Page 3 - Latest Updates on Income tax
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
Depositing big cash sums? Tax rules, I-T notices and what to watch out for
Even legitimate cash deposits can invite I-T notices if not explained properly, experts warn
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")
HC helps NRI avoid massive tax: why selecting a correct ITR form is key
A Delhi HC ruling protects an NRI from a huge tax demand, highlighting the importance of correct TDS filings in property sales and offering key lessons for NRIs.
 "HC helps NRI avoid massive tax: why selecting a correct ITR form is key")
Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner
New CBDT guidelines target NGOs, HNIs, and repeat offenders. Tax expert says, 'There is no way to avoid compulsory scrutiny if you fit the checklist.'
 "Increased I-T scrutiny: NGOs, HNIs, and past cases under the scanner")
Maharashtra uses tax data to check fake claims in Ladki Bahin scheme
State government says Income Tax data needed to weed out fake beneficiaries
 "Maharashtra uses tax data to check fake claims in Ladki Bahin scheme")
China's overseas income tax global crackdown expands beyond ultra-rich
Chinese authorities are seeking to boost fiscal income and narrow a record budget deficit as Beijing has ramped up stimulus to counter US tariffs
 "China's overseas income tax global crackdown expands beyond ultra-rich")
Dalmia Bharat under I-T lens post HC nod on reopening of assessment
Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping
 "Dalmia Bharat under I-T lens post HC nod on reopening of assessment")