Income Tax News

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 | 1737 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 | 864 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 | 252 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

Fake Income Tax Officer Nabbed: 12th-Pass Man Duped 35 Aspirants with False Job Promises

30 October 2025 at 06:58

Gujarat Police arrested Aman Kumar, a Jharkhand-based fraudster, for posing as an Income Tax officer and duping 35 people of crores through fake job offers.

Posted in Income Tax | 1365 Views

Bombay High Court Quashes Income Tax Assessment Based on AI-Generated Case Laws

30 October 2025 at 06:58

The Bombay High Court has set aside an income tax assessment after finding that the Assessing Officer relied on fictitious, AI-generated case laws.

Posted in Income Tax | 2475 Views

CBDT Extends ITR and Audit Report Due Dates for AY 2025-26

29 October 2025 at 19:10

CBDT has extended the due date for filing Income Tax Returns for AY 2025-26 to December 10, 2025, and the audit report submission date to November 10, 2025.

Posted in Income Tax | 9729 Views

Punjab & Haryana High Court Warns CBDT of Contempt for Delay in Extending ITR Deadline for Audited Cases

29 October 2025 at 09:22

The Punjab & Haryana HC has warned the CBDT of contempt proceedings for failing to extend the ITR filing deadline for audited assessees as directed by the Gujarat HC.

Posted in Income Tax | 10668 Views

CBDT Empowers Commissioner, CPC Bengaluru to Rectify and Issue Demands for Certain Income Tax Cases

28 October 2025 at 09:25

CBDT notifies powers for CPC Bengaluru to rectify errors under Section 154 and issue tax demand notices under Section 156 for CPC-processed cases.

Posted in Income Tax | 13956 Views