CAclubindia News
Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains
28 February 2025 at 08:53The Income Tax Department has started issuing demand notices to taxpayers who claimed a rebate under Section 87A on short-term capital gains (STCG) in their Income Tax Returns (ITRs).
CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act
28 February 2025 at 08:46CBDT has issued an Office Memorandum (OM) dated February 27, 2025, providing crucial clarifications on the implementation of the Risk Management Strategy under the IT Act, 1961, in light of recent amendments introduced by the Finance (No. 2) Act, 2024.
Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations
28 February 2025 at 08:35The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT).
State Tax Department Recovers Rs 11.18 Lakh Penalty in Major GST Violation Case
28 February 2025 at 08:35In a major enforcement action, the State Tax Department of J&K has realized a penalty of ₹11,18,068 from a taxpayer for violating GST regulations related to the transportation of rigid tubes, pipes, hoses, and fittings made of propylene polymers.
ITR Filers Earning Over Rs 1 Crore See Record 43% Growth in FY25
27 February 2025 at 08:41The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025.
Budget 2025-26: Govt Increases KCC Loan Limit to Rs 5 Lakh for Farmers
27 February 2025 at 08:41Loan limit under Modified Interest Subvention Scheme increased from ₹3 lakh to ₹5 lakh in Union Budget 2025-26
CBDT Tightens TDS Compliance, 40,000 Taxpayers Under Investigation
27 February 2025 at 08:41In a significant move to ensure Tax Deducted at Source (TDS) compliance, the CBDT has initiated an extensive review of nearly 40,000 taxpayers based on tax deductions claimed during the financial years 2022-23 and 2023-24, according to a report. Comp
Bombay HC Orders CVC, CBIC to Consider Whistleblower Customs Officer's Protection Plea
26 February 2025 at 08:56The Bombay High Court has directed the CVC and the CVO of the CBIC to consider the representations of whistleblower customs officer Priyesh Bheda, who is seeking protection under the law.
Income Tax Bill 2025: Tax Experts Seek Clarity on NPO Concessions and Commercial Activity
26 February 2025 at 08:54The Income Tax Bill, 2025, has consolidated tax laws governing non-profit organisations (NPOs), streamlining provisions that were previously scattered across multiple sections of the Income Tax Act, 1961.
CBDT Mandates E-Filing for Business Trusts & AIFs Under New Tax Rules
26 February 2025 at 08:54The Central Board of Direct Taxes (CBDT) has issued Notification No. 17/2025, introducing amendments to the Income-Tax Rules, 1962 under the Income-Tax Act, 1961.
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