Income Tax News

CBDT, CBIC Face Massive Staff Shortages Amid Push for New Tax Reforms

18 August 2025 at 08:30

CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.

Posted in Income Tax | 3000 Views

ICAI Issues Checklist for Filing ITR-1 and ITR-4 for AY 2025-26

18 August 2025 at 08:30

ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.

Posted in Income Tax | 9636 Views

Income Tax Department Probes CSR-Linked Suspected Money Laundering Network

18 August 2025 at 08:29

Income Tax Dept uncovers CSR-linked money laundering; companies routed funds via bogus trusts to evade tax and claim wrongful deductions.

Posted in Income Tax | 420 Views

CBDT Amends Form No. 7 to include both Assessment Year and Block Period Effective from 1st September 2025

18 August 2025 at 08:29

CBDT notifies Income-tax (21st Amendment) Rules, 2025, effective September 1, revising Form No. 7 to include “block period” along with “assessment year.”

Posted in Income Tax | 2427 Views

ICAI Welcomes New Income Tax Bill for Promoting Investment and Simplifying Tax Regime

16 August 2025 at 08:58

ICAI has welcomed the new Income Tax Bill, effective April 1, 2026, calling it a simpler, clearer framework that incorporates 90 of its suggestions to boost ease of doing business and attract investment.

Posted in Income Tax | 1806 Views

From Zero Tax to 40,000 Compliance Cuts: PM Modi Outlines Decade of Transformation on 79th Independence Day

16 August 2025 at 08:38

On India’s 79th Independence Day, PM Modi announced sweeping reforms to build a self-reliant, citizen-friendly nation.

Posted in Income Tax | 1329 Views

Facility for Filing Updated Returns for AY 2021-22 and AY 2022-23 for ITR-3 and ITR-4 Now Available

15 August 2025 at 08:46

The Income Tax Department has announced that taxpayers can now file updated returns for Assessment Years (AY) 2021-22 and AY 2022-23 using ITR-3 and ITR-4 forms.

Posted in Income Tax | 231 Views

Income Tax Department Releases Excel Utility of ITR-6 for AY 2025-26

15 August 2025 at 08:20

The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.

Posted in Income Tax | 420 Views

New Income Tax Bill 2025 Clears Confusion on Rental Income, Home Loan Deductions

15 August 2025 at 07:50

New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.

Posted in Income Tax | 1839 Views

Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025

15 August 2025 at 07:42

Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.

Posted in Income Tax | 16479 Views