Income Tax News

Poor Dhaba Cook Duped into Bank Fraud, Faces Rs 46 Crore Income Tax Notice

10 September 2025 at 09:24

A dhaba cook from Bhind, Madhya Pradesh, earning just Rs 10,000 a month, has been hit with a shocking Rs 46 crore income tax notice after being duped into opening a bank account linked to fraudulent transactions.

Posted in Income Tax | 1 comments | 6558 Views

Income Tax Act 1961 Repealed from 1st April 2026, Correction Statement Deadline Announced

10 September 2025 at 08:48

The Income Tax Act, 1961 will be repealed from April 1, 2026, under the new Income Tax Act, 2025. Correction statements for FY 2018-19 to 2023-24 must be filed by March 31, 2026, or they will be time-barred.

Posted in Income Tax | 2700 Views

Excel Utilities for Updated ITR-5, ITR-6, and ITR-7 for AYs 2021-22 & 2022-23 Released

06 September 2025 at 17:13

The Income Tax Department has announced the release of Excel utilities for filing updated returns in ITR-5, ITR-6, and ITR-7 for the Assessment Years 2021-22 and 2022-23

Posted in Income Tax | 102 Views

ITR-5 Offline Utility for AY 2025-26 Now Available for Filing

06 September 2025 at 17:08

The Income Tax Department has released the offline utility for ITR-5 for AY 2025-26, enabling firms, LLPs, AOPs, and trusts to file returns easily.

Posted in Income Tax | 444 Views

CBDT Issues Corrigenda to Income Tax Act, 2025

05 September 2025 at 09:36

The Ministry of Law & Justice issues corrigenda to the Income-tax Act, 2025, correcting typographical errors and replacing "previous year" with "tax year," ensuring accuracy ahead of its April 1, 2026 rollout.

Posted in Income Tax | 4083 Views

CBDT Extends Infrastructure Tax Exemption Deadline to March 2030

05 September 2025 at 09:31

CBDT issues Circular No. 11/2025 extending the tax-free investment window under Section 10(23FE) from March 2025 to March 2030, boosting infrastructure funding in India.

Posted in Income Tax | 303 Views

Income Tax Act, 2025 Explained: Effective Date, Key Reforms & Impact

05 September 2025 at 09:26

Income Tax Act, 2025 takes effect from April 1, 2026, simplifying laws, defining 'Tax Year,' recognizing VDAs, and ensuring transparency & digital compliance.

Posted in Income Tax | 1596 Views

UP Shopkeeper Gets Rs 141 Crore Tax Notice After PAN Misuse for Fake Firms

02 September 2025 at 09:30

A grocery shopkeeper in Bulandshahr, UP, was shocked after receiving a Rs 141 crore tax notice when his PAN card was allegedly misused to create fake firms.

Posted in Income Tax | 2298 Views