Income-tax Department

Charities, trade bodies come under Income-Tax Department scrutiny

The Income Tax Department has issued notices to trusts and associations, flagging "commercial receipts" and questioning their eligibility for tax exemptions under the law

Income Tax Dept signs record 219 advance pricing agreements in FY26

The Income Tax Department has signed a record 219 advance pricing agreements (APA) in the current fiscal year ending March 31. With this the total APAs signed so far stood at 1,034. "CBDT signs a record 219 Advance Pricing Agreements in FY 2025-26, the highest ever in a single FY, crossing the record of 174 APAs signed last year," the I-T department said in a post on X. The success of the APA programme has significantly contributed to ease of doing business, particularly for multinational enterprises engaged in cross-border transactions, it added. "The APA programme, together with Safe Harbour Rules, provides tax certainty, reduces disputes, and strengthens a transparent and non-adversarial tax regime," CBDT said. Also, CBDT has concluded a record-breaking 84 BAPAs (Bilateral Advance Pricing Agreement) with 13 treaty partners, the highest ever in India's BAPA history. During this year, the first-ever BAPAs were signed with France, Indonesia, Ireland, and Sweden, building avenues

Central Bank of India gets ₹296 crore demand notice from Income Tax Dept

State-owned Central Bank of India on Tuesday said it has received a Rs 296.08-crore demand notice from the Income Tax Department for shortfall in payment of tax in FY25. "An assessment order under Section 143(3) read with Section 144B of Income Tax Act, 1961 dated March 28, 2026 from Assessment Unit, Income Tax Department along with a demand advising the bank to pay an amount of Rs 296.08 crore being demand for tax liability for the Assessment Year 2024-25," Central Bank of India said in a regulatory filing. The bank is in the process of challenging the said orders in the appropriate forum against disallowances/additions made in the said order within the prescribed guidelines, it said. Looking to the precedence/orders of appellate authorities, it said the bank believes it has adequate factual and legal grounds to reasonably substantiate its position in the matter and considering the expected relief, the bank expects that the entire demand will subside. As such, it said, no impact i

All banking cos to deduct TDS on interest income beyond Rs 50,000 a year

The income tax department on Monday said "banking company" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS on interest income beyond the prescribed threshold. Under the Income Tax law, the tax is to be deducted at source if the interest income from bank/post office deposits exceeds Rs 50,000 for ordinary citizens, or Rs 1 lakh for senior citizens, in a financial year. In a post on X, the income tax department said under Section 402 of the new Income Tax Act, 2025, a "banking company" refers to a company to which the provisions of the Banking Regulation Act, 1949, apply. As per the Income-tax Act, 1961, the scope of "banking company" included not only banking companies to which the Banking Regulation Act, 1949, applies, but also "any bank or banking institution referred to in section 51 of that Act. The income tax department said by virtue of the extant Section 51 of the Banking Regulation Act, 1949, such banks and banking institutions fall within the

Fire breaks out at Trade and Taxes building in Delhi's ITO, no casualties

A fire broke out at Trade and Taxes building in central Delhi's ITO on Thursday morning, prompting authorities to rush six fire tenders to the spot, an official of the Delhi Fire Services said. No casualties or injuries have been reported so far. A call regarding the blaze was received at 8:36 am, following which six fire tenders were rushed to the spot, he said, adding that the fire was doused at 9.10 am. Initial reports indicate that the fire erupted on the 12th floor of the building, where the Sales Tax office is located. Firefighters were deployed to prevent them from spreading to other parts of the multi-storey structure. Further details are awaited.

New I-T Act to roll out on April 1 with only 54 forms for smooth transition

India will roll out the new Income-tax Act, 2025 from April 1 with 54 forms operational initially, while the rest will be introduced in phases during FY27

New I-T Act to roll out on April 1 with only 54 forms for smooth transition

India will roll out the new Income-tax Act, 2025 from April 1 with 54 forms operational initially, while the rest will be introduced in phases during FY27

I-T Dept asks brokers to remit excess STT collected from customers

Income Tax Department has asked brokers to deposit excess securities transaction tax collected from clients for FY24 and earlier years along with interest

I-T dept issues ₹4.62 cr demand notice to Equestrian Federation of India

The Income Tax Department has, for the first time, issued a demand notice of Rs 4.62 crore to the Equestrian Federation of India for the assessment year 2024-25 under Section 156 of the Income-Tax Act, 1961, according to official documents. The notice, dated February 9, 2026, states that a sum of Rs 4,62,18,102 has been determined as payable by the federation for the assessment year 2024-25. As per the notice, which is in possession of PTI, the amount is to be paid within 30 days of service to an authorised bank. According to correspondence from EFI's Chartered Accountant to the federation's office-bearers, certain compliance documents -- including a Non-Utilisation/Accumulation Certificate -- were required to be signed and furnished to enable submission before the Income Tax Department. A final accumulation certificate has also been prepared in connection with the matter but EFI Secretary General Col Jaiveer Singh told PTI that delays by the EFI Executive Committee in completing .

I-T dept invites stakeholder views on draft rules under new Income Tax Act

The Income Tax department on Sunday said it has invited inputs and suggestions from stakeholders on the draft tax rules and forms under the new Income Tax Act, 2025, which will come into effect from April 1. To encourage wider stakeholder participation, the proposed Income Tax Rules, 2026, and corresponding Forms have been uploaded on the official website: www.incometaxindia.gov.in before their final notification, it added. As part of a wider consultative process, the Central Board of Direct Taxes (CBDT) invites inputs and suggestions from stakeholders in the following four categories - simplification of language, reduction of litigation, reduction of compliance burden and identification of redundant/obsolete rules and forms, the I-T department said in a statement. "Stakeholders are encouraged to study the same and make suggestions, which will be compiled and considered for review before final notification," it said. To facilitate this, a utility has been launched on the e-filing .

Tiger Global tax case: How SC ruling reshapes India's tax treaty playbook

The Supreme Court's Tiger Global ruling strengthens India's ability to tax cross-border exits and probe treaty shopping, even when foreign investors hold valid tax residency certificates

Sudden I-T 'NUDGE' unsettles taxpayers ahead of December 31 deadline

CBDT is reaching out via SMS and email under its NUDGE campaign, urging identified taxpayers to review potentially ineligible deductions for AY 2025-26 and revise returns by December 31, 2025

Foreign firms' remote services not taxable in India without presence: HC

The ruling came while dismissing appeals filed by the Income Tax Department, which had challenged the Income Tax Appellate Tribunal's decision in favour of a Singapore-based legal services firm

CBDT to nudge 25K high-risk taxpayers to disclose foreign assets

Move aims to nudge 25,000 taxpayers to disclose foreign assets and income

Income Tax officials conduct probe at Waaree Energies' offices, facilities

Income Tax officials have conducted investigations at offices and facilities of Waaree Energies, a company statement said. The Gujarat-based company is also facing investigations in the US for alleged evasion of duty on solar imports. In a filing to exchanges on Tuesday, the company said it is extending full co-operation to the IT officials. "...certain officials of the Income Tax (IT) Department visited some of the company's offices and its facilities in India for conducting investigation under the Income Tax Act, 1961," Waaree Energies said. The proceedings are underway and full co-operation is being extended to the officials, it said. In September, Waaree Energies said it will continue to cooperate with the US government in ongoing investigations against the company for alleged evasion of duty on solar imports. The company's subsidiary -- Waaree Solar Americas -- has an operational 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW. Shares of Waa

Exide Industries delays board meet as I-T department surveys offices

Battery maker says the Income Tax department has been conducting a survey at its offices and plants since October 29, adds there's no material impact on operations

I-T dept raids proprietary trading firm Graviton as govt steps up scrutiny

The raid at Graviton's offices near New Delhi began at the start of this week and is set to conclude Thursday

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

I-T dept conducts survey op against Marico Group over alleged tax evasion

The Income Tax Department on Wednesday conducted a survey operation at various business premises of the Marico group on charges of tax evasion, official sources said. The action is being undertaken by the Mumbai investigation wing of the department. The tax department teams are scrutinising financial documents and transactions of the company as part of a tax evasion probe, they said. The company could not be contacted immediately for a comment on the I-T action. Marico is one of India's leading consumer goods companies operating in the global beauty and wellness categories. As per a company statement, during the 2024-25 fiscal it recorded a turnover of USD 1.3 billion through its products sold in India and chosen markets in Asia and Africa. As part of a survey operation, the tax department makes a surprise visit at the business premises of the entity under investigation.

Explainer: Difference between Section 44AD and Section 44ADA of I-T Act

The confusion usually arises because both sections are about presumptive taxation, but their applicability is different