Refunds Drop 16% as Government Tightens Scrutiny to Curb Fake Claims India’s income tax refunds have dropped sharply this year as the government introduces new fraud-detection measures to curb fake or inflated refund claims. According to official data, refunds issued between April and October 2025 fell …
The Income Tax Department is preparing a drive to urge landowners who entered into joint development agreements (JDAs) but did not pay capital gains tax to settle their dues voluntarily. Sources revealed that in Kolkata and Bengaluru alone, around 25,000 to 30,000 such entities have been …
CBDT Chairman Confirms Work on Rules & Forms for Income Tax Bill 2025 | Tax Reform Underway New Delhi – The Income Tax Department has officially begun the groundwork to frame the rules, forms, and procedures under the upcoming Income Tax Bill, 2025, which aims to …
The Income Tax Department has released an updated version (v1.1) of its Excel-based ITR-3 utility on July 24, 2025, aimed at providing a smoother and more accurate return filing experience for Assessment Year (AY) 2025-26. The ITR-3 form is applicable to individuals and Hindu Undivided Families …
The Income Tax Department has ramped up its monitoring efforts by deploying AI to scrutinize taxpayer behavior and identify discrepancies in income tax returns. According to CBDT Chairman Ravi Agrawal, AI-powered systems are now analyzing online activity, financial transactions and return-filing patterns to proactively engage with …
The Central Government has raised tax and penalty demands totalling Rs 35,105 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), but has recovered only Rs 338 crore over nearly a decade, the Finance Ministry informed the Rajya …
The amended Income Tax Bill aims to settle the persistent dispute over the definition and tax treatment of Non-Performing Assets (NPAs). The Select Committee of Parliament has adopted its report on the new Bill, which is expected to be submitted to the Lok Sabha Speaker early …
The Income Tax Department has expanded the list of banks available on the e-Filing portal’s e-Pay Tax service to 31. This list includes both public and private sector banks, comprising newly added institutions as well as those that have migrated to the new payment platform. The …
Prominent tax experts and industry leaders voiced serious concerns over the growing misuse of Section 74(A) of the GST law for issuing scrutiny notices, during a GST conclave jointly organized by the CGST Ahmedabad Zone and the Gujarat Chamber of Commerce and Industry (GCCI) on Monday. The …
The Income Tax Department, Shimla, in a concerted move to enhance tax compliance and raise awareness on advance tax obligations, organized a comprehensive outreach programme aimed at educating key stakeholders on the provisions and benefits of advance tax under the Income Tax Act, 1961. The event witnessed participation from a …
