Income Tax News
Union Cabinet Approves New Income Tax Bill: Key Highlights and Expected Changes
08 February 2025 at 09:02The Union Cabinet on Friday approved the new Income Tax Bill, as per sources. The bill is set to replace the Income Tax Act, 1961 and aims to simplify and modernize India's tax system while making compliance easier for taxpayers.
Hyderabad IT Professionals Caught in Rs 110 Crore Tax Refund Scam Using Fake Political Donations
08 February 2025 at 08:52The Income Tax department in Hyderabad has uncovered a massive tax fraud scheme involving IT professionals who falsely claimed tax refunds by making fraudulent donations to registered unrecognised political parties (RUPPs).
Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman
08 February 2025 at 08:52Income Tax Cut Signals Strong Economy, Says FM Nirmala Sitharaman
CBI Books IRS Officer, 6 CAs for Leaking Sensitive Faceless Assessment Data
08 February 2025 at 08:52CBI on Thursday conducted searches across 18 locations nationwide after registering a case against an Indian Revenue Service (IRS) officer and several Income Tax (IT) officials for allegedly sharing sensitive data related to pending tax assessments
Section 271AAB Amended by Finance Bill 2025: Major Changes in Penalty Provisions Under IT Act
06 February 2025 at 08:45Major Changes in Penalty Provisions Under Income-tax Act: Section 271AAB Amended by Finance Bill 2025
New Direct Tax Code to Simplify Structure, No New Taxes to Be Introduced: Finance Secretary
06 February 2025 at 08:45In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes.
CBDT Outlines Data Sharing Mechanism for PMGKAY Beneficiary Identification between DGIT (Systems) and DFPD
05 February 2025 at 08:56CBDT has issued a new directive for the sharing of taxpayer information with the Department of Food and Public Distribution (DFPD) for identifying eligible beneficiaries under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)
FM Sitharaman Urges Southern States to Present Tax Devolution Concerns to 16th Finance Commission
05 February 2025 at 08:56Amid growing concerns from southern states over the perceived unfair distribution of tax revenues, FM Nirmala Sitharaman has emphasized that it is the Finance Commission, not the central government, that determines the devolution of taxes.
CBDT Chairman Emphasizes 'Trust First' Approach in Tax Administration
05 February 2025 at 08:56In a significant move reflecting the evolving landscape of India's tax administration, CBDT Chairman Ravi Agrawal announced a shift towards a more participative and non-adversarial approach.
Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility
30 January 2025 at 09:24In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.
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