As the tax filing season nears, senior citizens and super senior citizens must ensure they choose the correct Income Tax Return (ITR) form. Doing so ensures not just regulatory compliance but also helps in claiming eligible benefits and deductions under the Income-Tax Act, 1961. Who is a Senior or Super Senior Citizen? According to Indian …
With the commencement of the new financial year, the tax season is now officially underway. Taxpayers across the country can begin filing their Income Tax Returns (ITR) for the Assessment Year 2025–26 (Financial Year 2024–25). As in previous years, the return filing can be done through both online and offline modes. However, this year brings …
From April 1, 2025, new Tax Deducted at Source (TDS) rules will come into effect, bringing changes to tax deduction thresholds for interest income, mutual fund dividends, and commissions. These adjustments will impact senior citizens, investors, and insurance agents. Higher TDS Exemption for Senior Citizens The TDS threshold on interest income from Fixed Deposits (FDs) …
The new Income-Tax Bill 2025 has kept the current due dates for filing Income Tax Returns (ITR) unchanged, ensuring continuity for taxpayers. This move provides clarity and helps taxpayers follow familiar timelines without confusion. ITR Filing Deadlines Remain the Same The bill maintains the existing due dates for different taxpayer categories: Individuals and salaried taxpayers …
The Income Tax Department has introduced an online self-help tool to assist taxpayers in understanding the proposed changes in the Income Tax Bill 2025. Available on the official income tax website, this tool allows users to compare provisions of the new bill with the existing Income Tax Act, of 1961, offering a structured and simplified …
The government announced its decision on February 1, 2025, to discontinue the Sovereign Gold Bond (SGB) scheme due to high borrowing costs. Since its launch in 2015, the scheme aimed to reduce physical gold imports while offering investors gold-linked returns along with semi-annual interest payments. With no new issuances planned, many investors turned to the …
India’s net direct tax collection, which includes corporate tax and personal income tax, witnessed a growth of 14.69%, surpassing ₹17.78 lakh crore as of February 10, 2025. This marks an increase from ₹15.51 lakh crore in the corresponding period of the previous financial year, as per data released by the Central Board of Direct Taxes …
Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill 2025 in the Lok Sabha today, February 13, 2025. As per the revised business list on the Lok Sabha website, the bill is expected to be introduced anytime between 11 AM and 3:30 PM. The bill, part of the Parliament’s Legislative Business, …
The much-awaited Income Tax Bill is set to be approved by the Union Cabinet today, clearing the way for its introduction in Parliament next week. The bill is expected to simplify the country’s tax structure, reduce litigation, and enhance transparency without introducing any new taxes. Key Updates on the New Income Tax Bill The Union …
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. …
