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
Taxpayers in India are racing against time to file their updated Income Tax Returns (ITR-U) for the financial year 2022-23 (assessment year 2023-24) before the critical deadline of March 31, 2025. The Income Tax Department has strongly urged individuals to ensure timely filing, emphasising that returns filed before this date will incur a lower additional … Read more
The upcoming financial year 2025-26, which commences on April 1, 2025, is poised to enhance the disposable income of numerous taxpayers nationwide, courtesy of recent policy changes. Finance Minister Nirmala Sitharaman introduced a Budget that is favourable to the middle class, introducing a range of tax benefits aimed at increasing the funds available to ordinary … Read more
ITR filing: Taxpayers have until March 31 to update their income tax returns for the last two financial years, allowing them to correct any mistakes or omissions. This opportunity, introduced by the Finance Ministry in the Finance Act 2022, is available to those who wish to rectify their returns within two years from the end of … 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
Budget expectations: On February 1, 2025, Union Budget will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha. Income taxpayers are expecting significant tax breaks. The taxpayers may expect some big changes as PM Narendra Modi and President Draupadi Murmu hinted at some major shakeup. Ahead of the Budget 2025, President Draupadi Murmu suggested … Read more
Budget expectations: Finance Minister Nirmala Sitharaman is set to unveil the Union Budget on February 1, 2025, a highly anticipated event for taxpayers nationwide. The segment on income tax is of particular interest, as individuals eagerly await any potential changes that could offer relief. Speculation for this year’s budget centers around possible modifications to tax … Read more
PAN 2.0: The Central government has introduced PAN 2.0 as part of a modernisation initiative to enhance the traditional Permanent Account Number (PAN) system. The PAN, a 10-digit alphanumeric identifier assigned by the Income Tax Department to taxpayers, is a distinctive number. Aligned with the Digital India campaign, the government aims to position PAN 2.0 as … Read more
In a move to clarify the ongoing confusion surrounding the cancellation of Below Poverty Line (BPL) cards, the Congress government in Karnataka issued an official order today. The order instructs the Food Department to take immediate action, ensuring that only the BPL cards of individuals who are income taxpayers or government employees are canceled. The … Read more
GST rules: The Goods and Services Tax Network (GSTN) has announced an update to the e-invoicing process for businesses. Effective April 1, 2025, taxpayers with an annual aggregate turnover (AATO) of Rs 10 crore and above will now be mandated to upload e-invoices to the Invoice Registration Portal (IRP) within 30 days from the date … Read more