CAclubindia News

CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed

29 July 2025 at 08:59

CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.

Posted in Income Tax | 2691 Views

CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions

29 July 2025 at 08:51

The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.

Posted in Income Tax | 1380 Views

Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors

29 July 2025 at 08:45

The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.

Posted in Income Tax | 984 Views

98,995 MSME Loans Sanctioned Under New Digital Credit Assessment Model

29 July 2025 at 08:41

India introduces a Digital Credit Assessment Model for MSMEs, enabling faster, fully digital loan approvals by leveraging real-time data and reducing paperwork. Over 98,000 MSME loans sanctioned under the new model since April 2025.

Posted in Corporate Law | 87 Views

India Records Over Rs 12,000 Lakh Crore in Digital Payments Across 65,000 Crore Transactions in 6 Years

29 July 2025 at 08:38

India has recorded over 65,000 crore digital transactions worth more than Rs 12,000 lakh crore in the last 6 financial years, driven by UPI, government initiatives, and RBI-backed infrastructure

Posted in Corporate Law | 90 Views

Businesswoman Arrested for Rs 100 Crore GST Fraud Involving 27 Shell Firms

28 July 2025 at 09:17

The DGGI Bhubaneswar has uncovered a Rs 100 crore GST fraud involving 27 fake firms operated by a Rourkela businesswoman. She was arrested after fake input tax credit claims and bogus transactions across states were exposed.

Posted in GST | 1329 Views

Income Tax Bill 2025 Took 60,000 Man-Hours to Draft, Says FM Nirmala Sitharaman

28 July 2025 at 09:13

Finance Minister Nirmala Sitharaman reveals Income Tax Bill 2025 took 60,000 man-hours to draft. The bill simplifies tax laws, modernizes the 1961 Act and stresses timely implementation and taxpayer trust.

Posted in Income Tax | 2436 Views

CBDT Chairman: Work Underway on Rules and Forms for Income Tax Bill 2025

28 July 2025 at 09:09

CBDT Chairman Ravi Agarwal says work is underway to frame rules and forms under the Income Tax Bill 2025. The new framework will prioritize clarity, simplicity and voluntary compliance.

Posted in Income Tax | 1377 Views

Income Tax Bill 2025 Aims to Simplify Language, Cut Litigation and Consolidate TDS Provisions: MP PP Chaudhary

28 July 2025 at 09:04

The Income Tax Bill 2025 aims to simplify tax laws, reduce litigation, and consolidate TDS provisions, says MP PP Chaudhary. The bill replaces the 1961 Act with fewer words and clearer language.

Posted in Income Tax | 1269 Views

Pay Tax and Relax: IRS Chief Vikram Sahay at Sopore Income Tax Awareness Event

28 July 2025 at 08:54

As part of Income Tax Day celebrations, the Income Tax Department Srinagar conducted a tax awareness programme in Sopore, led by Chief Commissioner Vikram Sahay, to promote compliance and taxpayer confidence.

Posted in Income Tax | 1116 Views