Income Tax News

New Income Tax Bill: Tax Officers Could Gain Access to Emails & Social Media for Tax Scrutiny

06 March 2025 at 08:35

While the government claims the bill is meant to simplify India's tax laws, a controversial provision buried within the draft has raised concerns over digital privacy.

Posted in Income Tax | 2958 Views

Updated List of Banks Enabled for Direct Tax Payments on e-Filing Portal

05 March 2025 at 08:49

In a move to streamline tax payments, the Income Tax Department has expanded the list of banks available for tax payments through the e-Pay Tax service on the e-Filing Portal

Posted in Income Tax | 750 Views

Direct Tax Code 2025: Major Reforms & Why Experts Are Concerned

04 March 2025 at 08:39

The recently introduced Direct Tax Code (DTC) 2025 aims to simplify India's tax regime, addressing long-standing demands from taxpayers for greater clarity and ease of compliance.

Posted in Income Tax | 1869 Views

Income Tax Bill 2025: GAAR-Based Reassessments May Extend Beyond Time Limits

01 March 2025 at 08:45

The Income Tax Bill 2025 proposes a major shift in tax reassessment rules, allowing authorities to issue notices under the General Anti Avoidance Rules (GAAR) even for tax years that have crossed the prescribed time limits.

Posted in Income Tax | 2187 Views

Lok Sabha Select Committee to Review Income Tax Bill 2025 on March 6-7

01 March 2025 at 08:45

The Select Committee of the Lok Sabha, chaired by Bharatiya Janata Party (BJP) Vice President and Lok Sabha MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.

Posted in Income Tax | 1434 Views

Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains

28 February 2025 at 08:53

The Income Tax Department has started issuing demand notices to taxpayers who claimed a rebate under Section 87A on short-term capital gains (STCG) in their Income Tax Returns (ITRs).

Posted in Income Tax | 1 comments | 22449 Views

CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act

28 February 2025 at 08:46

CBDT has issued an Office Memorandum (OM) dated February 27, 2025, providing crucial clarifications on the implementation of the Risk Management Strategy under the IT Act, 1961, in light of recent amendments introduced by the Finance (No. 2) Act, 2024.

Posted in Income Tax | 2049 Views

Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations

28 February 2025 at 08:35

The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT).

Posted in Income Tax | 4194 Views

ITR Filers Earning Over Rs 1 Crore See Record 43% Growth in FY25

27 February 2025 at 08:41

The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025.

Posted in Income Tax | 1929 Views

CBDT Tightens TDS Compliance, 40,000 Taxpayers Under Investigation

27 February 2025 at 08:41

In a significant move to ensure Tax Deducted at Source (TDS) compliance, the CBDT has initiated an extensive review of nearly 40,000 taxpayers based on tax deductions claimed during the financial years 2022-23 and 2023-24, according to a report. Comp

Posted in Income Tax | 2373 Views