Income Tax News

CBDT Grants Income Tax Exemption to Karnataka Housing Board Under Section 10(46A)

06 November 2025 at 06:46

CBDT grants income tax exemption to Karnataka Housing Board under Section 10(46A) of the Income Tax Act, effective from AY 2024-25. The notification ensures no adverse impact from its retrospective application.

Posted in Income Tax | 114 Views

Income Tax Department Withdraws Long-Pending Rs 8500 Crore Transfer Pricing Case Against Vodafone India

05 November 2025 at 09:39

The Income Tax Department has withdrawn its Rs 8,500 crore transfer pricing case against Vodafone India Services Pvt. Ltd., ending a decade-long dispute linked to a 2008 business restructuring.

Posted in Income Tax | 2550 Views

Income Tax Department Warns Taxpayers Against Fake Messages and Phishing Scams

04 November 2025 at 09:30

The Income Tax Department warns taxpayers against fake emails and SMS phishing scams impersonating official communication.

Posted in Income Tax | 624 Views

ITAT Delhi Favors Taxpayer in Rs 8.68 Lakh Cash Deposit Case

03 November 2025 at 06:27

The ITAT Delhi has ruled in favour of a taxpayer whose Rs 8.68 lakh cash deposit was wrongly treated as business income under Section 44AD, holding that the Assessing Officer exceeded his jurisdiction in a limited scrutiny case.

Posted in Income Tax | 3423 Views

PMLA Court Denies Bail to IPS Officer's Husband in Rs 263 Crore IT Refund Scam

03 November 2025 at 06:26

A special PMLA court has rejected the bail plea of Purushottam Chavan, husband of an IPS officer, in a ₹263 crore income tax refund scam, citing the gravity of the economic offence and lack of medical urgency.

Posted in Income Tax | 393 Views

Tax Community Shocked as ITAT Endorses 22% Tax on LTCG Under Section 115BAA

03 November 2025 at 06:26

In a controversial ruling, the ITAT has upheld a 22% tax on long-term capital gains, equating it with the corporate tax rate u/s 115BAA, a decision tax experts say ignores legislative intent and could invite arbitrary tax demands.

Posted in Income Tax | 1740 Views

ITAT Mumbai Quashes Rs 445 Crore Tax Demand Against Netflix India

01 November 2025 at 06:41

The ITAT Mumbai has quashed a Rs 445-crore transfer pricing demand against Netflix India, ruling that the company operates as a limited-risk distributor and not a content or technology provider.

Posted in Income Tax | 867 Views

Navi Mumbai Income Tax Officer Duped of Rs 44 Lakh in Matrimonial Scam

01 November 2025 at 06:41

Navi Mumbai Income Tax Inspector loses Rs 44 lakh in a Shaadi.com matrimonial scam; Nerul Police register FIR against four accused.

Posted in Income Tax | 3777 Views

Allahabad HC Orders Income Tax Dept to Pay Compensation After Seized Jewellery Stolen from Bank Locker

31 October 2025 at 06:39

The Allahabad High Court has ordered the Income Tax Department to compensate a taxpayer after jewellery worth over Rs 90 lakh, seized during a tax raid, was stolen from a bank locker where it was stored for safekeeping.

Posted in Income Tax | 255 Views

Finance Ministry Invites Industry Suggestions on Tax Rate Changes and Compliance Ease for Union Budget 2026-27

31 October 2025 at 06:39

The Finance Ministry has invited industry suggestions on tax rate changes, duty structure revisions, and compliance simplification for Union Budget 2026-27. Proposals must be submitted by November 10, 2025.

Posted in Income Tax | 237 Views