Latest update 26.02.2025

A. Amendment

Notification no. 17/2025 dated 24.02.2025- Income tax

Central Board of Direct Taxes (CBDT) issued notification no. 17/2025 dated 24.02.2025 to make further amendment to the Income-tax Rules, 1962

LIC receives Rs 57.2 crore GST notice, company says ‘no material impact’ on operations

Life Insurance Corporation of India (LIC) announced on Monday that it has received a demand notice of approximately Rs 57.2 crore from the tax authorities for excess Input Tax Credit (ITC) availed during the financial year 2020-21. The communication, issued by the Assistant Commissioner in Delhi, addresses the alleged excess ITC claimed by the company.

UP govt tax revenue may rise 16% in FY26, indicating economic growth

The Uttar Pradesh government has estimated a 16 per cent jump in tax revenue in the next financial year (FY26), signalling a rise in economic activities.

CBDT introduces self-help tool to provide instant answers to I-T bill 2025

The Income Tax Department has introduced an online self-help tool to assist taxpayers in understanding the changes proposed in the Income Tax Bill 2025. This tool, available on the official income tax department’s website, allows taxpayers to compare the provisions of the new bill with those of the Income Tax Act, 1961.

Experts seek clarity on new I-T rules for NPOs

While the Income Tax Bill, 2025 has consolidated the tax laws governing non-profit organisations (NPOs), tax experts have sought more clarity on the criteria for these entities to qualify for tax concessions.

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