Page 3 - Latest Updates on Income tax
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
 "I-T department sends SMS, emails warning of bogus political donation claims")
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")
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")