Page 2 - Latest Updates on Income tax
Zomato parent Eternal gets over ₹40 crore tax demand from GST authority
In its late-night regulatory filing on Monday, the company said the total demand includes ₹17.19 crore in GST, ₹21.42 crore in interest, and a penalty of ₹1.71 crore
 "Zomato parent Eternal gets over ₹40 crore tax demand from GST authority")
Assessee must comply with summons issued by tax authority: Supreme Court
"Assessee" under the Income Tax Act of 1961 refers to any individual or entity that holds the legal liability of tax payment or any other financial commitments as specified by the Act
 "Assessee must comply with summons issued by tax authority: Supreme Court")
Monsoon session: Lok Sabha passes two tax bills amid din, without debate
These Bills, introduced by Finance Minister Nirmala Sitharaman, were passed without any debate amid vociferous protest by member of Opposition over revision of electoral rolls in Bihar
 "Monsoon session: Lok Sabha passes two tax bills amid din, without debate")
FM Sitharaman introduces modified Income Tax Bill in Lok Sabha
Introducing The Income-TaIntroducing The Income-Tax (No.2) Bill, 2025, Sitharaman said the bill seeks to consolidate and amend the law relating to income-tax and will replace the Income Tax Act, 1961
 "FM Sitharaman introduces modified Income Tax Bill in Lok Sabha")
FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11
Finance minister will submit a revised version of the I-T Bill, incorporating most of the Select Committee's recommendations
 "FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11")
No retrospective change in I-T Bill, only simplification: Baijayant Panda
The old law had become so complicated that even experts couldn't give the clear answer, says Panda
 "No retrospective change in I-T Bill, only simplification: Baijayant Panda")
Foreign firm using shared premises in India liable to income tax: SC
SC rules foreign firm's control over Indian business via shared office space qualifies as a permanent establishment, triggering income tax liability
 "Foreign firm using shared premises in India liable to income tax: SC")
Income Tax Bill: Select panel proposes wider transfer-pricing net
Companies wielding substantive influence with other firms may face more scrutiny
 "Income Tax Bill: Select panel proposes wider transfer-pricing net")
Select Committee submits report on Income Tax Bill, 2025; seeks key edits
A panel of 31 Lok Sabha members, led by Baijayant Panda suggested over 30 changes to ensure clarity, fairness, and alignment with existing laws in the proposed Income Tax Bill, 2025
 "Select Committee submits report on Income Tax Bill, 2025; seeks key edits")
Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday
The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025
 "Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday")
Claiming false deductions? I-T dept steps up scrutiny, warns of penalty
The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks
Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025
The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026
 "Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025")
Guide to filing tax return: View all your financial activities in one place
AIS and TIS are documents that will help you check all your income and tax details
 "Guide to filing tax return: View all your financial activities in one place")
Income Tax department releases ITR-2, ITR-3 excel utilities for AY26
This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing
ITAT ruling targets use of farmland deals for laundering 'black' money
New ITAT tax interpretation could tighten scrutiny of undervalued land deals, challenging the alleged use of agricultural land transactions for turning unaccounted cash into legitimate income
 "ITAT ruling targets use of farmland deals for laundering 'black' money")
Filing your income tax return? Here are some major mistakes to avoid
Filing errors can result in tax notices, interest and penalty charges, not to mention delays in getting your refund
Income-tax Bill 2025: Digital data and the question of power and privacy
A Parliamentary Select Committee reviewing the Bill is expected to submit its report during the monsoon session
Rise in personal income tax collections encouraging, sustainability suspect
Sustained growth in PIT would depend on sustained expansion in taxable economic activity, one that generates employment to support salary income and contributes to business income as well
 "Rise in personal income tax collections encouraging, sustainability suspect")
Oman to become 1st Gulf state to levy income tax, aims to cut oil reliance
Oman will introduce a 5% income tax on top earners in 2028, aligning with Vision 2040 to diversify income, strengthen public finances, and reduce reliance on oil revenue
 "Oman to become 1st Gulf state to levy income tax, aims to cut oil reliance")
Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun
During April 1-June 19, 2025, corporate tax collection witnessed a slowdown at about Rs 1.73 trillion, a decline of over 5 per cent year on year
 "Net direct tax collection dips 1.39% to Rs 4.59 trillion in Apr-Jun")
