Finance Minister Nirmala Sitharaman in Budget 2025 introduced a revised threshold for TDS compliance for individuals, senior citizens, and companies. This adjustment aims to provide taxpayers with a means to reduce the amount of tax deducted from their income, while also assisting companies in simplifying their TDS compliance process. The proposed threshold has been increased … Read more
The Income Tax Bill of 2025, scheduled to be tabled in Parliament on Thursday, is expected to be a significant milestone in India’s tax framework as it is poised to replace the existing bill from 1961. Upon approval, the bill is expected to take effect on April 1, 2026. The objective of the new income … Read more
New Income Tax bill 2025: Finance Minister Nirmala Sitharaman on Saturday announced that the New Income Tax bill will be presented in the Parliament next week, after which it will be reviewed by a parliamentary committee. She added that the Reserve Bank of India (RBI) and the government will collaborate closely on various economic matters, … Read more
The Union Budget for the fiscal year 2025 will be unveiled on February 1. Anticipation is high for Budget 2025, with expectations of reforms to simplify tax filing procedures for the average taxpayer. India is known for having one of the highest tax rates globally, with individuals in the highest tax bracket paying around 33% … Read more
ITR filing: Taxpayers who missed the deadline to file their belated or revised Income Tax Return (ITR) for the financial year 2024-25 in July 2024 were given a second opportunity to do so on Wednesday, January 15. The Central Board of Direct Taxes (CBDT) extended the deadline to January 15 to give these taxpayers some … Read more
The finance ministry could take forward further simplification and rationalisation of the tax deducted at source regime in the Union Budget 2025-26 while a more comprehensive revamp of the Income Tax Act, 1961, could take longer. According to sources, the Budget is likely to announce further streamlining of TDS rates with a more simplified slab … Read more
The Income Tax Department has issued a strong warning against cash transactions, cautioning taxpayers about the risks and penalties associated with non-compliance. Under the Income Tax Act, 1961, certain deductions and allowances are disallowed for cash payments, and violations above specified limits can attract penalties equal to the amount involved. “Say ‘No’ to cash transactions. … 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
Tax planning is a crucial component of personal finance, enabling taxpayers to minimize liabilities while complying with legal obligations. With significant changes introduced by the recent Finance (No. 2) Act 2024, understanding how to optimize tax planning for the Financial Year (FY) 2024-25 (Assessment Year 2025-26) is essential. In this article, we will discuss effective … Read more
ITR filing in January: The Central Board of Direct Taxes (CBDT) has announced an extension of the deadline for resident individuals to file belated and revised Income Tax Returns (ITRs) for the assessment year (AY) 2024-25. The new deadline is now January 15, 2025, instead of the previous deadline of December 31, 2024. Individuals who … Read more