CBDT
ITR Filing Deadline Extension: Now Karnataka commerce body, Surat CA unit seek ITR due date extension
Several bodies are requesting an extension to the Income Tax Return (ITR) filing deadline. The Federation of Karnataka Chambers of Commerce & Industry and the Chartered Accountants Association, Surat, have also joined. They cite technical issues, form changes, and portal glitches as reasons for the delay.
Tax exemption for global funds extended to FY31
The CBDT has extended the tax exemption timeline for sovereign wealth and pension funds investing in India. Originally set to expire in FY25, the deadline is now extended to FY31, offering significant relief to these entities. This amendment encourages continued investment in infrastructure and priority sectors under Section 10(23FE) of the Income Tax Act.
CBDT extends I-T exemption window for sovereign wealth, pension funds till 2030
The CBDT has extended income tax exemptions for sovereign wealth and pension funds investing in India's infrastructure until March 31, 2030. This move, formalized after an earlier announcement, aims to attract long-term global capital by exempting these funds from taxes on dividends, interest, and capital gains.
New I-T rules to be notified by December-end, simplified forms for assessees in works: Official
The Income Tax department is actively developing simplified I-T forms and aims to finalize new rules by December 2025 to align with the Income-tax Act, 2025, effective from April 1, 2026. The CBDT is streamlining language, removing redundancies, and collaborating with the Directorate of Systems to roll out user-friendly forms, ensuring ease of doing business under the new Act.
Explained: What is Mutual Fund - Voluntary Retirement Account scheme by AMFI and how is it similar to US 401(k)
India is preparing for a significant increase in its elderly population. Association of Mutual Funds in India (AMFI) introduces Mutual Fund-Voluntary Retirement Account (MF-VRA). This scheme is inspired by the U.S. 401(k) plan. It offers voluntary participation and employer-sponsored options. Mutual funds will manage it with tax incentives and flexibility.
Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations
The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.
CBDT to simplify ITR forms to match new law
The Income Tax Department is revamping income tax return forms to align with the new income tax law effective April 1, 2026. An internal committee is simplifying the language and enhancing ease of filing, aiming for completion by December followed by public consultation.
Now even BJP CA cell asks for ITR deadline extension due to technical glitches, data mismatch on the ITR portal
The Bharatiya Janata Party (BJP) CA Cell in Pune has urged Finance Minister Nirmala Sitharaman to extend Income Tax Return (ITR) and tax audit deadlines, citing challenges like delayed utility releases, technical glitches on the income tax portal, and reduced working days due to festivals and heavy rains. Several other associations like BCAS, have also requested extensions due to similar difficulties.
ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?
The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.
AMFI proposes Mutual Fund-Voluntary Retirement Account scheme, similar to US 401(k) plan
The Association of Mutual Funds in India (AMFI) has proposed the Mutual Fund- Voluntary Retirement Account (MF-VRA) scheme, which aims to provide a voluntary, employer-linked retirement product managed by mutual funds, similar to the US 401(k) plan.
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
If you don’t make these 8 disclosures, your ITR may be treated as defective
Filing income tax returns (ITR) requires careful attention to detail, as certain omissions can lead to a defective ITR. Key disclosures include foreign assets, income, crypto transactions, and unlisted equity shares. Failing to report these details, especially for residents with overseas holdings, can result in penalties and even imprisonment, though some relief exists for movable assets under Rs 20 lakh.
How the new tax law was woven
Government of India pushed for a transparent Bharat. It simplified the I-T Act 1961. The Central Board of Direct Taxes was responsible. Redundant provisions were removed. Plain English was used. The entire Act was rewritten. Young officers devised a coding system. The PMO and FM's office monitored progress. The I-T Bill 2025 promises to be more user-friendly.
Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX
ITR Filing Deadline Extended?: The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.
India’s urban infrastructure to see ₹10 lakh crore investment in next 4 years: Housing Secy
India's urban infrastructure has seen substantial investment, with Rs 30 lakh crore spent in the last decade and a projected Rs 10 lakh crore more over the next four years. Union Housing Secretary Srinivas Katikithala urges the real estate sector to align projects with infrastructure development and contribute to efficient urban services. He also emphasized the importance of RERA implementation.
Urban Infrastructure to see investment of Rs 10 lakh cr in next 4 yrs: Housing Secy
India's urban infrastructure sector has witnessed a massive investment of Rs 30 lakh crore in the last decade and is estimated to receive another Rs 10 lakh crore funding over the next four years, a top government official said on Friday.
ITR Filing, UPS deadline, SBI credit card changes, Registered Post merger and more: Deadlines & key watchouts in September 2025
September 2025 brings key financial changes, including India Post merging Registered Post with Speed Post and revisions to SBI credit card rewards. Special FD schemes from Indian Bank and IDBI Bank are ending, while the ITR filing deadline for certain taxpayers is extended to September 15th. Central government employees have until September 30th to switch from NPS to UPS.
From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru
In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.
Taxman may get more power to demolish benami realty deals
To combat benami property deals, a CBDT panel suggests stricter measures, including access to Aadhaar data and property registries. The recommendations aim to identify 'dummy directors' in shell companies and confiscate other assets if benami properties are untraceable. These steps seek to address loopholes and ambiguities in the existing law, enhancing the I-T department's ability to tackle benami transactions.
Good news for salaried taxpayers: Limits for these two tax-free perquisites raised substantially in Finance Act, 2025
Good news for salaried individuals. The Central Board of Direct Taxes (CBDT) has raised the income limits for tax-free perks. This change impacts specified employees and overseas medical treatment. The new limits are Rupees four lakh and Rupees eight lakh respectively. These revised rules will be effective from April 1, 2025. More employees can now benefit from tax exemptions on perks.
Crypto futures overtake spot deal; Eternal's tax woes
Indian crypto traders are shifting to futures trading for higher leverage and tax benefits. This and more in today’s ETtech Top 5.
I-T dept yet to rectify 59,352 cases with Rs 6,000 cr tax effect: CAG
The CAG reported that the income tax department recovered ₹3,588.79 crore after audit corrections. However, ₹6,252.06 crore remains unsettled across 59,352 cases due to pending departmental replies. The report highlighted errors in interest levies, depreciation, and business expenditure, urging the CBDT to improve IT systems and internal controls to prevent recurrence.
No income tax for lady who sold land for Rs 4.5 crore; Know how a 1955 circular and established case laws saved the day for her
Seema S sold property in Patna. She incorrectly claimed Section 54 for LTCG tax exemption. The tax officer rejected her claim. Seema appealed to ITAT Patna. Her lawyer argued about the assessing officer taking advantage of her ignorance. ITAT ruled in Seema's favor. The case was sent back to AO to allow claim for Section 54F. Read more.
Taxman sets out to draw up a crypto code
Not only are crypto gains taxed at the income tax rate of 30% (unlike the lower capital gains tax on stock profits), VDA traders can't offset profits with losses to lower the tax outgo. Many high-street banks are reluctant to offer accounts dedicated to pay or receive funds from crypto trades following central bank senior officials occasionally voicing their reservations on VDAs. Besides, there is no clarity under RBI rules and the Foreign Exchange Management Act (FEMA) on whether residents can buy and sell cryptos on offshore platforms.
ITR e-filing: CBDT enables ITR-U filing via ITR-3 and ITR-4 forms; here's who needs to file it and why
The Central Board of Direct Taxes has made updated Income Tax Return filing easier. Taxpayers can now use ITR-3 and ITR-4 forms on the e-filing portal. The deadline to file an updated return is now 48 months from the end of the assessment year. This allows people to correct errors in previous filings by paying additional taxes.
Earned money from Dream 11, Rummy, other real money gaming apps? File ITR now to report this income or risk tax notice and likely prosecution
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
Taxman eyes crypto code; China stalls India tech JVs
We’ve got fresh details on India’s crypto regulation push, plus a look at China’s tech deal delays. This and more in today's ETtech Top 5.
New I-T Bill restores exemption for anonymous donations to trusts, TDS refund claim filing procedure
The Lok Sabha has passed the new Income Tax Bill, retaining ITR filing provisions for TDS claims and tax exemptions for anonymous donations to religious-cum-charitable trusts. Professionals with high receipts can now use electronic payment modes.
New Income Tax Bill is through, will replace six-decade-old Income Tax Act
The new bill introduces the concept of a "tax year", replacing the financial year and assessment year to reduce confusion. It also broadens the definition of 'virtual digital assets' to include crypto-assets, non-fungible tokens and other digital assets as specified by the government.
Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26
Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign wealth funds, abatement of assessments in search cases, and clarity for the new Income Tax regime's standard deduction. The amendments also align the Unified Pension Scheme (UPS) with the National Pension System (NPS) for tax purposes, removing previous disparities.
Parliament passes new Income Tax Bill
The Parliament has approved the revised Income Tax bill, incorporating nearly all recommendations from the Select Committee. This follows the Rajya Sabha's approval, a day after the Lok Sabha's. Chaired by Baijayant Panda, the Select Committee proposed several changes to the Income-tax Bill, 2025, initially introduced in February. The government withdrew the original bill to introduce the Income-tax (No.
ITR filing deadline needs to be extended due to discrepancies in Form 26AS, AIS, system error while ITR uploading, and other issues, says GCCI
The Gujarat Chamber of Commerce & Industry (GCCI) has requested an extension to the income tax return (ITR) filing deadline, citing delays in the release of ITR utilities and persistent technical issues on the Income Tax portal. GCCI also highlights discrepancies in financial statements and seeks an extension for the income tax audit deadline, currently set for September 30, 2025.
Lok Sabha passes new Income Tax Bill amid din without debate
New Income Tax Bill 2025: The Lok Sabha passed the Income Tax Bill after incorporating recommendations from the Select Committee. This move follows the withdrawal of the Income-Tax Bill, 2025, to address drafting errors and ambiguity. The revised draft aims to replace the 1961 Act with a more transparent and taxpayer-friendly system, focusing on simplified language and reduced litigation.
Virtual Digital Assets: Income Tax of Rs 705 cr paid in FY23, FY24
The Indian government collected Rs 705 crore in taxes from Virtual Digital Asset (VDA) transactions during FY23 and FY24. The Income Tax department detected Rs 630 crore in undisclosed income from VDA transactions through search and survey operations. The CBDT launched a campaign to encourage accurate reporting of VDA transactions and is analyzing TDS and ITR filings to identify discrepancies.
Government withdraws Income-Tax Bill, 2025; updated version to be tabled on Monday
The Income-Tax Bill, 2025, intended to replace the 1961 Act, has been withdrawn by the government. A revised version, incorporating recommendations from the Select Committee, is set to be introduced on August 11. The originally proposed bill aimed to modernize tax law with simpler language and reduced penalties, while maintaining existing tax structures and promoting a taxpayer-friendly approach.
No proposal to stop supply of Rs 500 notes: MoS Finance
The government has no plans to stop the supply of ₹500 notes, and ATMs will continue to dispense them along with ₹100 and ₹200 denominations, Minister of State for Finance Pankaj Chaudhary told Parliament. RBI has directed that by September 2025, 75% of ATMs must dispense ₹100 or ₹200 notes, rising to 90% by March 2026.
ITR filing deadline: What is the last date for filing returns for taxpayers not requiring an audit?
ITR deadline for non-audit taxpayers: The process of filing ITR for FY 2024-2025 has become more complex due to changes in the capital gains tax laws and income tax slabs established under the new tax regime.
CBDT relaxes time limit for processing income tax returns filed electronically
The Central Board of Direct Taxes provides relief to taxpayers. It extends the deadline for processing certain electronically filed income tax returns. These returns were incorrectly invalidated due to technical issues. Taxpayers who filed returns by March 31, 2024, will benefit. The new deadline for processing is March 31, 2026. This move ensures eligible taxpayers receive refunds with interest.
Planning to give ITR filing a miss? You must know the consequences
Consequences of not filing ITR: Income tax laws make ITR filing mandatory as specified under the Income Tax Act. However, not many taxpayers are aware of the consequences if the ITR is not filed for a particular financial year. ET Wealth online spoke to a tax expert about the problems that a taxpayer will face if the ITR is not filed.
ITR processing deadline extended for wrongly invalidated ITR filed electronically till March 31, 2024
The CBDT has extended the processing deadline to March 31, 2026, for electronically filed ITRs up to March 31, 2024, that were wrongly invalidated by CPC, Bengaluru. This decision, made under Section 119 of the Income-tax Act, addresses grievances regarding erroneous invalidation due to technical reasons. However, if the PAN and Aadhar of a taxpayer are not linked, a refund will not be issued.
UPI at a crossroads? Deep unease in the informal sector as tax axe falls
India's UPI system, despite its global success, faces backlash as small vendors receive GST notices based on digital transaction data. This has led to a shift back to cash transactions, with vendors fearing tax scrutiny. Concerns rise that aggressive formalisation efforts may push the informal economy further underground, undermining the goals of financial inclusion and transparency.
Updated return filing via ITR-1 & ITR-2 now live on Income Tax portal for AY22 & AY23: What taxpayers should know
The Income Tax Department has enabled utilities for filing updated income tax returns (ITR-U) for AY 2021-22 and 2022-23. Taxpayers now have up to 48 months from the end of the relevant assessment year to rectify errors or omissions by paying additional taxes. Penalties apply based on the filing timeline, with rates varying from 25% to 70%.
Paying Rs 55,000 rent on time could not save salaried taxpayer from Rs 1 lakh penalty for missing TDS, know why
An individual faced a Rs 1 lakh penalty for not deducting TDS on monthly house rent of Rs 55,000. According to Section 194-IB, TDS at 2% must be deducted if monthly rent exceeds Rs 50,000. Tenants must file Form 26QC and provide Form 16C to the landlord. Penalties for non-deduction include interest and discretionary fines. Read below to know more.
ITR alert: If you meet any of these 8 conditions, tax return filing is a must
ITR filing mandatory: Many taxpayers believe that they have to file their income tax return only if their gross taxable income exceeds the basic exemption limit. However, not many are aware that ITR filing is mandatory in eight conditions, even if the gross taxable income is below the basic exemption limit.
Income tax employees call for boycott of Income Tax Day celebrations
Income tax employees across India are boycotting Income Tax Day celebrations due to unresolved grievances with the Central Board of Direct Taxes (CBDT). The Joint Council of Action (JCA) has announced escalating protests, including demonstrations, dharnas, and a halt to search and survey operations, citing "persistent apathy" towards issues like delayed cadre reviews, problematic transfer orders, and lack of resources.
FM Nirmala Sitharaman tells I-T Dept to fast-track disputes, drop small appeals
While FM Nirmala Sitharaman lauded the CBDT's efforts in redrafting the new Income Tax Bill, she stressed that good policies alone are not enough - timely execution and grievance redressal must follow. This includes faster processing of refunds and prompt resolution of taxpayer complaints.
CBDT to ramp up AI-led crackdown on tax evasion ahead of new income tax law: Chairman Ravi Agrawal
The Central Board of Direct Taxes will intensify efforts to combat tax evasion. They plan to use data analytics and artificial intelligence. This will help identify discrepancies in income reporting. The Income Tax Department has access to vast digital transaction data. They also exchange information with overseas agencies. This will enable more effective detection of evasion.
I-T dept working to give shape to rules, procedures under new Income Tax Bill: CBDT chief
The Income Tax Department is developing rules for the upcoming Income Tax Bill, 2025. CBDT Chief Ravi Agarwal announced this at the 166th Income Tax Day event. The department aims for clarity and taxpayer convenience. They are using data analytics to encourage voluntary compliance. The goal is to build trust with citizens.
Govt appoints former CBDT chief Nitin Gupta as NFRA Chairperson
Nitin Gupta, the former Chairman of CBDT, has been appointed as the Chairperson of the National Financial Reporting Authority (NFRA). Smita Jhingran, P Daniel, and Sushil Kumar Jaiswal have been appointed as Full Time Members of the regulator.
BigBasket feels qcomm heat; PhysicsWallah clears Sebi test
A decline in BigBasket's turnover indicates increasing competition from quick commerce players. This and more in today's ETtech Top 5.
Former CBDT chairman Nitin Gupta appointed chairperson of National Financial Reporting Authority
The Appointments Committee has approved key appointments. Nitin Gupta, ex-CBDT chairman, will now lead the National Financial Reporting Authority. Smita Jhingran is appointed Full-Time Member, NEFRA. P. Daniel, former Secretary of Central Vigilance Commission, also joins NEFRA as Full-Time Member. Sushil Kumar Jaiswal, former Director General of Audit, is appointed as Full-Time Member, NEFRA.
PAN-Aadhaar linking update: Relief from tax demand notice due to short TDS deduction for these taxpayers
The Income Tax Department is offering relief to taxpayers who received demand notices for short deduction or collection of TDS/TCS due to transactions with in-operative PAN holders. Taxpayers can avoid penalties if the PAN is linked with Aadhaar by a specified deadline. This also applies to property buyers who deducted TDS at a lower rate than required. Read below to know more.
No more tax gridlock? Parliamentary panel recommends time-bound resolution of tax cases in I-T bill
A parliamentary panel suggests faster resolution of tax disputes in the Income Tax Bill 2025. The bill aims to simplify India's tax laws. The Lok Sabha committee made 285 recommendations, with most already accepted. The bill seeks to streamline language and remove redundancies. Finance Minister Nirmala Sitharaman said the bill is designed for the 21st century.
What is cost inflation index for LTCG tax calculation under income tax rules?
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 59th part of this series, Riju Mehta explains the utility and relevance of cost inflation index.
Recovery of income-tax dues doubles to Rs 20,000 crore in Q1
The Central Board of Direct Taxes (CBDT) has significantly ramped up its recovery efforts, collecting ₹20,000 crore in outstanding dues in the first quarter of this fiscal year, nearly double the amount recovered in the same period last year. With a target of ₹1.
The billionaire exodus: Why India’s rich are heading abroad
Despite India's growing millionaire population, a significant number are leaving, driven by tax scrutiny and economic formalisation. The UAE is a top destination, attracting Indian High Net Worth Individuals (HNWIs) with its zero-tax regime and Golden Visa program.
ITR filing last date for FY 2024-25 is not same for all: Check due dates for salaried individuals, professionals, companies, proprietorship firms, other taxpayers
ITR filing last date for FY 2024-25 (AY 2025-26): The last date for ITR filing varies for different categories of taxpayers under the Income Tax Act, 1961. This year, the Income Tax Department extended the ITR filing deadline for specific categories of taxpayers. Know what the last date of filing the income tax return is in 2025, and check if the ITR filing last date for FY 2024-25 (AY 2025-26) has been extended for you.
Ravi Agarwal gets one year extension as CBDT chairman
Ravi Agarwal, a 1988 batch IRS officer, has been granted a one-year extension as chairman of the Central Board of Direct Taxes (CBDT), effective until June 30, 2026. Appointed initially on July 1, 2024, and re-appointed until June 30, 2025, Agarwal has spearheaded tax reforms focused on faster refunds and simplified rules.
Delhi HC stays Rs 1,140 crore tax demand against Oyo
The demand was raised under Section 56(2)(viib) of the Income Tax Act on account of the addition to the income after the assessee had issued compulsorily convertible preference shares to its holding company Oravel Stays. This investment by Oravel, according to the department, into its Indian subsidiary was an income, thus taxable. However, Oyo's stand is that the funds injected by Oravel into its subsidiary were capital in nature, not income, and thus should not attract tax under the angel tax provisions.
IREDA gains 3% ahead of Q1 results; bonds get tax-exempt status
The state-run renewable energy financier has reported robust growth in Q1 FY26, as per its recent business update. Loan sanctions rose 28.5% year-on-year to Rs 11,740 crore, while disbursements grew 31.1% to Rs 6,981 crore.
Ravi Agarwal reappointed as CBDT Chairman for one year
Ravi Agrawal's tenure as Chairman of the Central Board of Direct Taxes (CBDT) has been extended for one year, effective July 1, 2025, to June 30, 2026. The Appointments Committee of the Cabinet approved the re-appointment on a contract basis.
Ask justified, specific questions from taxpayers during scrutiny: CBDT to I-T officials
The CBDT has instructed Income Tax Department officials nationwide to apply "due application of mind" when issuing scrutiny notices to taxpayers. Queries must be relevant, specific, and justified, avoiding irrelevant questions. Region heads are tasked with supervising assessing officers to ensure compliance with these guidelines. Assessment unit heads will be directly responsible for the quality of notices and orders.
ITR scrutiny notice: Income Tax Department looks at these parameters while selecting ITRs for scrutiny
The Income Tax Department provides guidelines for Income Tax Return (ITR) scrutiny. These guidelines ensure transparency in sending income tax scrutiny notices. The Central Board of Direct Taxes issues circulars outlining criteria for mandatory selection of ITRs. The latest circular was issued for Financial Year 2025-26. Taxpayers should note the latest ITR scrutiny guidelines.
CBDT exempts certain IFSC unit payments from TDS
The Central Board of Direct Taxes provides tax relief. Payments to International Financial Services Centre units are now exempt from Tax Deduction at Source. This applies to finance companies and stock exchanges. The exemption covers commissions, interest, and service fees. Payees must furnish a declaration. The relief is available for ten years. This new rule is effective from July 1.
FM Nirmala Sitharaman calls for friendly tax compliance processes
Finance Minister Nirmala Sitharaman urged tax officials to simplify compliance processes, emphasizing transparency and taxpayer-friendliness. She directed prioritizing the disposal of pending disputed tax demands and highlighted the importance of addressing taxpayer grievances promptly. The upcoming Income Tax Bill aims to simplify tax laws, with nationwide awareness programs planned post-approval. Tax refunds have increased significantly, reflecting improved efficiency.
ITR filing for salaried employees is easier with these sources of income: Here's how
By now, most salaried individuals would have received their Form 16-a crucial document that summarizes salary earned, deductions claimed, and TDS deducted during the financial year. For salaried taxpayers, this remains the most essential document for accurate filing of their ITRs.
Explained: CBDT targets unaccounted income invested in crypto
The aim is to curb tax evasion and the laundering of unaccounted funds. The CBDT has identified some "high-risk persons" who are investing in virtual digital assets but have not complied with the Income Tax Act.
Unaccounted income invested in Virtual Digital Assets on CBDT radar
The CBDT is actively investigating tax evasion and money laundering related to cryptocurrency investments by high-risk individuals. Many individuals have been identified for not complying with the Income-tax Act, 1961, specifically regarding Virtual Digital Asset (VDA) transactions.
No LTCG tax on Rs 1.32 crore house bought only at Rs 45 lakh: Homebuyer wins LTCG tax exemption case at Delhi ITAT after 7 years fight
A homebuyer faced legal and tax challenges after buying a Delhi property, including a dispute over the sale agreement and issues with income tax exemptions. Despite initial setbacks, he secured partial victories in the Delhi High Court and ITAT, particularly regarding Section 54 LTCG tax exemption and a notice related to purchasing the property below circle rate. Know more about this case.
CBDT taking action for non-responsive taxpayers having foreign income: Finance Ministry
The Finance Ministry reports increased scrutiny of foreign income, with over 5,483 taxpayers filing belated returns declaring Rs 29,208 crore in foreign assets and Rs 1,089.88 crore in additional income. This action follows reports of a surge in Indian money parked in Swiss banks.
Unaccounted income invested in virtual digital assets on CBDT radar
Such entities and individuals which are engaged in Virtual Digital Asset (VDA) transactions and have failed to comply with the Income-tax Act, 1961 have been identified for verification, sources said.
July 1: From PAN, credit card, bank charges to fuel ban, here’s what’s changing for Indians next month
Get ready for changes starting July 1, 2025. Aadhaar is a must for PAN applications. The ITR filing deadline is extended. SBI Card revises credit card rules. HDFC Bank introduces charges on digital spends. ICICI Bank updates ATM fees. Delhi enforces a fuel ban on older vehicles. Railway fares will see a slight hike. Tatkal ticket booking requires Aadhaar.
Terror funding? Charitable entities under CBDT lens
The Central Board of Direct Taxes (CBDT) is set to conduct a thorough review of charitable entities and non-profit organizations to detect potential misuse for terror financing or money laundering. Collaborating with agencies like IB, ED, and NIA, the CBDT will create a database focusing on institutions with foreign connections and those with questionable financial activities.
Bharti Airtel bags multi-year contract from CBDT for providing network solutions
The Central Board of Direct Taxes (CBDT) has signed a multi-year contract with telecom giant Bharti Airtel to provide network and connectivity solutions for CBDT's Taxnet-2.0 programme. Airtel will offer robust dual connectivity with Software Defined Network for WAN and Secure LAN, modernizing the current system for collection, processing, monitoring, and accounting of direct taxes.
CBDT seeks to widen net for appointment of members, makes younger officers eligible for post
Till a couple of years ago, only officers of the rank of Principal Chief Commissioner of Income Tax (PCCIT) were eligible for being considered for appointment as Member, CBDT. CBDT, on November 11, sought to widen the catchment of officers by making eligible all officers of the rank of Principal Commissioner of Income Tax and above.
ITR filing due date extended but deadline to pay final tax without penalty is July 31 or Sept 15 now for FY 2024-25?
Deposit tax without penalty: The Central Board of Direct Taxes (CBDT) has extended the last date to file income tax return from July 31, 2025, to September 15, 2025, for the financial year 2024-25. In the past, CBDT has asked the taxpayers to deposit self-assessment tax by July 31, even though the ITR filing deadline has been extended.
CBDT chief Sushil Chandra gets one-year extension
Senior bureaucrat Sushil Chandra was today given one-year extension till May 2018 as chairman of the Central Board of Direct Taxes (CBDT).
Give due importance and respect to CBDT: IRS to Arun Jaitley
New CBDT Chairperson Senior IRS officer Rani Singh Nair is set to be appointed as the new CBDT Chairperson with incumbent Atulesh Jindal retiring on Sunday.
IRS officer Nitin Gupta appointed new CBDT chairman
The "Appointments Committee of the Cabinet has approved the appointment of Shri Nitin Gupta, IRS (IT:86), Member Central Board of Direct Taxes (CBDT) as chairman, Central Board of Direct Taxes from the date of assumption of the post," according to the order issued on June 25. The post of the CBDT chief was being held in an additional capacity by board member and 1986-batch IRS officer Sangeeta Singh after J B Mohapatra retired on April 30.
CBDT chief to keep exclusive charge of Income Tax investigations
The charge of I-T investigations, usually, is handled by a separate Member in the Central Board of Direct Taxes (CBDT).
Order of ITR filing deadline extension to Sept 30 is fake: CBDT
There had been rumours that the deadline may be extended again. There had been images of an order issued by the CBDT circulated in social media. Consequently, CBDT has issued a clarification.
CBDT gets highest number of APA requests from US
The CBDT, the apex policy making body of the income-tax department, has so far received 42 application for India-US bilateral APAs.
Atulesh Jindal appointed new CBDT chief
The Appointments Committee of the Cabinet has approved the appointment of Jindal as Chairman CBDT, an order issued by DoPT said.
Delhi High Court stays CIC order asking CBDT to give info on Ram Janmabhoomi Trust
The court was hearing a plea by the Central Public Information Officer (CPIO) of CBDT seeking quashing of the November 30, 2022 order of the CIC which had directed that the CPIO would revisit certain points made in the application under the Right to Information Act and provide information within 15 days from the receipt of the order.
CBDT gives 90 startups immunity from Angel Tax
The CBDT has given some 90 startups an assurance and registered them for Startup India Action Plan.
Sushil Chandra to be the next CBDT chief
Chandra, a 1980 batch officer of Indian Revenue Service (Income Tax cadre), is currently Member (Investigation) of the CBDT.
Kalaignar TV got Rs 52 crore from 'fictitious' cos: CBDT
CBDT is probing 18 Kolkata-based cos for allegedly helping Kalaignar TV, promoted by the family of Karunanidhi, to repay a loan of Rs 200 crore.
Don't coerce assessee to falsely admit income: CBDT to I-T department
The CBDT said any admission of unaccounted money should be done only when there is strong and credible evidence and not under pressure.
CBDT forms directorates to monitor taxpayer service
CBDT Member (Revenue and Tax Payer Services) will oversee the related services in Central Board of Direct Taxes, the CBDT said in a statement.
CBDT: GST not to be added for TDS computation
The CBDT is continuing with the earlier stand in case of service tax, where the amount payable was not grossed up with the service tax component
CBDT to continue to enjoy phone tapping power
It is not immediately clear the conditions the CBDT will have to fulfil before tapping telephones of any individual.
CBDT directs taxman to withdraw select appeals by month-end
CBDT had hiked the threshold limit for the department to file appeals in ITAT and courts in order to bring down litigation between the I-T Department and the assessee substantially.
Anita Kapur is new CBDT Chairperson
She took over the top charge after her appointment was made by the government as incumbent CBDT Chairman K V Chowdary retired on October 31, a senior official said.
Airtel bags multi-year contract from CBDT
Bharti Airtel and the CBDT have finalized a multi-year agreement where Airtel will serve as the network and connectivity partner for the income tax department. This partnership includes dual connectivity using Software Defined Networks for WAN, Secure LAN, and other technology solutions under the Taxnet-2.0 program. The initiative aims to modernize tax collection, processing, monitoring, and accounting systems. Financial details of the contract were not disclosed. CBDT officially awarded the contract to Airtel, with both parties formalizing their acceptance at a recent signing event attended by Sunil Mittal and CBDT chairman Ravi Agarwal.
Ravi Agarwal appointed CBDT chairman effective July 1
Ravi Agarwal has been serving as a member, CBDT (Administration) since, July 2023. According to the order issued by the Appointments Committee of the Cabinet on Saturday Ravi Agrawal, will be chairman of the CBDT, effective, July 1 up to the date of his superannuation on September 30.
Sudha Sharma likely to be new CBDT head
Sudha Sharma, a 1976 batch Indian Revenue Service (IRS) officer, is likely to be the new head of Central Board of Direct Taxes (CBDT).
CBDT extends deadline for charitable trusts' registration till June 30
The income tax department has extended the deadline for charitable and religious trusts to submit registration applications with tax authorities until June 30. The Central Board of Direct Taxes (CBDT) had previously extended the due date for filing Form 10A and Form 10AB for such trusts, institutions, and funds multiple times, with the last extension until September 30, 2023. This extension aims to avoid genuine hardships to taxpayers, allowing trusts to file Form 10A/Form 10AB for income tax exemption or renewal of permanent registration by the new deadline.
Physical settlement in F&O to attract 0.10% STT: CBDT tells HC
A division bench of justices B R Gavai and M S Karnik had last week sought clarity from the CBDT on the STT rate.
No tax demand from startups sans appellate tribunal nod: CBDT
CBDT has issued a consolidated circular reiterating clarifications issued so far on taxation issues hurting startups, including the so-called angel tax.
