Income Tax News

CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26

09 April 2025 at 09:03

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified bonds issued by the Housing and Urban Development Corporation Limited (HUDCO) as a 'long-term specified asset' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax | 4056 Views

CBDT Notifies New ITR-B Form for Block Assessment in Search & Seizure Cases

09 April 2025 at 09:00

CBDT has introduced a new Form ITR-B to be used for filing income tax returns for block assessments in cases arising out of search and seizure operations initiated on or after September 1, 2024.

Posted in Income Tax | 2424 Views

CBDT Notifies 30th April 2025 as Last Date to File Under Vivad se Vishwas Scheme

09 April 2025 at 08:57

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified April 30, 2025 as the last date to file a declaration under the Direct Tax Vivad se Vishwas Scheme, 2024.

Posted in Income Tax | 3879 Views

Over 3.24 Lakh Individuals Filed ITR for Income Above Rs 1 Crore in FY 2024-25

08 April 2025 at 08:53

In a sign of rising high-income taxpayers and improved compliance, the latest data released by the IT Dept reveals that 3.24 lakh individuals in India filed their ITRs for incomes exceeding Rs 1 crore in the financial year 2024-25, ending March 31, 2025.

Posted in Income Tax | 1458 Views

Rs 30 Crore IT Notice to Mathura Farmer Exposes PAN Card Misuse in UP

07 April 2025 at 08:29

Low-income workers across Uttar Pradesh targeted in massive identity theft scamIn a shocking revelation that has sent ripples across Uttar Pradesh, a farmer from Mathura has been served an Income Tax notice amounting to ₹30 crore.

Posted in Income Tax | 1 comments | 10683 Views

CBDT Notifies Exemption from TDS on NSS Withdrawals Under Section 194EE

07 April 2025 at 08:28

In a move that brings relief to individual investors, the Central Board of Direct Taxes (CBDT) has notified that no Tax Deducted at Source (TDS) shall be applicable on certain withdrawals from the National Savings Scheme (NSS).

Posted in Income Tax | 3612 Views

Taxpayers, CAs File Appeals Against IT Notices Over Section 87A Rebate Claims

05 April 2025 at 09:05

The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court's directive

Posted in Income Tax | 1 comments | 30324 Views

CBDT Mandates PAN-Aadhaar Linking by Dec 31, 2025 for Pre-October 2024 Applicants

05 April 2025 at 08:50

CBDT has issued a fresh notification mandating that individuals who were allotted a PAN based on their Aadhaar Enrolment ID before October 1, 2024, must update their Aadhaar number with the Income Tax Department by December 31, 2025.

Posted in Income Tax | 3213 Views

Income Tax Department Enables Rectification Applications for AY 2023-24 via E-Filing Portal

04 April 2025 at 08:52

In a significant move to streamline the ITR rectification process, the Income Tax Department has enabled taxpayers to file rectification applications before an AO for up to AY 2023-24 (Financial Year 2022-23) through the e-filing portal.

Posted in Income Tax | 2 comments | 11736 Views

No Cut in Capital Expenditure, Claims FM Nirmala Sitharaman

04 April 2025 at 08:44

On Tuesday, Finance Minister Nirmala Sitharaman firmly responded to former Finance Minister P Chidambaram's criticism regarding capital expenditure (capex), stating that there has been no reduction in the central government's capex.

Posted in Income Tax | 1293 Views