As the financial year nears its end and salaried professionals across India gear up for tax filings, an unusual and baffling incident has emerged from Gujarat. A tea stall worker, Asif Mohammed, has reportedly received an income tax notice demanding a staggering ₹115 crore in tax …
The Select Committee of the Lok Sabha on the proposed Income-Tax Bill, 2025 convened a crucial meeting today at Parliament House, New Delhi. Chaired by BJP Member of Parliament Baijayant Panda, the 31-member panel is actively reviewing the draft legislation aimed at overhauling and streamlining India’s income tax laws. …
The Income Tax Department is rapidly upgrading its surveillance and compliance ecosystem, powered by Artificial Intelligence (AI) and advanced data analytics. According to leading tax experts, the department’s intensified focus on high-value transactions and digital footprints marks a significant shift in India’s tax administration strategy. Tax …
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, numerous taxpayers-primarily those with total incomes below Rs 7 lakh-are now being served demand notices by …
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, numerous taxpayers-primarily those with total incomes below Rs 7 lakh-are now being served demand notices by …
In a significant move to streamline the income tax return (ITR) rectification process, the Income Tax Department has enabled taxpayers to file rectification applications before an Assessing Officer (AO) for up to Assessment Year (AY) 2023-24 (Financial Year 2022-23) through the e-filing portal. This feature, introduced …
The Investigation Wing of the Income Tax Department has uncovered a large-scale tax fraud during simultaneous surprise raids conducted across Tamil Nadu, including the four southern districts. The enforcement action has exposed thousands of employees from Public Sector Undertakings (PSUs) and corporate firms who fraudulently claimed …
New Income Tax Bill: Key Provisions Strengthen tax authorities’ ability to track undisclosed income. Enable tax officers to seize assets in evasion cases. Allow digital communications, including WhatsApp messages, emails and financial app records, to be considered as valid evidence. Improve tax collection efficiency and reduce litigation in high-value cases. Rising …
In a significant revelation, Finance Minister Nirmala Sitharaman disclosed that tax authorities successfully uncovered Rs 200 crore worth of tax evasion using WhatsApp messages as evidence. This revelation came as she defended the New Income-Tax Bill, which seeks to grant tax officials broader powers to investigate and prosecute …
CBDT Notifies Sixth Amendment to Income-Tax Rules, 2025 Key Highlights of Notification No. 21/2025 The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 on March 25, 2025, amending the Income-tax Rules, 1962. The Income-tax (Sixth Amendment) Rules, 2025 introduce key changes impacting transfer pricing, electric vehicles, and assessment …
