New Delhi, April 1 (IANS) India’s direct tax system entered a new phase on April 1, 2026, as the Income Tax Act, 2025 officially came into force. The Income Tax Department announced the rollout through a message on X, calling it a step towards a simpler and more user-friendly tax framework aligned with the vision of Viksit Bharat.The new law replaces the decades-old Income Tax Act, 1961, marking one of the biggest overhauls in India’s direct taxation system.The government has focused on maki…
Latest Income Tax Department News & Updates
New Delhi, April 1 (IANS) The Central Board of Direct Taxes (CBDT) has amended income tax rules to provide clarity on the applicability of General Anti-Avoidance Rules (GAAR), in a move aimed at reducing ambiguity around tax avoidance provisions.In its notification, the CBDT said that GAAR will not apply to income arising from the transfer of investments made before April 1, 2017. The amendment will come into effect from April 1, 2026.The clarification is expected to provide certainty to investo…
Kolkata, April 1 (IANS) The Income Tax Department has seized a large amount of foreign currency in Kolkata, said an official on Wednesday, adding that three people have been detained.A large amount of foreign currency — approximately Rs five crore in Indian currency — was seized during a raid in the Park Street police station area. The investigators have detained three people in connection with the incident.Acting on a confidential tip-off, officials from the Income Tax Department conducted a …
New Delhi, March 31 (IANS) State-owned Central Bank of India has received a tax demand notice of Rs 296.08 crore from the Income Tax Department for an alleged shortfall in tax payment for the financial year 2024-25, according to its regulatory filing on Tuesday.The public sector lender said that the notice relates to the assessment year 2024-25 and is linked to an alleged shortfall in tax payment.In the exchange filing, the bank said it received the assessment order dated March 28, 2026, under r…
Chennai, March 27 (IANS) A special CBI court in Chennai on Friday convicted and sentenced seven individuals, including a former senior tax assistant of the Income Tax Department, to four years of rigorous imprisonment along with a total fine of Rs 2.4 lakh in a tax refund fraud case, officials said.The case was investigated by the Central Bureau of Investigation (CBI), which had registered it on December 31, 2019, based on a complaint received from the Assistant Commissioner of Income Tax, Chenn…
Jaipur, March 26 (IANS) A roadside potter who received a whopping Rs 9 crore tax notice from the Income Tax Department last year is in extreme distress once again as the department has yet again issued a staggering tax demand of nearly Rs 9 crore from the poor man, leaving his family reeling with shock.Vishnu Kumar Prajapat, who earns a modest livelihood making and selling earthen pots, said the notice dated March 18 directs him to deposit Rs 8,98,79,260 within a month.Since receiving the commun…
New Delhi, March 25 (IANS) Life Insurance Corporation of India (LIC) on Wednesday said that it has received a massive tax demand from the Income Tax Department for the financial year 2021–22.In its disclosure in a regulatory filing, LIC said the Assessment Unit of the tax department has raised a demand of Rs 61,46,71,18,015 as income tax, along with an additional interest amount of Rs 9,53,25,87,935.The insurer clarified that it plans to challenge this order and will file an appeal before the …
New Delhi, March 25 (IANS) Life Insurance Corporation of India (LIC) on Wednesday said that it has received a massive tax demand from the Income Tax Department for the financial year 2021–22.In its disclosure in a regulatory filing, LIC said the Assessment Unit of the tax department has raised a demand of Rs 61,46,71,18,015 as income tax, along with an additional interest amount of Rs 9,53,25,87,935.The insurer clarified that it plans to challenge this order and will file an appeal before the …
New Delhi, March 23 (IANS) India is set to roll out the new Income Tax Act, 2025 from April 1, 2026, but taxpayers need not worry about filing this year as returns can be prepared and filed under the existing Income Tax Act, 1961, officials and tax experts said, ensuring a smooth, year‑wise transition.The current law will continue to apply for this filing cycle, they said, adding that the government is adopting a clear, phased approach.Income for FY26 (April 1, 2025–March 31, 2026) will be a…
Mumbai, March 20 (IANS) State Bank of India on Friday said it has received an income tax demand of Rs 63,375 crore for the assessment year 2023–24 and said it will challenge the order.The public lender lender informed stock exchanges that it has received a tax demand notice from the Income Tax Department following scrutiny assessment proceedings.The order, dated March 19, 2026, includes a total demand of Rs 63,375 crore, which also covers interest.The bank said the demand has been raised due t…