Central Board of Direct Taxes
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The 'Foreign Assets of Small Taxpayers‑Disclosure Scheme Rules, 2026' will come into force on August 16 and set out four categories of foreign holdings that can be declared, according to an official statement.
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The guidance note reiterates that the primary compliance burden falls on Reporting Crypto-Asset Service Providers (RCASPs), not directly on individual investors.
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The Cost Inflation Index, or CII, provides for adjusting the purchase price of assets for inflation when calculating long-term capital gains tax after these assets are sold to the next buyer.
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This new law does not change how much tax you pay — the rates stay the same — but it does make the whole framework significantly easier to read and understand.
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He stated that refunds involving “high-value” or otherwise “red-flagged” deductions are under extra verification, which is slowing the process.
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With the new directive, CBDT has authorised the CPC in Bengaluru to exercise concurrent powers under Sections 120(1) and 120(2) of the Income-Tax Act, 1961, ensuring quicker resolution of taxpayer grievances arising from computation errors or refund mismatches.
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Earlier, the deadline to submit tax audit reports was October 31, 2025, and the corresponding ITR filing deadline was also October 31, 2025.
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In the financial year 2023-24, many taxpayers claimed a rebate on short-term capital gains, but the Income Tax department denied their requests and raised demands for the pending taxes.
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The tax benefit has kicked in with effect from July 9, 2025.
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The Finance Minister directed all Principal Chief Commissioners of Income Tax to prioritise and accelerate the disposal of disputed tax demands that are currently pending before the faceless appellate authorities.
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Tax filers who have filed thair ITR Assessment Year 2023-24, but haven’t got any information on refund, should know how November deadline could bring good news.
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Central Board of Direct Taxes (CBDT) has notified April 30 as the last date for direct tax dispute resolution scheme Vivad Se Vishwas.
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The total number of ITRs filed for the Assessment Year (AY) 2024-25 exceeded 7.28 crore, marking a 7.5% increase compared to the 6.77 crore ITRs filed by the same date for AY 2023-24.
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There have been reports on social media and in the news about CBDT inquiries into cases where employees have inaccurately claimed HRA and rental expenses
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The Central Board of Direct Taxes (CBDT) has now come up with a clarification. CDBT said that gift cards, mileage points, reward points, and loyalty cards will not come under the definition of VDAs.
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PAN-Aadhaar linking deadline has been extended. If a PAN Card becomes inoperative, it will have consequences. PAN Card is a crucial document.
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Previously, the deadline for linking Aadhaar and PAN before the latter became invalid was March 31, 2022. The PAN Card of assessees who have not informed about their Aadhaar would remain functional until March 31, 2023. Over 16.65 crore PANs, out of a total of about 33 crore, had been linked to Aadhaar as of March 5, 2022.
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ITR-1 form has been kept broadly the same as last year. The assessee will have to disclose whether the overseas retirement fund is in a notified country.
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The Central Board of Direct Taxes (CBDT) is the policy-making body for the I-T department. Officials identified the searched entity as the Infra.Market group.
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The department noted that more than 29.8 lakh major Tax Audit Reports have been filed. On the last day, over 4.14 lakh Tax Audit Reports/Statutory Forms have been filed.
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The refunds were issued between 1st April 2021 and 6th December 2021. Income tax refunds worth Rs 44,207 crore have been issued in 1,17,32,079 cases. Corporate tax refunds worth Rs 88,174 crore have been issued in 1,99,481 cases.
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Section 139AA of the Income Tax Act states that each and every person with PAN as on July 1, 2017 and is eligible to obtain Aadhaar, must link PAN with Aadhaar. If both the documents are not linked, then PAN will become inoperative.
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