Income Tax News

No Direct Revenue Impact Expected from IT Bill, Clarifies MoS Finance

14 March 2025 at 09:02

The recently introduced Income-tax Bill, 2025, in the Lok Sabha is designed to streamline India's tax framework but is not expected to have an immediate impact on revenue collection, according to Minister of State for Finance Pankaj Chaudhary.

Posted in Income Tax | 1140 Views

IT Department Uses Satellite Imagery to Crack Down on Dubious Agricultural Income Claims

14 March 2025 at 09:02

In a major tax crackdown, the Income Tax (I-T) Department has uncovered discrepancies in agricultural income declarations using satellite imagery.

Posted in Income Tax | 2286 Views

Top 5 Industrial States Contribute 72% of Direct Taxes

13 March 2025 at 08:48

The top five industrial states of India - Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday.

Posted in Income Tax | 561 Views

Personal Income Tax Collections Rise to 3.5% of GDP in FY24

13 March 2025 at 08:47

The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.

Posted in Income Tax | 1056 Views

Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid

12 March 2025 at 08:54

The Bombay High Court has directed the RBI to accept Rs 20 lakh in old demonetised Rs 500 and Rs 1000 currency notes that were confiscated from a group of Kolhapur residents during an Income Tax raid on December 26, 2016

Posted in Income Tax | 3183 Views

Shah Rukh Khan Wins Tax Case: ITAT Rules in Favor of Foreign Tax Credit Claim

11 March 2025 at 09:05

Bollywood superstar Shah Rukh Khan has secured a significant legal victory in a long-standing income tax dispute. The Income Tax Appellate Tribunal (ITAT) ruled in his favor, dismissing reassessment proceedings related to his 2011-12 income, specific

Posted in Income Tax | 2670 Views

Income Tax Department Invites Suggestions for Simplification of Tax Rules and Forms

11 March 2025 at 09:00

In a move to enhance efficiency and ease of compliance, the Income Tax Department has launched a dedicated initiative to simplify income tax rules and forms.

Posted in Income Tax | 2691 Views

ICAI Seeks Simplification of Income Tax Bill 2025, Recommends Fewer Sections and Clarity in Language

10 March 2025 at 08:57

The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025.

Posted in Income Tax | 4230 Views

India Needs Taxpayer-Friendly Reforms, Not Just Enforcement

08 March 2025 at 08:42

India's long-standing struggle between taxpayers and the tax office was supposed to end this year with the introduction of a new income tax law aimed at simplifying compliance and improving relations between the government and taxpayers.

Posted in Income Tax | 432 Views

Income Tax Department Alerts Taxpayers About Fake Tax Refund Scams

07 March 2025 at 09:04

The Income Tax Department has issued an urgent warning to taxpayers, cautioning them against fraudulent calls and messages related to income tax refunds.

Posted in Income Tax | 8685 Views