Page 2 - Latest Updates on Income tax
Govt may relax transfer-pricing regime, make eligibility rules flexible
Move aimed at making safe-harbour rules more attractive and practical
 "Govt may relax transfer-pricing regime, make eligibility rules flexible")
I-T dept flags inaccuracies in returns, allows revised returns up to Dec 31
The notices have been issued under Section 142(1) of the Income-tax Act, which empowers the department to seek information or documents during assessment proceedings
 "I-T dept flags inaccuracies in returns, allows revised returns up to Dec 31")
Claimed donations in your ITR? Here's why many are revising returns now
CBDT's NUDGE campaign prompts over 1.5 mn taxpayers to revise their returns as the tax department cracks down on donation claims linked to unrecognised political parties and trusts
 "Claimed donations in your ITR? Here's why many are revising returns now")
Can tax officials access emails and social media under new tax rules 2025?
Section 247 under the new Act allows authorised officers to access computer systems or virtual spaces, but strictly during search and survey operations where there is credible evidence of evasion
 "Can tax officials access emails and social media under new tax rules 2025?")
ITR refund stuck? Experts warn December 31 delays could block revisions
'Act fast: Rectification can save your refund if ITR isn't processed by year-end,' say experts
 "ITR refund stuck? Experts warn December 31 delays could block revisions")
Got tax alert on property deals or foreign assets? I-T dept explains why
Authorities clarify that compliance alerts for high-value transactions are prompts for voluntary correction rather than a precursor to enforcement action
Income Tax dept emails flag cash deposits, property deals: What to do
Emails about high-value transactions in Annual Information Statements nudge people on compliance processes, say experts
 "Income Tax dept emails flag cash deposits, property deals: What to do")
Belated return: Claim refunds, credits, carry forward house property loss
If you file an updated return later, you will have to pay interest and additional tax, and will not be able to claim refunds
 "Belated return: Claim refunds, credits, carry forward house property loss")
Foreign firms can't claim full head office expense deduction in India: SC
Tax experts said the ruling brings finality to the treatment of inter-office expenses for foreign banks and other multinational enterprises with Indian branches
 "Foreign firms can't claim full head office expense deduction in India: SC")
I-T dept flags ₹5,500 cr in suspicious political donation-linked tax claims
Investigations found that intermediaries were advertising "guaranteed refunds" in cinema halls and on social media platforms, luring taxpayers into making non-genuine claims in return for a commission
 "I-T dept flags ₹5,500 cr in suspicious political donation-linked tax claims")
I-T department sends SMS, emails warning of bogus political donation claims
A large number of taxpayers have already revised their Income Tax Returns for the current AY that is 2025-26, and have filed updated ITRs for past years, it added
ITO most feasible for Delhi govt's proposed twin-tower project: Officials
Delhi PWD minister Parvesh Verma held a meeting in which the issue of twin-tower was discussed by officials of his department and the Income Tax department
 "ITO most feasible for Delhi govt's proposed twin-tower project: Officials")
Charitable institution forms to be overhauled ahead of new I-T Act rollout
Das said he shared stakeholders' concerns regarding the complexity of the existing audit report forms filed by trusts
 "Charitable institution forms to be overhauled ahead of new I-T Act rollout")
ITR forms, rules under new Income Tax Act to be notified by Jan: CBDT chief
The intent of the department is to keep the I-T Return forms simple to ease compliance under the new law, which replaces the six-decade old Income Tax Act, 1961, CBDT chief Ravi Agrawal said
 "ITR forms, rules under new Income Tax Act to be notified by Jan: CBDT chief")
CBDT plans nationwide outreach ahead of new Income Tax Act, 2025 rollout
Starting January 2026, the CBDT will conduct nationwide awareness and training programmes to familiarise taxpayers with the new Income Tax Act, 2025, which comes into effect on April 1, 2026.
 "CBDT plans nationwide outreach ahead of new Income Tax Act, 2025 rollout")
Fast-track high-value tax disputes, revamp TDS rules: CII to govt
CII noted that tax litigation continues to burden businesses, with more than five lakh appeals involving nearly ₹18 lakh crore pending before the commissioner (appeals)
 "Fast-track high-value tax disputes, revamp TDS rules: CII to govt")
Cut income tax for up to Rs 50 lakh income to 20%, industry body urges govt
PHDCCI has urged the government to lower personal income tax rates for those earning up to Rs 50 lakh and restore the 15% concessional tax for manufacturers
 "Cut income tax for up to Rs 50 lakh income to 20%, industry body urges govt")
I-T dept imposes penalty of ₹23.07 crore on Adani Cement entity ACC
The company received these demands on October 1, 2025, and said that these penalties will have no impact on financial activity
 "I-T dept imposes penalty of ₹23.07 crore on Adani Cement entity ACC")
Centre releases additional ₹1.01 trn tax devolution to state governments
Currently, 41 per cent of taxes collected by the Centre is devolved in instalments among states during a fiscal year
 "Centre releases additional ₹1.01 trn tax devolution to state governments")
Credit quality of Indian companies likely to remain stable in H2FY26
Rating agencies say easing monetary cycle, declining inflation supporting this
 "Credit quality of Indian companies likely to remain stable in H2FY26")