Income Tax News

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 | 3585 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 | 1413 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 | 2262 Views

Income Tax Bill 2025: Tax Experts Seek Clarity on NPO Concessions and Commercial Activity

26 February 2025 at 08:54

The Income Tax Bill, 2025, has consolidated tax laws governing non-profit organisations (NPOs), streamlining provisions that were previously scattered across multiple sections of the Income Tax Act, 1961.

Posted in Income Tax | 1485 Views

CBDT Mandates E-Filing for Business Trusts & AIFs Under New Tax Rules

26 February 2025 at 08:54

The Central Board of Direct Taxes (CBDT) has issued Notification No. 17/2025, introducing amendments to the Income-Tax Rules, 1962 under the Income-Tax Act, 1961.

Posted in Income Tax | 1668 Views

Virtual Digital Assets Now Classified as Undisclosed Income Under Income Tax Act

25 February 2025 at 08:40

In a significant step toward regulating cryptocurrency transactions and curbing tax evasion, the government has proposed to include Virtual Digital Assets (VDAs) within the definition of "undisclosed income" under the block assessment scheme.

Posted in Income Tax | 3681 Views

Major Changes in Profits and Gains of Business and Profession Under Income Tax Bill 2025

25 February 2025 at 08:39

The Income Tax Bill 2025 introduces several key changes in the chapter on Profits and Gains of Business and Profession (PGBP), aimed at enhancing clarity, coherence, and compliance.

Posted in Income Tax | 6498 Views

Income Tax Bill 2025: Major Changes in Deeming Provisions (Sections 68-69D) & Their Impact

25 February 2025 at 08:39

The Income Tax Bill 2025 has introduced significant modifications to the deeming provisions under Sections 68-69D of the Income Tax Act, 1961.

Posted in Income Tax | 2028 Views

Income Tax Bill 2025: How Return Filing Simplifications Will Benefit Taxpayers

24 February 2025 at 08:54

The Income Tax Bill, 2025, aims to make income tax return (ITR) filing more structured and user-friendly. With streamlined provisions for taxpayers, exempt entities, and return deadlines, the proposed changes focus on better clarity and accessibility.

Posted in Income Tax | 2625 Views

Income Tax Bill 2025: Key Clarifications on Special Rate Provisions