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'Won't end well' for India: White House trade advisor Navarro's latest rant against Delhi
White House trade advisor Peter Navarro stated that India needs to reconsider its trade negotiations with the United States. He described India as having high tariffs. Navarro also mentioned India's increased oil purchases from Russia. He suggested that India's current path aligns it with Russia and China. Navarro believes this alignment will not benefit India.
'It’s blood money, people are dying': Peter Navarro slams X again over India’s Russian oil buys
Peter Navarro called India's Russian oil purchases "blood money". He claimed India didn't buy much Russian oil before the Ukraine conflict. Navarro criticized India's tariffs and its oil purchases benefiting Russia. He also attacked Elon Musk for community notes on his posts. India defended its oil procurement as driven by national interest.
GST Council eases rules on credit notes, relief for FMCG players
The GST Council has eased compliance for businesses by eliminating the need to link credit notes to specific invoices, a move that simplifies transactions across the supply chain, especially for FMCG companies dealing with product returns and discounts. This change reduces paperwork, improves cash flow, and aligns GST provisions with standard business practices, offering greater commercial flexibility.
ITR deadline: Do I need to file ITR if my salary income is less than Rs 3 lakh? Know when you need to file ITR
With the ITR filing deadline of September 15, 2025, fast approaching, the Income Tax Department is sending reminders. Filing is mandatory if your income exceeds ₹3 lakh under the new regime or Rs 2.5 lakh under the old regime, as per FY 2024-25 rules. Even with income below the limit, certain transactions or refund claims necessitate filing.
ITR filing deadline needs to be extended as portal glitch, Navratri, Dussehra festive season and new ICAI format for non-corporates, says RTCA
ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.
You have to file ITR if you carried out any of these eight transactions
Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.
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Father sells house worth Rs 67 lakh and shows only Rs 1,690 income in ITR, wins case in ITAT Ahmedabad; Know how
Dilip, an Indian taxpayer, won a case at the ITAT Ahmedabad regarding a Section 54 LTCG tax exemption. Despite initially facing scrutiny for claiming Rs 15.99 lakh as indexed cost of improvement with cash payments and selling his house below stamp duty value, the ITAT directed the tax officer to verify and allow his claim. Read more.
Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS
The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.
How to file ITR if you have sold house or land in FY 2024-25
For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.
Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you
While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.
'Very unfair': Trump threatens EU tariffs for $3.47-billion Google antitrust fine
President Trump has expressed strong disapproval of the European Union's hefty $3.46 billion fine imposed on Google due to antitrust issues. In response, Trump threatened to initiate a Section 301 investigation into the EU's trade practices. He vowed to protect American ingenuity and counteract what he perceives as unfair penalties against U.S. companies.
No stimulus payment in September for US citizens? Check which states are sending out inflation rebate checks
Are US citizens receiving a stimulus payment from the Trump administration in 2025? Speculations are rife that the US government might provide $1,390 stimulus payment to Americans but IRS has denied these rumours. However, despite no payment from IRS residents of New York and other states can expect deposits for inflation rebates.
Gurgaon man moves court over flooded streets after rains, seeks full audit of money spent on roads, and drainage
A Gurgaon resident has filed a petition in district court against chronic civic neglect following heavy monsoon rains, which caused severe waterlogging and traffic disruptions. The court has issued notices to MCG officials, the deputy commissioner, and the DCP (traffic), demanding detailed responses within two weeks.
ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal
The tax bar association, which includes tax practitioners, chartered accountants, company secretaries, advocates, and consultants, in its letter, highlighted how taxpayers and professionals have been struggling this year due to the late release of utilities, ongoing technical issues with the ITRportal, and additional compliance steps.
GST Council clears process reforms for taxpayers
The GST Council has approved structural and process reforms for small taxpayers, including auto refunds and prefilled returns by October. A simplified registration mechanism for e-commerce suppliers, operational GST Appellate Tribunal by October, and backlog appeal limitations until June 30, 2026, were also approved.
Do you need to pay tax on inherited gold jewellery? CAs explain when you may
In India, inheriting gold jewellery is tax-free, but selling it incurs capital gains tax on the earnings. The tax is determined based on the indexed cost of acquisition, which includes the initial purchase price or fair market value as of April 1, 2001.
Every US resident to receive $1,000 stimulus check in their bank accounts soon? What we need to know
Despite social media rumors of a new $1,000 stimulus check in 2025, the US government has not approved such a payment. The confusion stems from the 2021 stimulus, offering up to $1,400 per person. A final opportunity exists until April 15, 2025, for eligible individuals to claim the remaining amount through the Recovery Rebate Credit.
ITR filing deadline: How much penalty amount you need to pay if you miss September 15 due date?
The ITR filing deadline is September 15, 2025. This is for individuals not requiring audits. Missing it means late fees. Section 234F details penalties up to Rs 5,000. Lower income taxpayers may pay Rs 1,000. Penal interest also applies. Certain high-value transactions mandate ITR filing. Filing ITR is a duty. It validates creditworthiness for financial benefits.
From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru
In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.
ITR filing after deadline: What is condonation of delay request? How it can save you from penalties
The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.
'Brahmins profiteering off Indian people': Trump aide Peter Navarro makes a casteist jibe to justify 50% tariff on India
White House trade adviser Peter Navarro told Fox News that “You got Brahmins profiteering at the expense of the Indian people. We need that to stop,” accusing parts of India’s elite of benefiting from discounted Russian crude. He defended the Trump administration’s 50 per cent tariff on Indian goods and linked the trade pattern to Prime Minister Narendra Modi’s meetings with Vladimir Putin and Xi Jinping. Navarro said the oil purchases, he alleges, help finance the war in Ukraine and increase pressure on US taxpayers.
US citizens getting a fourth round of stimulus payments in September 2025? Check latest update
Despite social media rumors, the IRS confirms no new stimulus checks are planned for September 2025. The IRS is focused on processing tax refunds for fiscal year 2024, not issuing additional stimulus payments. Taxpayers can track their refund status using the "Where's My Refund?" tool on the IRS website, while some states have issued relief checks to combat inflation.
UK banks face new profit tax as shares drop after IPPR proposal
UK banks face calls for a new tax on profits to recover taxpayer money lost from QE. Shares of NatWest, Lloyds, and Barclays fell after the proposal. The government says it supports financial services and wants the City to grow. Experts say the tax could save billions, while banks warn it may hurt competitiveness.
GSTN has done this change in GST portal for hassle free tax refund claims
New GSTN Advisory: The GSTN has enhanced the GST portal, effective August 28, 2025, to streamline GST refund claims. Taxpayers can now claim refunds even with positive or zero cumulative balances, provided a minor head shows a negative balance. This change addresses previous restrictions, unlocking capital for businesses and simplifying the refund process. Read more.
Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say
The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.
ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?
The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.
Taxpayer to pay only Rs 33,000 income tax after selling a house for Rs 70 lakh; ITAT Mumbai ruling explained
A taxpayer successfully challenged the income tax department's LTCG calculation, winning in ITAT Mumbai. The tribunal ruled that indexation benefits should be calculated from the agreement date, not possession date, due to substantial payment made earlier. This decision significantly impacts LTCG tax for property sellers. Read below to know the details.
Documents for ITR filing FY 2024-25 (AY 2025-26): Eight documents you must keep ready to file your income tax return
The government has extended the ITR filing deadline for FY 2024-25 to September 15, 2025, benefiting taxpayers not requiring audits. Taxpayers should verify income details using Form 26AS and AIS. Gathering key documents like Form 16, capital gains statements, and interest certificates in advance simplifies the filing process and ensures accurate reporting of income, investments, and deductions.
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