The CBIC has refuted a viral social media message claiming new GST transition benefits would be applicable from September 22, 2025, deeming it factually incorrect and misleading. The GST council approved 'next-gen' reforms on September 3, 2025, including a shift to a two-slab tax structure.
The Bharatiya Janata Party (BJP) CA Cell in Pune has urged Finance Minister Nirmala Sitharaman to extend Income Tax Return (ITR) and tax audit deadlines, citing challenges like delayed utility releases, technical glitches on the income tax portal, and reduced working days due to festivals and heavy rains. Several other associations like BCAS, have also requested extensions due to similar difficulties.
Indians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover residential, industrial, agricultural land sales. Investment in new properties or bonds provides exemptions. Relocation of industrial units to specific zones also offers tax benefits. Investing in eligible startups can reduce tax burden.
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.
Several bodies are requesting an extension to the Income Tax Return (ITR) filing deadline. The Federation of Karnataka Chambers of Commerce & Industry and the Chartered Accountants Association, Surat, have also joined. They cite technical issues, form changes, and portal glitches as reasons for the delay.
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.
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.
Get ready for changes in Goods and Services Tax or GST on air travel. From September 22, 2025, premium air tickets will cost more with an 18% GST. Economy class tickets will remain at 5%. Train tickets will not change. AC and premium train tickets will continue with a 5% GST. Non-AC train travel will remain exempt from GST.
The GST council is implementing a two-tier GST rate system starting September 22, 2025, impacting air travel. Premium class tickets will see an increase to 18% GST, while economy remains at 5%. The GST rate at the time of booking and payment determines the applicable tax, even if the travel date is after the change.
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.
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.
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.
I am an NRI with inherited property and shares in India. What are the best ways to repatriate funds without triggering high taxes or violating Foreign Exchange Management ACT (FEMA) rules?
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.
Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.
Inheriting property doesn't trigger immediate taxes, but selling it does incur capital gains tax, with exceptions. Tax laws allow using the property's fair market value as of April 1, 2001, potentially lowering the tax burden. The cost of acquisition and holding period of the parent are carried forward, impacting the capital gains calculation upon sale.
The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.
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.
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.
ITR Filing Deadline Extended?: The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.
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.
On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.
I’ve purchased a flat in my wife’s name, and all payments to the developer are being made from her bank account. The money was transferred from my account to hers, and I’ve already paid tax on it. While filing her income tax return, how can I show this transfer as a gift?
First-time taxpayers, get ready to file your Income Tax Return. The deadline is September 15, 2025. Register on the Income Tax Department's e-filing portal now. A valid PAN, mobile number, and email ID are needed. The portal offers many tax-related services. Follow the simple steps to create your account. Set a strong password for security.
If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 65th part of this series, Riju Mehta explains the difference between the two types of accounts for non-resident Indians.
Income from online real money games like Dream 11 and Rummy is taxable, necessitating ITR filing. Even small winnings are subject to a 30% tax rate, and TDS is deducted by gaming platforms. Failure to report such income can lead to tax notices and potential prosecution, emphasizing the importance of compliance.
To finalise online ITR filing, verifying your income tax return is essential. Taxpayers can add and pre-validate their bank account details on the income tax portal to receive a tax refund. Multiple accounts can be validated and nominated for refunds. It's important to keep contact details updated to avoid issues with revalidation.
Due to heavy rains and public disruptions, the CBIC has extended the GSTR-3B filing deadline for July 2025 to August 27, 2025. This extension applies to registered businesses in Mumbai City, Mumbai Suburban, Thane, Raigad, and Palghar districts of Maharashtra. Form GSTR-3B is a simplified summary return for declaring GST liabilities, required for all normal and casual taxpayers.
Chartered Accountants highlight a critical issue with tax rules. Rule 114E(2) causes duplicate reporting for joint account holders. This leads to unnecessary tax notices, especially for non-filers. Experts suggest reviewing AIS/TIS and reporting income correctly. Taxpayers should maintain records of investments. The current system needs a fix to avoid penalizing joint holders, particularly senior citizens.
Filing Income Tax Return can be complex. For Assessment Year 2025-26, individuals with business income must use ITR-3. The Income Tax Department has introduced key changes. These include capital gains splits and asset reporting limit changes. Taxpayers must specify transfer dates for capital assets. Reporting requirements for virtual digital assets are also expanded.
A system error in the Income Tax Return software is causing taxpayers to receive slightly lower refunds. Chartered Accountants have identified that the software isn't rounding off refund amounts as per Section 288B of the Income-tax Act, 1961. While the individual difference is small, the cumulative impact could be significant. Read more.
The Central Board of Direct Taxes has made updated Income Tax Return filing easier. Taxpayers can now use ITR-3 and ITR-4 forms on the e-filing portal. The deadline to file an updated return is now 48 months from the end of the assessment year. This allows people to correct errors in previous filings by paying additional taxes.
Bengaluru's Avinash Tandon, currently under the old tax regime due to a home loan and tax-saving investments, could significantly reduce his tax burden by switching to the new regime. Despite forgoing deductions, the higher standard deduction and wider tax slabs offer savings. Sudhir Kaushik of TaxSpanner.com tells how Tandon can optimise their tax by rejigging their incomes and investments.
Stock market traders can reduce their capital gains tax, even under the new tax regime, by understanding set-off and carry-forward loss rules. These rules vary for speculative and non-speculative income, with different carry-forward periods. A new tax bill introduces a one-time relief measure for accumulated capital losses, allowing broader set-offs for eight assessment years.
If you are confused by personal finance terms, jargon, and calculations, here’s a series to simplify and deconstruct these for you. In the 64th part of this series, ET Wealth explains all you need to know about updated tax returns.
The Income Tax Department has announced that the instant e-PAN service on the e-filing ITR portal will be unavailable from August 17th to August 19th, 2025, due to scheduled maintenance. This service allows individual taxpayers with Aadhaar to obtain a digitally signed PAN electronically and free of cost. During the downtime, users are advised to plan their activities accordingly.
FM Nirmala Sitharaman introduced the Taxation Law (Amendment) Bill, 2025, in Lok Sabha, aiming to align the tax treatment of the Unified Pension Scheme (UPS) with the National Pension System (NPS). The bill proposes income tax exemptions for UPS payments up to 60% of the corpus at retirement. Also, in case a UPS subscriber or their nominee receives funds from the scheme before their superannuation, retirement or voluntary retirement, it will be taxable in their hands.
Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign wealth funds, abatement of assessments in search cases, and clarity for the new Income Tax regime's standard deduction. The amendments also align the Unified Pension Scheme (UPS) with the National Pension System (NPS) for tax purposes, removing previous disparities.
In a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STCG) under the new tax regime for AY 2024-25. This decision allows taxpayers with total income up to Rs 7 lakh to claim the rebate on STCG, nullifying tax department notices denying such claims. Read more.
The revised Income Tax Bill 2025, approved by the Lok Sabha, addresses drafting errors from the previous version, set to take effect on April 1, 2026. Key corrections include nil TDS certificates, standard deductions for house property income, and tax deductions for commuted pension for non-employees. These modifications aim to restore clarity, align with existing provisions, and prevent unnecessary litigation.
Income tax is a tax levied directly by the central government on the incomes earned by the individuals and other non-individual entities such as Hindu Undivided Family (HUF), partnership firm and so on during a financial year. These various sources of income include salary, pension, capital gains, sale of financial investments, interest income, other incomes and so on.
Unlike the Goods and Services Tax (GST) Council where the Union Finance Minister and State Finance Ministers decide the rates, the income tax rates are announced by the Finance Minister during the year’s Union Budget.
The rate at which your total income earned during the year will be taxed depends on the slab in which your income falls. Over and above the income tax, a cess and surcharge is levied. The cess is payable by all taxpayers. For those earning more than Rs 50 lakh a year, a surcharge is levied between 10 percent and 37 percent.
The total income earned by a taxpayer during a financial year has to be reported to the government in the assessment year by filing income tax return (ITR filing).
Financial year is the year in which income is earned by a taxpayer; a financial year is between April 1 and March 31. Assessment year is the year immediately following the financial year for which the return is to be filed.
Income earned from various sources such as salary, pension, interest from fixed deposits (FDs), savings account, capital gains from sale of house, equity mutual funds, debt mutual funds and so on have to be reported in ITR.
