Legislative bills
Finance Minister Nirmala Sitharaman announced the withdrawal of the original Income Tax Bill, 2025, in the Lok Sabha, stating that the government will introduce a revised version incorporating suggestions made by the Select Committee. The updated Bill will include most of the recommendations made by the 31-member Select Committee chaired
Legislative bills
The Income-Tax Bill, 2025, has been withdrawn, and a revised version incorporating suggestions from the Select Committee chaired by Baijayant Panda is set to be introduced on August 11. The revised bill simplifies India's direct tax law, making it easier to understand and reducing legal complications. Key changes
Legislative bills
Reps. Judy Chu (CA-28) and Nicole Malliotakis (NY-11), along with Senators Raphael Warnock (GA) and Marsha Blackburn (TN), have introduced the bipartisan, bicameral bill to extend and strengthen Section 181, the only federal tax incentive specifically designed for film, television, and sound production in the United States. The Creative Relief
Legislative bills
Congresswoman Nicole Malliotakis and Congresswoman Judy Chu have introduced bipartisan legislation to help keep film and television production in the United States. The bill, supported by the Trump Administration's Ambassador to Hollywood, actor Jon Voight, would double the current tax deduction available for qualified production expenses and extend
Legislative bills
Congresswoman Nicole Malliotakis, along with Congresswoman Judy Chu, has introduced bipartisan legislation to help keep film and television production in the United States. The bill, which has gained the support of the Trump Administration's Ambassador to Hollywood, actor Jon Voight, aims to double the current tax deduction available
Chairpersons
CBDT chairman Ravi Agarwal has called upon income tax officers to prioritize the backlog of pending income tax appeals and cases, emphasizing the importance of treating the issue as a critical element of taxpayer service. With a focus on making the transition under the new income tax legislation, the department
Chairpersons
Nitin Gupta, a veteran IRS official, has taken over as the Chairperson of the National Financial Reporting Authority (NFRA) on July 23, 2025. Gupta's extensive experience in the Income Tax Department and Ministry of Finance has equipped him with expertise in automation, faceless assessments, and taxpayer services. As
Chairpersons
The Income Tax Department in India is leveraging artificial intelligence to identify patterns in taxpayer behavior, improve tax compliance, and flag potential discrepancies. With an estimated 40 crore Annual Information Statements (AIS) generated from 650 crore financial transactions in the last financial year, the department is creating a 360-degree profile
Chairpersons
National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan emphasized the need for boosting revenue collection and enhancing operational efficiency in customs activities, urging a shift in focus from mere revenue growth to broadening the tax base. He highlighted the importance of strengthening enforcement, expanding automation, ensuring compliance with
Chairpersons
The select committee report on the new Income Tax Bill 2025 was presented in the Lok Sabha on Monday, with Chairperson Baijayant Panda expressing appreciation for the committee members' dedication and teamwork in examining the bill thoroughly. Despite the extensive task, the committee completed the report within the stipulated
Fraud
The Maharashtra State Tax Department has arrested a 44-year-old man, Santosh Vitthal Londhe, in connection with a fraudulent Input Tax Credit (ITC) scam amounting to Rs 10 crore. Londhe, the authorized signatory of M/s Santosh Enterprises, is accused of availing and passing on fake ITC without any actual supply
Fraud
The Income Tax Department has launched a nationwide crackdown on chartered accountants (CAs) and intermediaries who have been found running organised rackets that lure taxpayers with promises of inflated refunds in exchange for hefty commissions. Investigations have revealed that thousands of taxpayers have colluded with these professionals, who have filed
