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The Latest Breaking News from the Income Tax Department

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

The Economic Times

Why the BCCI, one of the world’s richest sports bodies, answers to no one

The Board of Control for Cricket in India (BCCI) is one of the wealthiest sports governing bodies in the world. But for years, one simple question has remained unanswered: why is the BCCI not accountable to the public, which funds, watches, and sustains the game it controls?

Newslaundry

Rs 400 crore agricultural income but no land: CBDT digs up names of rich ‘farmers’ without farms

Tax authorities have uncovered a major scam involving fake agricultural income claims. Over 300 individuals claimed exemptions worth thousands of crores without owning any land. These claims were used to evade taxes and legitimize black money. The Income Tax Department used advanced data analytics and satellite imagery to identify these…

The Economic Times

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Man pays zero tax on Rs 5 crore land sales despite filing ITR after deadline; ITAT Mumbai rules in his favour for this reason

A Mumbai man successfully claimed a tax exemption on Rs 5 crore land sales despite filing his ITR after the deadline. The ITAT Mumbai ruled in his favor, stating that since he used the entire capital gains to purchase a new property before filing his belated return, depositing the funds…

The Economic Times

Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal

Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns.

The Economic Times

Good news for taxpayers! Faster tax refunds, quicker dispute resolution, TDS framework improvements and more planned by CBDT for 2026-27

Taxpayers can anticipate significant improvements in the TDS system and faster resolution of tax disputes. The Central Board of Direct Taxes' Central Action Plan for 2026-2027 outlines a roadmap for a more taxpayer-centric and technology-driven tax administration. This plan aims to streamline processes, enhance efficiency, and improve overall taxpayer services,…

The Economic Times

New Income Tax law aims to build transparent, tech-driven ecosystem for taxpayers: Official

Pune's Principal Chief Commissioner of Income Tax, Vivek Wadekar, announced the new Income Tax Act, 2025, aims to simplify compliance and foster transparency. Launched on April 1, 2026, the act features digital initiatives like the 'Kar Saathi' chatbot and 'Kar Setu' for taxpayer assistance.

The Economic Times

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Key changes in ITR 1, 2, 3 and 4 forms in FY 25-26: Reporting of LTCG, buyback losses, F&O, intra-day trading & more; what new forms include

The Income Tax Department has revised ITR forms for FY 2025-26, introducing new disclosure requirements for capital gains, trading, and foreign assets. These updates aim to simplify filing for various taxpayer categories, including individuals, businesses, and presumptive income earners.

The Economic Times

I-T dept cracked down on non-profits with a law that didn’t apply. Tribunals kept saying no

Imagine being fined for jumping a red light – on a road where the traffic light was installed only after you drove past. That, in essence, is what India’s Income Tax Department has been doing to dozens of non-profit organisations across the country.

Newslaundry

Income Tax seize Rs 26 crore cash after raids against Nashik-based jewellers

The Income Tax Department has launched searches on Maharashtra's Nashik-based Surana Jewellers in response to alleged undisclosed transactions by its proprietor. Read further on Dynamite News:

Dynamite News

Income Tax Department officer duped of ₹48.9K in online reward points fraud

A 48-year-old IRS officer with the Income Tax Department lost ₹48,902 to an online reward points fraud.

The Hindu

₹1 crore seized from panchayat president’s house near Tiruchi

The district election officials have seized ₹1 crore from the house of a panchayat president on Friday night and intimated the Income Tax department about the same

The Hindu

No coercive action against Congress over tax demand notices in view of Lok Sabha polls: I-T Dept to Supreme Court

Income Tax Department will not take coercive action against Congress for ₹3,500 crore tax demand during Lok Sabha elections.

The Hindu

‘Congress culture is such that it never accepts its wrongdoings’

Union Minister Pralhad Joshi defends Income Tax notices to Congress, accusing party of looting country for 60 years.

The Hindu

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Dynamite News

Congress to stage nationwide protest tomorrow against Income Tax notices

Congress will stage a nationwide protest on Saturday against notices from the income-tax department, asking it to pay Rs 1,823 crore. Read further on Dynamite News:

Dynamite News

BJP must be asked to pay Rs4,600Cr penalty: Congress accuses IT Dept of double standards

"While the BJP was given exemption under the guise of IT rules the Department on the other hand was harassing the Congress party under the same rule," the Congress said. Read further on Dynamite News:

The Hindu

Stalin launches campaign with scathing attack on PM Modi over electoral bonds, corruption

M.K. Stalin criticizes PM Modi's corruption allegations, exposes BJP scams, and vows to defeat BJP in upcoming elections.

The Hindu

BJP doesn’t seem to care despite being admonished by SC on electoral bonds, says Mahesh Goud

TPCC working president criticizes BJP for misuse of official machinery, threatening democracy through financial manipulation and favoritism.

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Dynamite News

Delhi High Court rejects Cong plea against I-T Dept of opening assessment proceedings of 2014 to 2017

The bench of Justice Yashwant Verma and Justice Purushaindra Kumar Kaurav passed the order and dismissed the plea. Read further on Dynamite News:

The Hindu

I-T Department deploys 100 officers in Uttarakhand to curb black money

Ahead of the Lok Sabha elections, the Income Tax Department has deployed a team of 100 Income Tax officers and employees in the five Lok Sabha seats of Uttarakhand to curb black money and unaccounted cash.

The Hindu

Pradhan Mantri Hafta Vasuli Yojana | Congress' swipe at government over electoral bonds issue

Congress general secretary Jairam Ramesh accused the Modi government of “hafta vasuli” (extortion) and claimed that 21 firms facing investigations from the CBI, Enforcement Directorate or I-T have donated through electoral bonds.

The Hindu

TNCC president demands answers from Prime Minister Modi on electoral bonds

TNCC president exposes BJP corruption through electoral bonds, demanding answers from Modi and Annamalai.

Dynamite News

Congress moves Delhi HC seeking stay on IT recovery proceedings

The Indian National Congress (INC) on Monday moved the Delhi High Court seeking a stay on the Income Tax notice for recovery of more than Rs 105 crore as outstanding tax. Read further on Dynamite News:

Dynamite News

Income Tax dept to launch e-campaign for Advance Tax for FY 2023-24

The Income Tax Department will launch an e-campaign for the Advance Tax for FY 2023-24. Through the e-campaign, persons/entities carrying out significant financial transactions. Read further on Dynamite News:

Dynamite News

Tribunal reserves order on Congress plea seeking stay against IT recovery proceedings, freezing bank accounts

ITAT on Thursday reserved its order on a plea by the Congress party, which has sought a stay against Income Tax Department proceedings of recovery and freezing of their bank accounts. Read further on Dynamite News:

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