The Central Board of Direct Taxes (CBDT) has recently been sending text messages and emails to taxpayers. Through these messages, the Income Tax Department is advising people to revise their Income Tax Return (ITR) by December 31 if they have not disclosed their foreign income or overseas assets for the previous financial year. This move … Read more
December is a crucial and busy month for taxpayers because several major income tax–related tasks must be completed before the month ends. These tasks include filing pending returns, submitting various tax forms, paying TDS and advance tax, and meeting compliance deadlines. Missing any of these may result in penalties, late fees, or delays in processing. … Read more
Taxpayers have received good news! From now on, any errors related to TDS, interest calculations, or other minor issues in income tax returns will be rectified immediately. This means there will be no more long delays in getting tax refunds. Earlier, many taxpayers faced problems such as receiving wrong tax demand notices or late refunds … Read more
The Income Tax Department has confirmed that the last date to file income tax returns (ITR) for the financial year 2024-25 (assessment year 2025-26) is September 15, 2025. This means the deadline will not be extended further. At the same time, the department has denied fake reports claiming that the deadline has been shifted to … Read more
Taxpayers and chartered accountants across the country are facing major difficulties in filing Income Tax Returns (ITR) and tax audits this year. Several associations are demanding that the last date for filing ITR be extended from 15 September to 15 October. At present, the deadline is 15 September, but constant technical glitches on the ITR … Read more
The Goods and Services Tax (GST) Council has raised GST on premium air travel—including premium economy, business, and first class—from 12% to 18%. This means tickets in these classes will become more expensive. GST on economy class tickets will remain 5%, keeping travel affordable for regular passengers. When Will the New Rates Apply? The new … Read more
The 56th meeting of the GST Council will be held in New Delhi on 3 and 4 September. A notification has already been issued for this meeting. The focus will be on next-generation reforms in GST. One of the key proposals is to reduce the current four tax slabs to just two — 5% and … Read more
On 15 August, Prime Minister Narendra Modi announced major reforms in the Goods and Services Tax (GST). The government’s decision is expected to reduce the tax burden on people and promote consumption. Investors are calling it a “surprise gift” as stock prices of sectors like auto, cement, consumer goods, and financials have already gone up. … Read more
People in India are often worried about ITR filing, but now Jio-Finance app has made it easy and cheap. A new facility of tax planning and ITR filing has now been started on the app, the starting price of which is only Rs 24. Jio has created this facility in collaboration with a platform called … Read more
Filing your income tax return can be confusing—especially when selecting the correct ITR form. If you pick the wrong form, like choosing ITR-1 instead of ITR-3, your return could be marked as defective. The tax department may ask you to fix the mistake. If you don’t correct it in time, your return could even be … Read more
After filing your Income Tax Return (ITR), it’s mandatory to verify it. If you don’t verify your ITR, it will be considered incomplete, and your efforts may go to waste. This verification must be done within 30 days of filing. This rule has been effective since 1 August 2022. Earlier, taxpayers had up to 120 … Read more