Income Tax News

ITR Refunds for AY 2025-26 Likely to Be Delayed as IT Dept Reviews Past Tax Records

05 July 2025 at 09:13

Over 90 lakh ITRs filed so far for AY 2025-26, with 86 lakh e-verified. Tax refunds delayed as IT Department reviews past assessment records. Processing data removed from website, raising concerns among taxpayers.

Posted in Income Tax | 1 comments | 4437 Views

Tax Benefits Extended to UPS as Govt Pushes Pension Reforms

05 July 2025 at 08:46

The Government has extended NPS-equivalent tax benefits to the UPS for Central Government employees, ensuring parity, flexibility, and enhanced retirement security under the new pension framework effective from April 1, 2025.

Posted in Income Tax | 150 Views

Income Tax Dept Rolls Out "TAXASSIST" to Guide Taxpayers, Flag Errors & Ensure Compliance

04 July 2025 at 09:12

The Income Tax Department launches "TAXASSIST" to support taxpayers in resolving notices, revising returns, and correcting wrongful claims like 80GGC deductions. Avoid scrutiny.

Posted in Income Tax | 6657 Views

Form ITR-B Filing Now Enabled Online for Section 158BC Notices via e-Proceeding Tab

04 July 2025 at 08:45

Taxpayers who have received notice under Section 158BC can now submit Form ITR-B via the e-Proceeding tab on the Income Tax portal

Posted in Income Tax | 2916 Views

India's Tax Reforms and Digital Transformation Boost Revenue, Cut Compliance Costs: FM Sitharaman

03 July 2025 at 09:02

FM Nirmala Sitharaman highlighted India's strides in tax reforms, digital transformation, and inclusive growth at the Third Plenary Meeting of the Fourth International Conference on Financing for Development

Posted in Income Tax | 2250 Views

Karnataka State Pollution Control Board Gets Income Tax Exemption on Specified Incomes

03 July 2025 at 08:52

In a major relief for the Karnataka State Pollution Control Board (KSPCB), the Central Government has notified income-tax exemption on specific sources of income under Section 10(46) of the Income-tax Act, 1961.

Posted in Income Tax | 144 Views

Big Relief for NRIs: US Lowers Proposed Tax on Remittances to India from 5% to 1% in Revised Trump Bill

02 July 2025 at 09:09

In a major relief for Indian professionals working in the United States and Non-Resident Indians (NRIs) sending money back home, the revised draft of the One Big Beautiful Bill Act (OBBBA) has slashed the proposed tax rate on remittances to 1%

Posted in Income Tax | 1467 Views

CBDT Issues Clarification on Waiver of Interest Under Sections 201(1A)(ii) and 206C(7) of Income Tax Act

02 July 2025 at 09:03

The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2025 dated July 1, 2025, to clarify key concerns raised by field officers regarding the waiver of interest under Sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961

Posted in Income Tax | 10743 Views

CBDT Notifies Cost Inflation Index for FY 2025-26 at 376

02 July 2025 at 08:50

The Central Board of Direct Taxes (CBDT), via Notification No. 70/2025 dated July 1, 2025, has officially notified the Cost Inflation Index (CII) for the Financial Year 2025-26 as "376".

Posted in Income Tax | 4416 Views

India to Launch First Nationwide Household Income Survey in 2026 to Tackle Inequality and Tax Gaps

01 July 2025 at 09:15

India will launch its first-ever nationwide Household Income Survey in February 2026, offering policymakers comprehensive and direct data on household earnings from salaries, agriculture, business, investments, and informal sector jobs.

Posted in Income Tax | 1560 Views