Income Tax News
ICAI Seeks Simplification of Income Tax Bill 2025, Recommends Fewer Sections and Clarity in Language
10 March 2025 at 08:57The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025.
India Needs Taxpayer-Friendly Reforms, Not Just Enforcement
08 March 2025 at 08:42India'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.
Income Tax Department Alerts Taxpayers About Fake Tax Refund Scams
07 March 2025 at 09:04The Income Tax Department has issued an urgent warning to taxpayers, cautioning them against fraudulent calls and messages related to income tax refunds.
New Income Tax Bill: Tax Officers Could Gain Access to Emails & Social Media for Tax Scrutiny
06 March 2025 at 08:35While 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.
Updated List of Banks Enabled for Direct Tax Payments on e-Filing Portal
05 March 2025 at 08:49In 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
Direct Tax Code 2025: Major Reforms & Why Experts Are Concerned
04 March 2025 at 08:39The 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.
Income Tax Bill 2025: GAAR-Based Reassessments May Extend Beyond Time Limits
01 March 2025 at 08:45The 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.
Lok Sabha Select Committee to Review Income Tax Bill 2025 on March 6-7
01 March 2025 at 08:45The 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.
Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains
28 February 2025 at 08:53The 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).
CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act
28 February 2025 at 08:46CBDT 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.
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