CAclubindia News

Income Tax Department Leverages AI to Boost Compliance and Track High-Risk Taxpayer Behavior

26 July 2025 at 09:21

The Income Tax Department is using AI and data analytics to monitor taxpayer behavior, flag high-value transactions and boost compliance.

Posted in Income Tax | 900 Views

Income Tax Dept Releases Updated Excel-Based ITR-3 Utility for AY 2025-26

26 July 2025 at 09:15

The Income Tax Department has released Version 1.1 of the Excel-based ITR-3 utility on July 24, 2025, for individuals and HUFs earning income from business or profession.

Posted in Income Tax | 198 Views

No GST on UPI Transactions Above Rs 2000, Confirms Finance Ministry in Rajya Sabha

26 July 2025 at 09:08

Finance Ministry clarifies in Rajya Sabha that there is no proposal to levy GST on UPI transactions above Rs 2000, as no such recommendation has been made by the GST Council.

Posted in GST | 3690 Views

Finance Ministry Rules Out Statutory Time Limits for Disposal of Income Tax Appeals Amid Rising Pendency

26 July 2025 at 09:01

Despite over 5 lakh pending cases at the CIT (A) level, the Finance Ministry has declined to impose statutory deadlines for disposal of income tax appeals, citing the judicial nature of proceedings and complexity of cases.

Posted in Income Tax | 1467 Views

CBDT Chairman Assures Privacy, Says Only Financial Data From Devices Will Be Analysed in Investigations

26 July 2025 at 08:56

The proposed Income Tax Bill, 2025, has sparked a privacy debate over provisions allowing access to taxpayers’ digital devices, emails, and social media. CBDT assures data privacy safeguards and the release of a digital search manual.

Posted in Income Tax | 1029 Views

AI Tools Helped Income Tax Department Collect Rs 11,000 Crore in 4 Years: CBDT Chairman

26 July 2025 at 08:50

CBDT Chairman Ravi Agarwal reveals AI-driven initiatives have led to Rs 11,000 crore in additional tax revenue from over 1 crore updated returns, and uncovered Rs 29,000 crore in foreign assets and Rs 1,000 crore in VDA income in FY25.

Posted in Income Tax | 684 Views

GST Relief Assurance Fails to Pacify NGOs and Schools Facing Tax Notices in Karnataka

26 July 2025 at 08:44

Trade bodies in Karnataka welcomed the state's assurance to not pursue old GST arrears on exempted services, but NGOs and schools remain wary as tax notices for donations and co-curricular activities continue to raise alarm.

Posted in GST | 78 Views

FM Sitharaman Directs CBDT to Withdraw Low-Value Tax Appeals Within Three Months

25 July 2025 at 15:28

Finance Minister Nirmala Sitharaman directs CBDT to withdraw low-value tax appeals under new thresholds within 3 months, targeting resolution of Rs 10 lakh crore in disputed tax demands and improving taxpayer trust.

Posted in Income Tax | 2 comments | 31317 Views

Income Tax Bill 2025 Cuts Word Count by 50%, No Change in Tax Rates: Baijayant Panda

25 July 2025 at 09:17

Income Tax Bill, 2025 aims to simplify compliance with no change in tax rates. Baijayant Panda highlights 50% word count reduction, easier language, and 566 suggestions from the Select Committee report.

Posted in Income Tax | 1530 Views

Finance Ministry Says No to IBC Loan Waiver Exemption in Income Tax Bill 2025

25 July 2025 at 09:08

Finance Ministry rejects MCA's proposal to exempt IBC loan waivers from income tax under the Income Tax Bill, 2025, citing policy and judicial precedent. Experts warn this could discourage resolution applicants and hurt asset recoveries.

Posted in Income Tax | 1320 Views