Income Tax News

CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000

30 January 2025 at 09:16

The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.

Posted in Income Tax | 2193 Views

Income Tax Rules 2025: Changes to Regulations for IFSC Finance Companies

29 January 2025 at 08:50

In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025.

Posted in Income Tax | 1962 Views

CBDT Notifies Shri Chaitanya Health and Care Trust for Scientific Research Under Section 35(1)(ii)

29 January 2025 at 08:50

In a significant development, the Ministry of Finance through CBDT, has issued Notification No. 11/2025 dated January 27, 2025, approving Shri Chaitanya Health and Care Trust's unit, Bhaktivedanta Hospital & Research Institute in Thane, Maharashtra

Posted in Income Tax | 258 Views

Supreme Court Declines PIL Challenging TDS System as 'Arbitrary and Irrational'

27 January 2025 at 08:58

The Supreme Court on Friday dismissed a Public Interest Litigation (PIL) seeking to declare the Tax Deducted at Source (TDS) system as "manifestly arbitrary, irrational, and violative of fundamental rights."

Posted in Income Tax | 2607 Views

Bombay High Court Disposes of PIL Regarding Eligibility of Rebate u/s 87A of the Income Tax Act

25 January 2025 at 10:21

The Bombay High Court on January 24, 2025, disposed of the Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants concerning the eligibility of the rebate under Section 87A of the Income Tax Act, 1961.

Posted in Income Tax | 4383 Views

Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers

24 January 2025 at 09:25

The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act

Posted in Income Tax | 2031 Views

CBDT Introduces Special Taxation Provisions for Non-Resident Cruise Ship Operators

23 January 2025 at 09:19

As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.

Posted in Income Tax | 2082 Views

Two Impersonators of IT and GST Officers Held for Cheating Jeweller of Rs 40 Lakh

22 January 2025 at 08:50

The Greater Chennai Police on Saturday announced the arrest of two men who posed as officials from the Income Tax (I-T) and Goods and Services Tax (GST) departments.

Posted in Income Tax | 819 Views

CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024

21 January 2025 at 08:54

In a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025.

Posted in Income Tax | 2670 Views

Income Tax Department Conducts Searches at 44 Premises Over Rs 170 Crore Tax Evasion Allegations

21 January 2025 at 08:53

The Income Tax Department on Friday conducted coordinated searches across 44 locations linked to eight high-profile contractors, including relatives of two former ministers, over allegations of tax evasion amounting to more than Rs 170 crore.

Posted in Income Tax | 3603 Views