Income Tax News

CBDT Amends IT Rules 2025: New Investment & Compliance Norms for Infrastructure Debt Funds

10 February 2025 at 08:49

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Third Amendment) Rules, 2025, introducing crucial updates to Rule 2F of the Income-tax Rules, 1962.

Posted in Income Tax | 1809 Views

Union Cabinet Approves New Income Tax Bill: Key Highlights and Expected Changes

08 February 2025 at 09:02

The Union Cabinet on Friday approved the new Income Tax Bill, as per sources. The bill is set to replace the Income Tax Act, 1961 and aims to simplify and modernize India's tax system while making compliance easier for taxpayers.

Posted in Income Tax | 4497 Views

Hyderabad IT Professionals Caught in Rs 110 Crore Tax Refund Scam Using Fake Political Donations

08 February 2025 at 08:52

The Income Tax department in Hyderabad has uncovered a massive tax fraud scheme involving IT professionals who falsely claimed tax refunds by making fraudulent donations to registered unrecognised political parties (RUPPs).

Posted in Income Tax | 2334 Views

Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman

08 February 2025 at 08:52

Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman

Posted in Income Tax | 483 Views

CBI Books IRS Officer, 6 CAs for Leaking Sensitive Faceless Assessment Data

08 February 2025 at 08:52

CBI on Thursday conducted searches across 18 locations nationwide after registering a case against an Indian Revenue Service (IRS) officer and several Income Tax (IT) officials for allegedly sharing sensitive data related to pending tax assessments

Posted in Income Tax | 2691 Views

New Direct Tax Code to Simplify Structure, No New Taxes to Be Introduced: Finance Secretary

06 February 2025 at 08:45

In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes.

Posted in Income Tax | 2046 Views

Section 271AAB Amended by Finance Bill 2025: Major Changes in Penalty Provisions Under IT Act

06 February 2025 at 08:45

Major Changes in Penalty Provisions Under Income-tax Act: Section 271AAB Amended by Finance Bill 2025

Posted in Income Tax | 537 Views

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 | 549 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 | 354 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 | 669 Views