Income Tax News

AI-Powered Probe Helps Income Tax Dept Expose Fake Exemption Rackets

21 July 2025 at 09:22

Income Tax Department busts nationwide scam using AI and financial intelligence, exposing fake ITR deductions and inflated refund claims facilitated by rackets across India. CBDT issues caution to taxpayers.

Posted in Income Tax | 2091 Views

PIB Warns Taxpayers Against Fake Income Tax Emails Asking for Manual Verification

21 July 2025 at 09:15

PIB warns taxpayers against fake emails posing as Income Tax Department messages asking for manual verification. Learn how to report phishing and stay protected.

Posted in Income Tax | 1494 Views

Customs Act Amendment: Finance Ministry Deletes Entry 10A from Exemption List

21 July 2025 at 09:07

The Finance Ministry has deleted Serial No. 10A from Customs Notification No. 146/94 via Notification No. 34/2025-Customs dated July 19, 2025. Importers and stakeholders must review the change for compliance.

Posted in Income Tax | 177 Views

Finance Ministry Grants IT Exemption to Andhra Pradesh Pollution Control Board for Specified Incomes

19 July 2025 at 07:12

The Finance Ministry has notified tax exemptions under Section 10(46) of the Income Tax Act for Andhra Pradesh Pollution Control Board, applicable from AY 2022-2023 to AY 202-2027, covering specified income sources.

Posted in Income Tax | 111 Views

New Income Tax Bill Seeks to End NPA Tax Disputes by Aligning with RBI Guidelines

19 July 2025 at 06:43

The new Income Tax Bill proposes a clear definition of NPAs in line with RBI norms, aiming to resolve long-standing tax disputes and avoid litigation over the taxation of unrealised interest income.

Posted in Income Tax | 1602 Views

Income Tax Department Releases Updated Common Offline Utility & Schema for Form 3CA-3CD and 3CB-3CD Filings

18 July 2025 at 10:25

The Income Tax Department has released an updated version (1.4.0) of the common offline utility for filing Forms 3CA-3CD and 3CB-3CD under Section 44AB. Edge browser installation is mandatory for using the utility.

Posted in Income Tax | 999 Views

Income Tax Bill 2025: Parliamentary Panel Retains CA-Only Definition of 'Accountant'

18 July 2025 at 10:13

The Parliamentary Committee on the Income-Tax Bill, 2025, has upheld the definition of 'accountant' to include only Chartered Accountants, excluding cost accountants and company secretaries.

Posted in Income Tax | 4884 Views

Lok Sabha Select Committee Proposes Changes to Income Tax Bill, 2025

18 July 2025 at 09:24

The Select Committee of the 18th Lok Sabha has finalized the Income-Tax Bill, 2025, aiming to consolidate and reform India's direct tax structure.

Posted in Income Tax | 2331 Views

AI Detects Tax Evasion in Hyderabad Using Font Analysis of Forged Capital Gains Bills

18 July 2025 at 09:13

The Income Tax Department uses AI to detect a forged capital gains bill in Hyderabad. A Calibri font, not public in 2002, exposed the fraud.

Posted in Income Tax | 1227 Views

ITR-2 Now Enabled for Online Filing with Prefilled Data on Income Tax Portal

18 July 2025 at 09:08

ITR-2 is now live for online filing with prefilled data on the Income Tax portal. Taxpayers can file seamlessly without uploading JSON files.

Posted in Income Tax | 735 Views