On March 31, 2025, designated as a public holiday in India due to Eid-Ul-Fitr, banks across the country will remain open for essential transactions. The Reserve Bank of India (RBI) has mandated that agency banks handling government business must operate on this day. This decision aims to facilitate taxpayers and ensure smooth financial operations at … Read more
The Income Tax Department is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more
The Income Tax Department has issued a reminder that the final installment of advance tax for the financial year 2024-25 must be settled by March 15, 2025. This means that only three days, including today, remain until the payment is completed. It is mandatory to settle all outstanding advance tax obligations by the specified date. … Read more
The Income Tax Department has reaffirmed that its access to digital and social media accounts is restricted to specific search and survey operations, safeguarding the online privacy of common taxpayers. This enforcement measure, affecting only a small portion of the approximately 8.79 crore income-tax returns filed annually, is targeted solely at cases with significant suspicions … Read more
Tax calculator 2025: The Income Tax Department has introduced a user-friendly tool for taxpayers to compare taxes under the New Tax Regime for the financial years 2024-25 and 2025-26 (post budget proposal). This tool allows individuals to determine which tax regime is more advantageous based on their income and deductions. Access the official Income Tax … Read more
The Income tax department has recently sent messages to numerous taxpayers regarding claims of deductions under Section 80GGC. A typical message reads as follows: How much tax do I have to pay? Calculate now Dear Taxpayer, XXXXX SINGH (AAAASXXXXN)It is observed that you have claimed deduction under section 80GGC of Rs 600000 in your ITR … Read more
Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more
The Income Tax Department has recently published a brochure stressing the importance of avoiding cash transactions to reduce the risk of tax penalties. The primary goal of this campaign is to educate taxpayers about the potential financial consequences of engaging in cash transactions, which could result in harsh penalties according to the Income Tax Act. … Read more
The Income Tax Department has introduced a new feature on its e-filing portal that allows taxpayers to submit rectification requests online, even if their Income Tax Returns (ITRs) are currently being reviewed by the Assessing Officer (AO). This enhancement streamlines the process of error correction and eliminates the need for manual submissions. Taxpayers should be … Read more
ITR filing: The Income Tax Department has provided a significant update by allowing taxpayers who qualify for the section 87A tax rebate for the financial year 2023-24 to claim it now. In a notification issued on December 31, 2024, the tax department stated that eligible taxpayers will soon be able to submit a revised or … Read more