From April 1, 2025, the new income tax return filing season will start for AY2025 -26. For salaried taxpayers, their employer will provide a Form 16 containing all income tax details for the fiscal year 2024-25 (or assessment year 2025-26). Form 16 is a crucial document for salaried employees in India, particularly as the income … Read more
ITR filing 2025: The Central Board of Direct Taxes (CBDT) has released a recent circular outlining the updated guidelines for tax deductions from salary as per section 192 of the Income Tax Act, 1961. The circular also incorporated the modifications introduced in the Finance Acts of 2024 and 2023. The CBDT circular, dated February 20, … Read more
Income Tax Bill 2025 was introduced in a bid to simplify the tax filing process by reducing provisions and acts. Taxpayers can now compare the sections of the Income Tax Act, 1961 with the corresponding clauses in the simplified I-T Bill, 2025, on the Income Tax department portal. The Income Tax Department has made available … Read more
Income Tax Bill 2025: The recently introduced Income Tax Bill 2025 contains several modifications to the taxation process and calculation of taxable income. A significant alteration in the updated tax system is the introduction of the concept of a tax year, which is defined in Clause 3 as a twelve-month period starting on the 1st … Read more
The Centre is all set to introduce the new Income Tax Bill 2025 to replace the existing Income Tax Act of 1961. This significant tax reform is aimed at streamlining the complex tax filing process, albeit with stricter regulations, particularly concerning crypto assets and digital transactions. One of the key amendments in the bill is … Read more
ITR filing: Income tax return (ITR) filing has many steps to be completed before you can say that the procedure is fully done. In the modern era of electronic tax filing, it is imperative to grasp the intricacies of securing your Income Tax Return (ITR) acknowledgment number. The unique number serves as validation that your … Read more
ITR filing AY202-25: Individual taxpayers have either submitted or are gearing up to submit their Income Tax Returns (ITR) as the deadline on July 31 approaches. It’s important to note that the ITR process doesn’t conclude with just submitting the return. Verification of the ITR is a vital step in finalising the filing procedure and … Read more