The Income Tax Department is grappling with an overwhelming backlog of direct tax arrears, with Rs 29 lakh crore classified as nearly impossible to recover, as per official submissions to the Parliamentary Standing Committee on Finance. The total outstanding direct tax dues stand at Rs 43 …
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 …
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 …
The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15. The data, presented by Minister of …
The Income Tax Bill 2025 introduces several key changes in the chapter on Profits and Gains of Business and Profession (PGBP), aimed at enhancing clarity, coherence, and compliance. Here’s a detailed look at the major amendments: 1. Revised Section Flow for Better Coherence The sequence of …
In a significant step toward regulating cryptocurrency transactions and curbing tax evasion, the government has proposed to include Virtual Digital Assets (VDAs) within the definition of “undisclosed income” under the block assessment scheme. This change, part of the Finance Bill 2025, means that any undisclosed crypto …
The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India’s tax framework. The bill seeks to replace the 65-year-old Income Tax Act of 1961, making way for a more structured, …
Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961 The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961. The simplification exercise was guided by three core principles: Textual …
