Industrial States Contribute 72% of Direct Taxes

13 March 2025 at 08:48

The top five industrial states of India - Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday.

Posted in Income Tax | 702 Views

Personal Income Tax Collections Rise to 3.5% of GDP in FY24

13 March 2025 at 08:47

The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.

Posted in Income Tax | 1146 Views