Page 2 - Latest Updates on Income tax
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")
Tax-to-GDP: What India can learn from countries with better collections
Exploring India's tax-to-GDP gap, lessons from global reforms, and the role of social security contributions in boosting revenue and citizen compliance
 "Tax-to-GDP: What India can learn from countries with better collections")
CBDT extends due date for FY25 tax audit report filing to October 31
The development comes a day after the Rajasthan High Court's Jodhpur bench passed an interim order directing the CBDT to extend the last date for filing tax audit reports to October 31
 "CBDT extends due date for FY25 tax audit report filing to October 31")
PM's open letter: GST reforms will add up to ₹2.5 trn in savings for people
Oppn-ruled states demand compensation for loss of revenue
 "PM's open letter: GST reforms will add up to ₹2.5 trn in savings for people")
TDS section applied by payer doesn't decide a person's tax regime
Choose 44ADA if your occupation is mentioned in Section 44AA(1); explain choice of regime with supporting documents
 "TDS section applied by payer doesn't decide a person's tax regime")
CBDT issues SOP to track capital gains from JDAs, reports due Oct 31
CBDT has issued an SOP for field officers to track capital gains from JDAs using RERA data, cross-checking with ITRs and requiring reports to be submitted by October 31, 2025
 "CBDT issues SOP to track capital gains from JDAs, reports due Oct 31")
A step-by-step guide to filing timely and accurate income tax return
With the September 15 deadline about a fortnight away, begin now to avoid the last-minute rush and heightened risk of errors
 "A step-by-step guide to filing timely and accurate income tax return")
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")
New Income Tax Bill does not entail too many changes in tax planning
It will, however, make income tax laws easier to comprehend and adhere to for the lay taxpayer
Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025
Opposition members staged a walkout in the Rajya Sabha during the discussion, mirroring their protest in the Lok Sabha on Monday
 "Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025")
New Income-Tax Bill restores alternate minimum tax relief for LLPs
Lok Sabha clears revised I-T Bill, along with tax law amendments
 "New Income-Tax Bill restores alternate minimum tax relief for LLPs")
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")