Income Tax News

Over Rs 11.8 Trillion Stuck in Direct Tax Disputes, FM Tells Rajya Sabha

21 March 2025 at 08:48

In a recent disclosure in Rajya Sabha, Finance Minister Nirmala Sitharaman revealed that a staggering Rs 17.59 trillion in tax revenue remains locked in litigation, with over 1.53 lakh cases pending across various judicial and quasi-judicial forums.

Posted in Income Tax | 1257 Views

Income Tax Bill 2025: AMT Expansion May Increase Tax Burden on LLPs and Partnership Firms

21 March 2025 at 08:46

The Income-Tax Bill, 2025, has proposed significant changes to the alternative minimum tax (AMT) framework, potentially increasing the tax burden on partnership firms and limited liability partnerships (LLPs) with long-term capital gains (LTCG).

Posted in Income Tax | 3528 Views

Over 9 Crore Taxpayers Filed ITR for FY 2025, 4.68 Lakh Report Income Above Rs 1 Crore

20 March 2025 at 08:36

The latest data from the Income Tax Department reveals that more than 9 crore taxpayers have filed their income tax returns (ITR) as of February 28, 2025, for the financial year 2024-25.

Posted in Income Tax | 3858 Views

Income Tax Bill 2025: Public Consultation Opens for Drafting New Rules & Forms

19 March 2025 at 08:56

The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration.

Posted in Income Tax | 1890 Views

Income Tax Department Releases Updated Excel-Based Utility for ITR-3 for AY 2024-25

19 March 2025 at 08:51

The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession.

Posted in Income Tax | 762 Views

Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13% YoY

18 March 2025 at 08:51

India's direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the TINMIS.

Posted in Income Tax | 1365 Views

CBDT Issues FAQs on Revised Guidelines for Compounding of Offences Under IT Act, 1961

18 March 2025 at 08:50

CBDT has issued Circular No. 04/2025 dated March 17, 2025, providing Frequently Asked Questions (FAQs) on the revised guidelines for the Compounding of Offences under the Income Tax Act, 1961.

Posted in Income Tax | 2496 Views

Income Tax Department Raids Sri Chaitanya Group Over Alleged Rs 230 Crore Tax Fraud

18 March 2025 at 08:49

The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.

Posted in Income Tax | 1314 Views

CBDT Clarifies Application of Principal Purpose Test in DTAAs

17 March 2025 at 08:34

In a significant move to provide clarity on the implementation of tax treaties, the CBDT has issued Circular 01/2025, emphasizing the application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements (DTAAs).

Posted in Income Tax | 1707 Views

Income Tax Department Cracks Down on Dubious Political Donations