The government has extended the time limit for filing updated tax returns from 2 years to 4 years, allowing taxpayers more flexibility to correct errors in their filings. What is an Updated Tax Return? The updated return facility, introduced in 2022, lets taxpayers voluntarily correct mistakes or omissions in their original or belated tax returns. …
The Union Budget 2025 has raised the income tax exemption threshold to ₹12 lakh. This means individuals earning up to ₹12 lakh will not have to pay any tax. For salaried individuals, the limit effectively increases to ₹12.75 lakh due to a ₹75,000 standard deduction under the new tax regime for FY 2025-26. This tax …
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 at 11 AM today. The Budget 2025, focused on providing tax relief to the middle class. One of the most significant announcements was an increase in the rebate limit under the new tax regime, ensuring that individuals earning up to ₹12 lakh annually will not …
As the assessment year 2025-26 approaches, many individuals are unsure whether they should file an Income Tax Return (ITR) if their income falls below the taxable limit. While it may not always be mandatory, filing an ITR can be highly beneficial in several ways. When Is Filing ITR Mandatory? Filing an ITR is required if …
The last day to file belated or revised ITR (Income Tax Returns) for the AY 2024-25 is January 15, 2025. The CBDT (Central Board of Direct Taxes) has extended the original deadline of December 31, 2024, by 15 days to give taxpayers extra time. Filing a Revised ITR Taxpayers who have already filed their ITR …
The government reported a significant surge in net direct tax collections for the period April 1, 2024, to January 12, 2025, reaching ₹16.90 lakh crore. This reflects a year-on-year growth of 15.88%. The gross direct tax collections also experienced robust growth, highlighting the steady momentum in tax compliance and economic activity during this fiscal year …
Tax authorities are tightening their scrutiny on cash transactions. As the government works to reduce cash flow and encourage digital payments, taxpayers must be cautious about certain transactions that could lead to heavy penalties. Government’s Focus on Discouraging Cash Transactions The Income Tax Department recently released a brochure to inform the public about the risks …
The submission of income tax investment proofs for the financial year 2024-25 is an essential process for accurate tax computations and rebate claims. While the general deadline is March 31, 2025, specific submission timelines may vary across organisations. Employers typically collect these proofs between January and March. Importance of Investment Proof Submission At the start …
The year 2024 witnessed transformative changes to India’s income tax laws, significantly impacting how taxpayers will file their Income Tax Returns (ITRs) in 2025. Introduced amidst the backdrop of general elections, these reforms, effective from FY 2024-25, include revamped tax slabs, simplified capital gains taxation, and rationalised TDS rates. Here’s an in-depth look at the …
The Income Tax Department of India has introduced a new feature on its e-filing portal that allows taxpayers to file rectification requests online for incorrect processing of their Income Tax Returns (ITRs). Previously, if there was an error in processing an ITR, such as discrepancies in the Annual Information Statement (AIS) or TDS certificates, taxpayers …
