Income Tax News - Latest Updates & Headlines
Number of advance pricing agreements signed with Indian taxpayers touches record high in 2024-25
New Delhi, March 31: The Central Board of Direct Taxes (CBDT), the apex body of the Income Tax Department, entered into a record 174 Advance Pricing Agreements (APAs) with Indian taxpayers in FY 2024-25, according to an official statement released on Monday.
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.
IndiGo faces Rs 944 crore tax penalty, calls it 'erroneous'
Mumbai, March 30: With the Income Tax Department imposing a penalty of Rs 944.20 crore on IndiGo, India's largest airline has termed the order "erroneous" and vowed to challenge it legally.
Explained: Key I-T rule changes for salaried employees from April 1
New Delhi, March 30: As the new financial year begins on April 1, several changes in income tax rules will come into effect.
Income Tax Department asks Yes Bank to pay up Rs 2,209 crore
New Delhi, March 30: The Income Tax Department has raised a demand of Rs 2,209.17 crore, including interest, against Yes Bank Ltd, according to a stock exchange filing by the private sector bank.
Special drive led to declaration of foreign assets, income of Rs 30,300 crore: FM Sitharaman
New Delhi, March 26: Union Finance Minister Nirmala Sitharaman said that a special campaign carried out by the Income Tax Department has led to the declaration of foreign assets and income to the tune of Rs 30, 300 crore after over 30,000 taxpayers revised their income tax returns or filed belated returns for 2024-25.
New Income Tax Bill to be taken up for discussion in monsoon session: FM Sitharaman
New Delhi, March 25: Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament.
New Income Tax Bill to be introduced in monsoon session: FM Sitharaman
New Delhi, March 25: The new Income Tax Bill will be taken up for discussion in the Monsoon session of Parliament, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday.
Ajay Devgn to lead a thrilling new raid in a fresh city, announces release date of 'Raid 2'
Mumbai, March 24: Ajay Devgn is all set to return to the big screen as Amay Patnaik, leading a thrilling new raid in a fresh city.
How to Use a Tax Calculator to Estimate Your Tax Liability
Mumbai, March 24: Paying taxes on time is a national duty for every citizen who falls in the liable range. The government of India has set a range known as the tax regime.
Over 9 cr people filed ITR till Feb 28, high-income taxpayers stand over 4.6 lakh
New Delhi, March 18: More than 9 crore people have filed their income tax returns (ITR) for the financial year 2025 (as of February 28), according to latest data from the Income Tax Department.
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.
Claims that new powers being introduced in new income tax bill incorrect: Sources
New Delhi, March 9: Sources in the Central Board of Direct Taxes (CBDT) have sought to clear the air after some concerns were raised that Income Tax authorities have been given additional powers in the Income Tax Bill 2025 to gain overriding access to the electronic records including email, social media, and virtual digital space.
CBDT Chairman recognizes women's contributions in Income Tax Department on International Women's Day
New Delhi, March 8: On the occasion of International Women's Day, Ravi Agrawal, Chairman of the Central Board of Direct Taxes (CBDT), shared an official note recognizing the immense contributions of women in the Income Tax Department.
Taxpayers disclose foreign assets worth Rs 29,000cr, foreign income of Rs 1,089cr
New Delhi, March 6: As many as 30,161 Indian citizens have declared foreign assets exceeding Rs 29,000 crores and foreign income of Rs 1,089.88 crore for the Assessment Year (AY) 2024-25, following a special campaign launched by the Central Board of Direct Taxes (CBDT), official sources told IANS on Thursday.
CBDT's trust first approach yields significant result, 30,161 taxpayers declare foreign assets worth more than Rs 29,000 crore
By Shailesh Yadav, New Delhi, 6 March: The Central Board of Direct Taxes (CBDT) "nudging campaign" has yielded significant results with 30,161 taxpayers declaring foreign assets worth over Rs 29,000 crore, government sources told ANI.
Will keep check on people's business: BJP's CT Ravi on Income Tax Bill 2025
Bengaluru, March 6: BJP leader CT Ravi said on Thursday said that the Income Tax Bill 2025 will keep a check on the businesses of the people and said only people who do not pay taxes need to be scared.
Meeting of Select Committee of Lok Sabha to examine new Income Tax Bill underway in Parliament
New Delhi, March 6: A meeting of the Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, to examine the Income-Tax Bill 2025 is underway at the Parliament House Annexe in New Delhi.
Lok Sabha Select Committee to examine Income-Tax Bill on March 6-7
New Delhi, March 4: The Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7.
MP Baijayant Panda to chair Select Committee on Income-Tax Bill on March 6-7
New Delhi, February 27: The Select Committee of the Lok Sabha under the chairmanship of BJP Vice President and Lok Sabha MP Baijayant Panda will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.
CBDT's Centralised Processing Cell--TDS wins Technology Sabha Excellence Award 2025 for innovation in customer experience
New Delhi, February 23: The Centralised Processing Cell--TDS (CPC-TDS), under the Directorate of Income Tax (Systems), has been awarded the Technology Sabha Excellence Award 2025 among government departments, agencies, and institutions for demonstrating innovative use of technology that delivers distinct benefits to stakeholders under the category of Customer Experience.
Govt received over 60,000 inputs from citizens towards new Income Tax Bill: FM
Mumbai, Feb 17: The government received more than 60,000 inputs from the citizens towards the making of the new Income Tax Bill, 2025, Union Finance Minister Nirmala Sitharaman said on Monday.
Income tax relief should not be seen as govt shifting focus from capex: Sitharaman
Mumbai, February 17: Finance Minister Nirmala Sitharaman on Monday clarified that the massive income tax relief given in Budget 2025 doesn't mean that the government has shifted focus to consumption from capital expenditure.
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.
Sitharaman did not reply to issues raised by me during budget debate: Raghav Chadha
New Delhi, February 14: Aam Aadmi Party (AAP) MP Raghav Chadha on Friday alleged that Union Finance Minister Nirmala Sitharaman did not reply to several issues raised by him during debate on Union Budget and that he stands by the example he gave on the tax rebate given by him.
I was not allowed to even reply to her questions: Raghav Chadha on Nirmala Sitharaman
New Delhi, February 14: Countering Union Finance Minister Nirmala Sitharaman's "do not mislead the House" allegation, Aam Admi Party (AAP) MP Raghav Chadha claimed that the former did not reply to various issues raised by him in his speech during the debate on the Union Budget in Rajya Sabha on Thursday.
Lok Sabha, Rajya Sabha adjourned till March 10 as first part of Budget session concludes
New Delhi, February 14: Lok Sabha and Rajya Sabha were adjourned till March 10 on Thursday with the JPC report on the Waqf Amendment Bill tabled in Parliament and the two Houses completing debate on the Union Budget with Finance Minister Nirmala Sitharaman replying to marathon discussion.
New simpler Income Tax Bill slashes volume of Income Tax Act, 1961 by half
New Delhi, Feb 13: The Income-Tax Bill, 2025 tabled in Parliament on Thursday, marks a significant step toward simplifying the language and structure of the Income-tax Act, 1961 based on global best practices, according to a statement issued by the Finance Ministry.
India's Income Tax reforms to foster more transparent, taxpayer-friendly environment: Experts
New Delhi, Feb 13: The new Income Tax Bill 2025, scheduled to take effect on April 1, 2026, is set to foster a more transparent and taxpayer-friendly environment, representing a historic milestone in India's tax landscape, industry experts said on Thursday.
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.
FM Sitharaman tables new Income Tax bill in Lok Sabha, virtual assets like crypto defined under income from other sources
New Delhi, February 13: The government on Thursday tabled the New Income Tax Bill, 2025, which aims to simplify tax laws, modernize definitions, and provide more clarity on various tax-related matters.
New bill will make lives of India's taxpayers much easier: BJP MP Tejasvi Surya
Bengaluru, February 13: Bharatiya Janata Party (BJP) Lok Sabha MP Tejasvi Surya on Thursday praised the new Income Tax Bill, stating that the legislation will make the lives of India's taxpayers much easier.
Gujarat: Kosambia shines at 38th national games
Ahmedabad, Feb 12: Kosambia, an athlete from Gujarat and a Tax Assistant with the Income Tax Department, achieved success at the 38th National Games held in Uttarakhand.
Explained: Why Income-Tax Bill 2025 is a much-needed reform
New Delhi, Feb 12: As India moves closer to a major tax overhaul, the new Income-Tax Bill 2025 seeks to simplify the tax structure and to make it more transparent, efficient, and business-friendly.
India's direct tax collections surge 19.06 pc YoY to Rs 21.88 lakh cr as of Feb 10
New Delhi, February 12: India's direct tax collections have witnessed a robust growth of 19.06 per cent year-on-year (YoY), reaching Rs 21.88 lakh crore in the financial year 2024-25 (up to February 10, 2025), as per the latest data released by the Income Tax Department.
Lok Sabha, Rajya Sabha to meet on February 13
New Delhi, February 11: Lok Sabha and Rajya Sabha will meet on February 13 after a day's break on February 12 on the occasion of Guru Ravidas Jayanti.
New Income Tax bill likely to be introduced in Lok Sabha on Thursday
New Delhi, February 11: The new Income Tax Bill will be introduced in the Lok Sabha on Thursday, sources said.
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.
Chidambaram says 11 pc tax growth unlikely with tax cuts as RS takes up budget discussion, seeks Bharat Ratna for Manmohan Singh
New Delhi, February 10: Rajya Sabha on Monday took up discussion on the Union Budget with senior Congress leader and former Finance Minister P Chidambaram slamming Union Budget 2024-25 saying that tax proposals not only benefit the middle class but also the rich and richest.
New Income Tax Bill to raise transparency in tax laws, say experts
New Delhi, Feb 10: The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday.