The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration. Stakeholders are encouraged to continue submitting their suggestions on the provisions of the Bill, which will be compiled and forwarded to the Select Committee …
The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession. This latest update aims to streamline the filing process for Assessment Year (AY) 2024-25 by improving usability and ensuring compliance …
The Income Tax (IT) department has launched a major crackdown on suspicious political donations, issuing hundreds of notices to individuals who contributed over ₹5 lakh to lesser-known political parties in the financial year 2020-21. The move comes after tax officials uncovered a large-scale tax evasion and …
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Uttar Pradesh Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration …
The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai. The large-scale searches were conducted over suspicions of massive tax evasion and the diversion of funds into other business …
India’s direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the Tax Information Network Management Information System (TINMIS). Breakdown of Direct Tax Collections Gross Direct …
In a shocking turn of events, a daily wage laborer in Kothagudem has received a recovery notice for Rs 22.86 lakh in pending GST dues, highlighting potential lapses in the tax system’s verification processes. According to reports, the individual, who earns a modest income through daily …
A select committee of Parliament convened to discuss the provisions of the proposed New Income Tax Bill, a key reform initiative aimed at overhauling India’s direct tax structure. The meeting, chaired by BJP MP Baijayant Panda, was attended by senior lawmakers and officials, including Finance Minister Nirmala Sitharaman. …
In a major tax crackdown, the Income Tax (I-T) Department has uncovered discrepancies in agricultural income declarations using satellite imagery. A farmer claiming ₹7 lakh per acre in farm income and ₹1 lakh per acre in rental earnings for land around Hyderabad has come under scrutiny, as the …
The Finance Ministry informed the Rajya Sabha on Tuesday that 158 cases involving Goods and Services Tax (GST) dues totaling ₹1.53 lakh crore have been registered till January 2025. Minister of State for Finance Pankaj Chaudhary, in a written reply, also revealed that between July 2017 …
