The Income Tax Department has recently released the Draft Income Tax Rules, 2026. Many income tax rules are expected to change, and these changes will affect all taxpayers. Salaried taxpayers may also see changes in their salary structure. Experts believe that once the Income Tax Act, 2025 comes into force, the old income tax regime … Read more
The central government is considering steps to simplify the Goods and Services Tax (GST) system. The main aim is to reduce the compliance burden on businesses, especially small and medium enterprises. According to experts, this move will bring major relief to Micro, Small, and Medium Enterprises (MSMEs), which are currently facing multiple challenges. An official … Read more
Recently, many taxpayers received emails and SMS alerts about high-value transactions that seemed to mismatch their Income Tax Return (ITR) disclosures. Some were concerned that these alerts might lead to penalties or scrutiny. The Income Tax Department has clarified that these communications are only advisory. They are meant to inform taxpayers about the transaction data … Read more
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