Income Tax News

CBDT Signs Record 174 Advance Pricing Agreements in FY 2024-25

01 April 2025 at 08:45

The Central Board of Direct Taxes (CBDT) entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25.

Posted in Income Tax | 1299 Views

CBI Books Five Hyderabad-Based Income Tax Officials, Chartered Accountant for Alleged Extortion

01 April 2025 at 08:45

CBI has registered a case against five officials of the Income Tax department and a CA based in Hyderabad for allegedly extorting money from taxpayers in exchange for favorable treatment in their tax matters.

Posted in Income Tax | 324 Views

Finance Act 2025 Notified: Key Tax Reforms and Compliance Enhancements

31 March 2025 at 08:42

The Government of India has officially notified the Finance Act 2025, following its passage in both houses of Parliament and the Presidential assent on March 29, 2025.

Posted in Income Tax | 4374 Views

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 | 1 comments | 3189 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 | 39981 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 | 5637 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 | 957 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 | 5274 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 | 24846 Views

Income Tax Department Cracks Down on Bogus Refunds