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
The process of filing Income Tax Return (ITR) has started for the assessment year 2025-26. Taxpayers can now file their returns online using the ITR-1 and ITR-4 forms through the Income Tax e-filing portal. However, salaried individuals must wait until they receive Form-16 from their employer before filing their return. If you’re planning to file … Read more
On April 17, 2025, reports emerged that the Indian government is considering a proposal to impose an 18% GST on UPI transactions above Rs 2,000. This move could affect digital payments across the country, though it has not been officially confirmed by the Finance Ministry or the GST Council. The news has sparked discussions among … Read more
The GST Network (GSTN) has announced that starting from April 2025, GST taxpayers will not be allowed to make any changes to the table that shows inter-state supplies to unregistered persons and small taxpayers (those under the composition scheme) in the GSTR-3B form. From that tax period onwards, Table 3.2 in GSTR-3B will be auto-filled … Read more
With the beginning of the new financial year (FY2025-26) on April 1, the budget announcements made by Finance Minister Nirmala Sitharaman on February 1, 2025, have taken effect. Among the various provisions, one key change is the increase in the TDS exemption on interest income for senior citizens. This new benefit is designed to help … Read more