CBDT

The new Form 173A requires eligible foreign investors and BIS to disclose security holdings, interest income and capital gains to claim exemptions under the Income-tax Act, 2025

Under its SAKSHAM NUDGE initiative, the Income Tax Department has contacted professionals who have filed fewer than half the audit reports they submitted in the previous year

Preserve old valuation and inheritance records; document family lockers and explain the source of each holding

The tax department has also extended the deadline for furnishing tax audit reports to October 21 from September 30, giving taxpayers more time for compliance

The court said export quota premium could not be treated as export income because the transaction did not involve receipt of foreign exchange

The tax department has also given valuers and authorised income-tax practitioners six more months, until March 31, 2027, to complete their registration

The exercise covers entities that sent large sums abroad despite reporting little business activity or not filing returns, along with professionals who certified payments.

Eligible taxpayers can disclose specified foreign income and assets under the one-time scheme till December 31, with a 60 per cent outgo in one category and a ₹1 lakh fee in another

The income tax department's NUDGE campaign has resulted in 1.25 crore taxpayers filing updated or revised ITRs with payment of Rs 9,494 crore in additional taxes over the past 2 years, Minister of State for Finance Pankaj Chaudhary said on Monday. The Central Board of Direct Taxes (CBDT) has undertaken the NUDGE (Non-intrusive Usage of Data to Guide and Enable) campaign by leveraging data analytics, behavioural insights and digital communication platforms for improved tax collection efficiency in a non-intrusive manner. Under these campaigns, communications are sent to select taxpayers after due risk analysis to review and revise/update their Income Tax Returns (ITRs) already filed. The taxpayers are selected on the basis of advanced risk analysis identifying incorrect or non-reporting of assets or income, or excess claims of deductions or exemptions in their ITRs. During 2024-25 and 2025-26, the NUDGE campaign has resulted in 1.25 crore updated or revised ITR filings, and payment o

CBDT's Crypto-Asset Reporting Framework sets tax reporting norms for crypto firms from 2026, boosting transparency and paving the way for a clearer regulatory framework

The Central Board of Direct Taxes (CBDT) has issued a guidance note specifying that crypto exchanges and other intermediaries will have to report all transactions on their platforms to the Income Tax department. The objective of the guidance note on crypto asset reporting obligations is to bridge the information gap that existed because such assets could be transferred or held outside the traditional financial system. It is more procedural in nature while ensuring that crypto transactions become part of a transparent global tax reporting ecosystem. The note intends to explain the reporting obligations of Reporting Crypto-Asset Service Providers (RCASP) in line with the Crypto-Asset Reporting Framework (CARF) developed jointly by the Organisation for Economic Cooperation and Development (OECD) and participating countries, including India. The CARF is a global tax transparency framework which provides for the automatic exchange of tax-relevant information on transactions in crypto ..

The 198-page guidance note explains reporting obligations for crypto service providers under the Income-tax Act, 2025, in line with the OECD's Crypto-Asset Reporting Framework

Finance Minister Nirmala Sitharaman said the tax department must strengthen litigation management and prevent disputes as over 5.4 lakh first appeals remain pending

The court said the issue requires detailed examination and directed the Income Tax Department not to process judges' returns under the disputed arrangement

CBDT has enabled foreign asset and overseas income information in the Annual Information Statement to help taxpayers accurately disclose such details in income tax returns

Net direct tax collections rose 16.4% to ₹6.51 trillion by July 13, led by strong corporate tax growth and a sharp jump in securities transaction tax receipts

The Delhi Tax Bar Association has challenged a CBDT memorandum that restricts tax benefits on judges' allowances to the old income-tax regime

CBDT allows taxpayers to reset their e-filing password using DSC, net banking or email even without the registered mobile

The tax department will upload foreign financial information received under international information-sharing agreements into taxpayers' AIS and Form 26AS to improve transparency and compliance

The Appointments Committee of the Cabinet approves Ravi Agrawal's reappointment as CBDT chairman on a contract basis from July 1 to December 31, 2026