The year 2024 witnessed transformative changes to India’s income tax laws, significantly impacting how taxpayers will file their Income Tax Returns (ITRs) in 2025. Introduced amidst the backdrop of general elections, these reforms, effective from FY 2024-25, include revamped tax slabs, simplified capital gains taxation, and rationalised TDS rates. Here’s an in-depth look at the …
The last day to file belated or revised ITR (Income Tax Returns) for the AY 2024-25 is January 15, 2025. The CBDT (Central Board of Direct Taxes) has extended the original deadline of December 31, 2024, by 15 days to give taxpayers extra time. Filing a Revised ITR Taxpayers who have already filed their ITR …
The government reported a significant surge in net direct tax collections for the period April 1, 2024, to January 12, 2025, reaching ₹16.90 lakh crore. This reflects a year-on-year growth of 15.88%. The gross direct tax collections also experienced robust growth, highlighting the steady momentum in tax compliance and economic activity during this fiscal year …
Tax authorities are tightening their scrutiny on cash transactions. As the government works to reduce cash flow and encourage digital payments, taxpayers must be cautious about certain transactions that could lead to heavy penalties. Government’s Focus on Discouraging Cash Transactions The Income Tax Department recently released a brochure to inform the public about the risks …
The submission of income tax investment proofs for the financial year 2024-25 is an essential process for accurate tax computations and rebate claims. While the general deadline is March 31, 2025, specific submission timelines may vary across organisations. Employers typically collect these proofs between January and March. Importance of Investment Proof Submission At the start …
The Income Tax Department of India has introduced a new feature on its e-filing portal that allows taxpayers to file rectification requests online for incorrect processing of their Income Tax Returns (ITRs). Previously, if there was an error in processing an ITR, such as discrepancies in the Annual Information Statement (AIS) or TDS certificates, taxpayers …
As 2024 comes to an end, India’s financial sector has seen several important income tax changes. These changes, introduced in the Union Budget 2024-25 and refined in July 2024, will impact the deductions and exemptions taxpayers can claim when filing their income tax returns (ITR) in July 2025. 1. Revised Tax Slabs under the New …
Industry bodies are calling for a special focus on generating demand through income tax cuts, increased public spending, and job creation in the upcoming budget. These measures are expected to provide a boost to the economy and address challenges like inflation and sluggish demand. As per news reports, CII President Sanjiv Puri recommended reducing the …
The Association of Mutual Funds in India (AMFI) has pressed the government to enable debt-linked saving schemes for tax deductions, with the Union Budget only a month away. Tax-saving mutual funds are now equity plans. Here’s how the ELSS category as a whole has fared. Is it better to save money on taxes or to …
Which mutual funds help you save tax? An equity-linked savings scheme allows a Hindu Undivided Family or individual a deduction from the total income of up to ₹1.5 lakhs under Section 80C of the Income Tax Act. Thus, if an investor were to put in ₹50,000 into an ELSS scheme, this amount would be deducted …
