income tax act

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    Simplified Tax Rules: India Steps Towards 'Viksit Bharat'

    New Delhi, Apr 1 The Income Tax Act, 2025, which came into effect on Wednesday, marks a new chapter in India's tax administration and is an important step towards Viksit Bharat, the Central Board of Direct Taxes (CBDT) said.The new Act replaced the six-decade-old Income Tax Act, 1961, and...
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    Key Financial Regulations Updated Today: Tax, Payments, and PAN

    With the start of the new financial year today, a set of reforms, including key changes to financial regulations, will come into effect.The Income Tax Act, which has been in place for over six decades, will be replaced by the new Income Tax Act, 2025, starting today. This is designed to...
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    Central Bank Challenges Income Tax Demand Notice

    New Delhi, March 31 The state-owned Central Bank of India announced on Tuesday that it has received a demand notice of ₹296.08 crore from the Income Tax Department for a shortfall in tax payments for the fiscal year 2025."The bank has received an assessment order under Section 143(3) read with...
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    Income Tax Dept. Announces TDS Deductions on Bank Interest

    New Delhi, March 30 The income tax department said on Monday that "banking companies" governed by the provisions of the Banking Regulation Act, 1949, will deduct TDS (Tax Deducted at Source) on interest income exceeding the prescribed threshold.Under the Income Tax law, tax is to be deducted...
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    New Income Tax Act Aims for Clarity and Ease

    New Delhi, March 20 Finance Minister Nirmala Sitharaman on Friday urged income tax officers to make the process easier for taxpayers and use technology to catch those deliberately evading taxes.Addressing the 'PRARAMBH 2026: Nationwide Awareness Campaign on the Income Tax Act, 2025', the...
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    Income Tax Act 2025 Rules Notified: Key Changes Explained

    New Delhi, March 20 The Central Board of Direct Taxes on Friday notified the rules for the Income-tax Act, 2025, which provides enhanced tax benefits for HRA for salaried individuals but also mandates the disclosure of the landlord-tenant relationship.The Income-tax Rules, 2026, will...
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    Preparing for New Tax Act: IT Systems Readiness

    New Delhi, March 12 A parliamentary panel on Thursday asked the Income Tax department to conduct "rigorous stress and load testing" of its e-filing portal and the entire IT infrastructure to ensure that there are no glitches when the new Act comes into effect from April 1.The Income Tax...
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    Supreme Court Refuses to Hear PIL on Income Tax Search Powers

    New Delhi, March 9 The Supreme Court on Monday refused to entertain a public interest litigation (PIL) challenging the scope of search and seizure powers under Section 132 of the Income Tax Act, arguing that it has the potential for misuse by authorities."We cannot second-guess a provision to...
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    ICAI Addresses Audit Concerns, Seeks Stakeholder Input

    New Delhi, February 18 The Institute of Chartered Accountants of India (ICAI), the apex body for chartered accountants, will set up a group to expedite the proceedings in nearly 10 cases related to alleged accounting and auditing irregularities involving public interest, its President Prasanna...
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