Income Tax News

Income Tax Notices Sent to High-Rent Tenants for TDS Non-Compliance

29 March 2025 at 09:00

The Income Tax Department has issued notices to taxpayers who have been paying monthly rent of Rs 50,000 or more but failed to deduct Tax Deducted at Source (TDS) before remitting the amount to their landlords, a tax expert revealed.

Posted in Income Tax | 2010 Views

CBDT Amends Tax Audit Report (Form 3CD) with Key Changes Effective 1st April 2025

29 March 2025 at 08:56

CBDT has notified the Income-tax (Eighth Amendment) Rules, 2025 via Notification No. 23/2025, introducing significant modifications to Form 3CD, the tax audit report required under Section 44AB of the Income-tax Act, 1961

Posted in Income Tax | 30861 Views

CBDT Allows Waiver of Interest on Delayed TDS/TCS Payments Due to Technical Glitches

29 March 2025 at 08:53

The Central Board of Direct Taxes (CBDT) has issued Circular No. 05/2025, providing relief to taxpayers facing interest levies under Section 201(1A)(ii) and Section 206C(7) of the Income-tax Act, 1961.

Posted in Income Tax | 4083 Views

Income Tax Department Updates Excel Based Utilities for ITRs and Audit Forms

29 March 2025 at 08:35

The Income Tax Department has released the latest versions of Excel-based utilities and schemas for various Income Tax Returns (ITR) and audit report forms.

Posted in Income Tax | 477 Views

Finance Ministry Rules Out Abolishing LTCG Tax Amid Market Volatility

29 March 2025 at 08:34

In a significant announcement, the Finance Ministry has categorically ruled out any plans to abolish the Long-Term Capital Gains (LTCG) tax, despite recent market downturns that saw investors losing over Rs 74 lakh crore.

Posted in Income Tax | 3543 Views

Section 194T Introduced: TDS on Payments to Partners Now Mandatory

28 March 2025 at 08:42

The Central Board of Direct Taxes (CBDT) has issued the Income-tax (Seventh Amendment) Rules, 2025, introducing key changes to the Income-tax Rules, 1962

Posted in Income Tax | 23088 Views

Income Tax Department Cracks Down on Bogus Refunds

28 March 2025 at 08:42

The Investigation Wing of the Income Tax Department has uncovered a large-scale tax fraud during simultaneous surprise raids conducted across Tamil Nadu, including the four southern districts.

Posted in Income Tax | 498 Views

Income Tax Dept Cannot Access Personal Emails, Social Media Accounts: MoS Finance

28 March 2025 at 08:42

The Government of India has clarified that Income Tax officials will not have unrestricted access to personal emails, social media, or bank accounts of taxpayers.

Posted in Income Tax | 2547 Views

WhatsApp Chats Expose Rs 200 Crore Tax Evasion: FM Nirmala Sitharaman Justifies New Tax Bill

27 March 2025 at 08:37

In a significant revelation, Finance Minister Nirmala Sitharaman disclosed that tax authorities successfully uncovered Rs 200 crore worth of tax evasion using WhatsApp messages as evidence.

Posted in Income Tax | 4455 Views