Income Tax

ITO most feasible for Delhi govt's proposed twin-tower project: Officials

The Delhi government is expected to finalise ITO as the location for its proposed twin-towers, as it has received consent of the Income Tax (IT) department for sharing 4.5 acre land for the project, officials said on Tuesday. 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. "A meeting was held today with the ACS (PWD) and the Principal Chief Commissioner of Income Tax regarding the Twin Tower matter. Senior officials from both departments were present," said the minister in a post on X. All key points were discussed in detail and clear directions were issued to take the necessary steps in a coordinated and effective manner, he stated. "There are several options available to us. But ITO has emerged as the most feasible location after all our discussions. Especially with cooperation from the Income Tax department now, we have availability of a bigger plot to come up with ...

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

ITR forms, rules under new Income Tax Act to be notified by Jan: CBDT chief

The I-T department will by January notify the ITR forms and rules under the simplified Income Tax Act, 2025, which will come into effect from next fiscal beginning April 1, Central Board of Direct Taxes (CBDT) chief Ravi Agrawal said on Monday. 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, he said. "We are in the process of designing forms and rules. We are working towards putting this in place by January so that taxpayers have sufficient time to adapt their processes within their system," Agrawal told reporters after launching the Taxpayers' Lounge at the India International Trade Fair (IITF). The intent is to keep the income tax return (ITR) forms simple for taxpayers to ease compliance, he added. The Income Tax Act, 2025 was passed by Parliament on August 12. All the different forms applicable under the Income Tax Act, like TDS quarterly return form and ITR forms,

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.

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)

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

I-T dept imposes penalty of ₹23.07 crore on Adani Cement entity ACC

The Income Tax (I-T) department has imposed two separate fines on ACC Ltd, totalling Rs 23.07 crore, which will be contested by the Adani Group firm before the appellate authorities. The I-T department has slapped a penalty of Rs 14.22 crore allegedly "for furnishing of inaccurate particulars of income" for Assessment Year 2015-16. The department has also levied a penalty amounting to Rs 8.85 crore "for under-reporting of income" for Assessment Year 2018-19. "The company will be contesting both orders by filing appeals before the Commissioner of Income Tax (Appeals) within the prescribed timelines and, in parallel, will seek a stay on the penalty demands raised under the respective orders," ACC said in regulator filings on Thursday. The company received these two demands on October 1, 2025, and said that these penalties will have no impact on financial activity. ACC is a subsidiary of Ambuja Cement, the Adani Cement entity, which owns over 50 per cent of the company. Both the I-T

Credit quality of Indian companies likely to remain stable in H2FY26

Rating agencies say easing monetary cycle, declining inflation supporting this

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

PM's open letter: GST reforms will add up to ₹2.5 trn in savings for people

PM Modi said GST reforms and income tax cuts will save citizens Rs 2.5 trillion, urged celebration of GST Savings Festival and promotion of swadeshi products during festivities

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

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

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

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

Assessee must comply with summons issued by tax authority: Supreme Court

The Supreme Court has held that an assessee must comply with a summons and furnish a response to a show cause notice when it is issued by the central or the state tax authority. "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. Thus, laying down guidelines to prevent duplication of adjudication by central and state GST authorities, a bench of Justices J B Pardiwala and R Mahadevan said that mere issuance of a summons does not enable either the issuing authority or the recipient to ascertain that proceedings have been initiated. "Where a summons or a show cause notice is issued by either the Central or the State tax authority to an assessee, the assessee is, in the first instance, obliged to comply by appearing and furnishing the requisite response, as the case may be. "Where an assessee becomes aware that the matter being inquired into or investigat

Where’s my refund? A quick guide to tracking your ITR status

Filed your ITR but haven’t received your refund yet? From checking your refund status to understanding why it might be delayed, this step-by-step guide has you covered.

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

FM Sitharaman introduces modified Income Tax Bill in Lok Sabha

Finance Minister Nirmala Sitharaman on Monday introduced the modified Income Tax bill in the Lok Sabha after including "almost all of the recommendations of the Select Committee." Introducing 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. "Almost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," said the statement of objects and reasons of the bill. The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income-tax Bill, 2025, which was introduced in the Lok Sabha on February 13. "There are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw

I-T Bill withdrawn, Moody’s warning on India’s growth, Rahul Gandhi seeks probe in vote fraud & more

The government on Friday withdrew the Income Tax (Amendment) Bill, 2025, introduced in February to replace the 1961 IT Act.

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