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Source: Live Mint After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025. To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file the updated return from 24 months to…
Source: Live Mint Income tax return (ITR) filing season is back and the taxpayers have two more months to go for filing their tax returns before the July 31 deadline. As the new tax regime is the default regime now, taxpayers who want to file their return under the old tax regime – are meant…
Source: Live Mint As income tax return (ITR) filing season is here, taxpayers will start filing their returns as soon as the excel utility is released. The tax department has already notified various tax forms including ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 and ITR-7. Meanwhile, the tax department is also running an awareness campaign to…
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 The income tax department has now notified ITR (income tax return) forms 1, 2, 3, 4 and 5. On April 29, the department notified ITR-1 (sahaj) and ITR-4 (sugam). This was followed by notifying ITR form 3 on April 30. Later, ITR forms 5 and 2 were notified on May 1 and…
Source: Live Mint Income Tax: Central Board of Direct Taxes (CBDT) has finally notified income tax return filing forms (ITR-1 and ITR-4) via notification dated April 29, 2025. Taxpayers were eagering waiting for the tax forms to be released for FY 2024-25. The last date to file income tax return (ITR) for individual taxpayers is…
Source: Live Mint As a tenant if you are paying a rent for more than ₹50,000 a month, you are supposed to deduct TDS (tax deducted at source) of 2 percent at the time of giving money to the landlord. Before Sept 20, 2024, the tax rate stood at 5 percent. So, if you too…
Source: Live Mint There are numerous advantages to opt for the new tax regime over old tax regime. One of the key reasons is the tax rates, which are lower in comparison to the old tax regime. Highest tax rate under the new tax regime is 30 percent for those who earn above ₹15 lakh…
Source: Live Mint Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers. The income tax department promises peace of mind to taxpayers, certainty and savings on account of time…
