Income Tax News

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 | 2016 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 | 882 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 | 1446 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 | 2892 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 | 1764 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 | 1818 Views

Income Tax Department Cracks Down on Dubious Political Donations

17 March 2025 at 08:34

The Income Tax (IT) department has launched a major crackdown on suspicious political donations, issuing hundreds of notices to individuals who contributed over ₹5 lakh to lesser-known political parties in the financial year 2020-21.

Posted in Income Tax | 2577 Views

Income Tax Officer Caught in Bribery Case Over PAN Card Cancellation Delay

17 March 2025 at 08:34

In yet another case of corruption within the Income Tax Department, a complaint has been filed against an IT officer in Jalgaon for demanding a bribe to process the cancellation of a newly issued PAN card.

Posted in Income Tax | 2613 Views

Income Tax Officer Caught Taking Bribe, Posed as Another Officer to Extort Elderly Taxpayer

17 March 2025 at 08:33

In a shocking case of corruption, the Central Bureau of Investigation (CBI) caught an Income Tax officer red-handed while accepting a bribe of ₹50,000 from a 62-year-old taxpayer.

Posted in Income Tax | 726 Views

New Income Tax Bill Under Review: Parliamentary Panel Holds Key Discussions

15 March 2025 at 08:14

A select committee of Parliament convened to discuss the provisions of the proposed New Income Tax Bill, a key reform initiative aimed at overhauling India's direct tax structure.

Posted in Income Tax | 1425 Views