Page 4 - Income Tax

I-T flags 25,000 “high-risk” cases for undisclosed foreign assets

The Income Tax Department has launched a fresh compliance drive targeting undisclosed foreign assets and income. Around 25,000 individuals will receive SMS and email alerts asking

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

Centre releases additional ₹1.01 trn tax devolution to state governments

The Centre has released an additional instalment of tax devolution of Rs 1,01,603 crore to state governments ahead of the upcoming festival season. In view of the upcoming festive season and to enable states to accelerate capital spending and finance their development/welfare-related expenditure, the Union government has released an additional tax devolution of Rs 1,01,603 crore to state governments on October 1, 2025, the finance ministry said in a statement on Wednesday. This is in addition to the normal monthly devolution Rs 81,735 crore due to be released on October 10, 2025, it said. The additional instalment of devolution to states is in line with the principle of cooperative federalism and the aim of becoming 'Viksit Bharat' by 2047. Currently, 41 per cent of taxes collected by the Centre is devolved in instalments among states during a fiscal year.

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

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

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

New Income Tax Bill does not entail too many changes in tax planning

It will, however, make income tax laws easier to comprehend and adhere to for the lay taxpayer

Simple language, lucid, says FM as Parliament passes Income Tax Bill, 2025

Opposition members staged a walkout in the Rajya Sabha during the discussion, mirroring their protest in the Lok Sabha on Monday