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Income Tax News - Latest Updates & Headlines

Income Tax Dept asks Bosch to pay up Rs 20 crore

New Delhi, March 31: Auto components manufacturer Bosch Limited said on Monday that it has received a tax demand notice of more than Rs 20 crore from the Income Tax Department for the assessment year (AY) 2022-2023.

India's direct tax collections surge 16 pc to Rs 25.86 lakh crore

New Delhi, March 18: India's direct tax collections recorded a robust 16.2 per cent growth to Rs 25.86 lakh crore during April 1, 2024 - March 16, 2025 of the current financial year compared to the same period of the previous financial year, according to latest figures compiled by the Income Tax Department.

Baijayant Panda to chair Select Committee on Income-Tax Bill

New Delhi, February 15: Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.

FM Sitharaman introduces new Income Tax Bill in Lok Sabha

New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

India's net direct tax collection surges 15 pc to cross Rs 17.78 lakh crore in 2024-25

New Delhi, Feb 11: India's net direct tax collection, comprising mainly corporate tax and personal income tax, jumped by 14.69 per cent to cross the Rs 17.78 lakh crore mark as of February 10 in the current financial year compared to 15.51 lakh crore in the same period of 2023-24, according to a data released by the Central Board of Direct Taxes (CBDT) on Tuesday.