Tag: CBDT

CBDT Notifies Tax Exemption for Forum of Regulators Under Section 10(46) of Income Tax Act

The Central Board of Direct Taxes (CBDT) has issued Notification No. 66/2025, dated June 19, 2025, granting income tax exemption under section 10(46) of the Income-tax Act, 1961 to the Forum of Regulators (PAN: AAAJF0126G), a statutory body constituted by the Government of India under the Ministry of Power. This move exempts …

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CBDT Kicks Off Massive Training Drive Ahead of New Income Tax Bill Implementation

In anticipation of the landmark Income Tax Bill being passed, the CBDT has launched a detailed implementation program to ensure a seamless transition to the new legal framework. According to the Board’s action plan for FY 2025-26, at least 50% of the Income Tax Department’s workforce …

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CBDT Extends ITR Filing Due Date from 31st July to 15th September for AY 2025-26

The Central Board of Direct Taxes (CBDT) has announced an extension of the due date for filing Income Tax Returns (ITRs) for Assessment Year (AY) 2025-26. The new deadline for filing returns that were originally due by July 31, 2025, has now been extended to September 15, …

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CBDT Notifies New ITR-6 Form for AY 2025-26

In a significant move aimed at streamlining corporate tax filings, the Central Board of Direct Taxes (CBDT) has notified the amended ITR-6 form applicable for companies for the Assessment Year (AY) 2025-26. The notification was published in the Gazette of India as Notification No. 44/2025 dated …

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CBDT Notifies New ITR Form ITR-2 for AY 2025-26

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26. The changes, published via Notification No. 43/2025 dated May 3, 2025, in the Gazette of India, are …

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CBDT Sets Aggressive Rs 2.4 Lakh Crore Target to Unearth Black Money in FY 2025-26

In a bold move to curb black money and strengthen the formal economy, the Central Board of Direct Taxes (CBDT) has unveiled an aggressive action plan for the fiscal year 2025-26. According to sources, the board has set an ambitious target of unearthing Rs 2.4 lakh crore in …

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CBDT Clarifies Disallowance of Legal Settlement Expenses under Section 37 via FAQs

FAQs on Notification No. 38/2025 / SO 1838(E) Q1. What is Section 37 of the Income-tax Act, 1961 (‘the Act’)? Ans. Section 37 of the Act provides for the allowability of expenditure laid out or expended wholly and exclusively for the purpose of business or profession. …

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CBDT Recovers Rs 92,400 Crore in Outstanding Tax for FY 2024-25

CBDT has successfully recovered ₹92,400 crore in outstanding tax liabilities in the ongoing financial year (2024-25) up to March 15, according to sources familiar with the matter. This includes ₹67,711 crore from corporate tax, ₹23,536 crore from personal income tax, and ₹1,100 crore from tax deducted …

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CBDT Notifies Amendments in Income-Tax Rules to Broaden Safe Harbour Scope

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 …

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CBDT Releases Updated TDS Rates for FY 2024-25

The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26. These changes, introduced through the Finance (No. 2) Act, 2024, affect various forms of income, including salary, interest on securities, winnings from lotteries, …

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