The FinTech Hub
Source: Live Mint Central Board of Direct Taxes (CBDT) has notified income tax return (ITR) forms for e-filing income tax returns in FY 2024-25. These are the myriad changes which the income tax department has introduced. Here, we list out changes for different income tax e-filing forms. ITR forms: Multiple changes rolled out this year…
Source: Live Mint ITR 1 (Sahaj) is meant for resident individuals and Hindu Undivided Families (HUFs) with total annual income up to ₹50 lakh from sources like salary, pension, interest, dividends, and rent from one house. LTCG relief This year’s Budget raised the tax-exempt limit for long-term capital gains (LTCG) on securities from ₹1 lakh…
Source: Live Mint Central Board of Direct Taxes (CBDT) has notified April 30 as the last date, on or before which a declaration in respect of tax arrears can be filed by taxpayers under the Direct Tax Vivad se Vishwas Scheme, 2024. This declaration is meant to be made to the designated authority, the CBDT circular…
Source: Live Mint New Delhi: The Central Board of Direct Taxes (CBDT) has amended its rules to improve accuracy and transparency in reporting of income distributed to unit holders by trusts –vehicles used to pool in investments. The Income-tax (Fifth Amendment) Rules, 2025, notified on Monday, mandate reporting by entities such as real estate and…
Source: Live Mint These funds primarily attract foreign and NRI investors; however, their widespread adoption is limited by the high minimum investment requirement. Retail funds, which can accept investments as low as $100, are yet to be launched. In the previous Union budget, the government extended favourable tax treatment to retail funds in Gift City,…
Source: Live Mint Though the announcement was widely welcomed, it failed to address a critical question – does income from capital gains affect a person’s eligibility for the rebate? In other words, if a person with a ₹12 lakh salary earns an additional ₹1 lakh from capital gains, will they lose the rebate or will…
Source: Live Mint About 83.9 million Indians have filed income tax returns (ITRs) for financial year 2023-24 (FY24) as of December 2024. Of these, only 28.2 million (or 34%) paid tax, while the remaining 55.7 million (66%) had zero tax liability. This data was released by the finance ministry in a response to queries during…
Source: Live Mint ITR deadline today, January 15, 2025: Taxpayers must noted that today is the deadline for filing your income tax returns (ITR) if you missed the original date or are submitting a revised return for the assessment year 2024-25 (AY2024-25). Originally, the deadline was set for December 31, 2024. However, the Central Board…
Source: Live Mint Mumbai: India’s capital markets regulator is set to ease the registration of foreign portfolio investors (FPIs) if they want to invest in government-backed securities, even as it proposed doubling the equity investment threshold set for granular disclosures by FPIs to ₹50,000 crore. The Securities and Exchange Board of India’s (Sebi) whole time…
Source: Live Mint The Central Board of Direct Taxes (CBDT) has started a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in correctly completing the Schedule overseas assets and appropriately reporting income from overseas sources in their income tax returns (ITRs). As part of this campaign, informational messages will be sent via SMS…
