Page 2 - Income Tax

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

No retrospective change in I-T Bill, only simplification: Baijayant Panda

The old law had become so complicated that even experts couldn't give the clear answer, says Panda

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

Income Tax Bill: Select panel proposes wider transfer-pricing net

Companies wielding substantive influence with other firms may face more scrutiny

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

Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday

A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha 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, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha. The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action. The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation. The new bill, introduced in the Lok Sabha, has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of sections is 536, as against 819 effective sections in the existing ...

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

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

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

Filing ITR without a CA? Don’t make these 5 common mistakes | ITR for AY 2025-26 | Personal Finance

Filing your Income Tax Return (ITR) for AY 2025–26 without a Chartered Accountant? It’s now easier than ever, thanks to digital tools, but a few common mistakes can still land you in trouble.

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