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Tax

The new feature addresses various issues, including discrepancies in reported income and tax records, missing or incorrect TDS credits.
Updated : Jan 02, 2025

ITR filing: I-T dept now allows you to lodge rectification requests online for incorrect ITR processing

Taxpayers now have the option to submit rectification requests online, even if their Income Tax Returns (ITRs) are under review by the Assessing Officer (AO).

For the 2025-26 Assessment Year, individuals have the choice between the old and new tax regimes.
Updated : Jan 02, 2025

Taxes 2025: How to reduce tax liability in FY25; check these investment options

ITR filing in 2025: Understanding your tax bracket is key to developing a successful tax planning strategy. For the 2025-26 Assessment Year, individuals have the choice between the old and new tax regimes.

The recent updates to the utility software of the Income Tax Department have created obstacles for eligible taxpayers who wish to avail of the Section 87A rebate.
Updated : Jan 01, 2025

ITR filing: Taxpayers can now claim rebate under Section 87A; updated ITR forms 2, 3 to be available shortly

Taxpayers should note that these changes will only be implemented on the back end for the ITR-2 and ITR-3 forms. 

The primary goal of tax planning is reducing the amount of tax owed by utilising deductions and credits effectively.
Updated : Jan 01, 2025

Tax Planning: What strategies to adopt in 2025 to manage tax outgo

Tax planning involves organizing financial matters to maximize tax advantages and reduce tax obligations. This process includes evaluating an individual's or entity's income, expenditures, investments, and other financial transactions to pinpoint possible tax-saving prospects.

CBDT on December 31 extended the last date to January 15 for the ease of taxpayers.
Updated : Jan 01, 2025

New ITR deadline: You will have to pay this amount while filing belated ITR by January 15

Taxpayers must note that there is a penalty of Rs 5,000 imposed upon filing a belated ITR. For individuals with taxable income below a specified threshold, a reduced penalty of Rs 1,000 applies.

Digi Yatra, established in 2022, is a non-profit endeavour backed by the Ministry of Civil Aviation.
Updated : Dec 31, 2024

Tax frauds: I-T department, ministry rubbish use of DigiYatra data to track tax evaders

The Income Tax Department clarified that they are not utilising Digi Yatra data for monitoring tax evaders.

The aim of Vivad Se Vishwas 2.0 is to decrease the number of litigations and resolve about 2.7 crore direct tax disputes worth roughly Rs 35 lakh crore.
Updated : Dec 31, 2024

Vivad Se Vishwas Scheme 2024: CBDT sets new deadline on Jan 31, 2025; check details for settling tax disputes

Taxpayers now have until January 31, 2025, to submit their declarations and resolve disputes at reduced tax rates.

Under the new tax regime, the standard deduction has been raised from Rs 50,000 to Rs 75,000.
Updated : Dec 31, 2024

ITR filing: 8 important income tax changes in 2024 you can't ignore in 2025

The tax rate on long-term capital gains from the transfer of specified capital assets, such as listed equity shares subject to STT, units of equity-oriented funds, and business trusts, has been increased from 10% to 12.5%.

This extension is specifically applicable to resident individuals who filed their original returns under Section 139(1) and need to either submit belated filings or make corrections to previously filed returns.
Updated : Dec 31, 2024

Tax filing date extended! CBDT shifts last date to January 15 for AY 2024-25 returns. Details inside

This extension applies specifically to two categories of returns: belated returns under Section 139(4) and revised returns under Section 139(5).

As per the Income Tax Department, any pending appeals as of July 22, 2024, will be considered for inclusion in the Vivad Se Vishwas Scheme 2024.
Updated : Dec 28, 2024

Direct Tax Vivad Se Vishwas Scheme: File a dispute declaration before Dec 31 or pay 110% of tax demand on Jan 1

The Vivad Se Vishwas Scheme allows taxpayers to settle their outstanding tax liabilities by paying the disputed amount along with a defined percentage. By doing so, taxpayers can put an end to their disputes and avoid incurring additional penalties. 

When filing a late return for the fiscal year 2023-24, it is important to note that opting for the Old tax regime is no longer an option.
Updated : Dec 28, 2024

Tax return: 4 deadlines that you should take note of before December 31

Different taxpayer categories have specific Income Tax Return (ITR) filing deadlines, but the final date for belated and revised returns is consistent, which is December 31, 2024.

The primary goal of tax planning is reducing the amount of tax owed by utilising deductions and credits effectively.
Updated : Dec 27, 2024

Tax payments in 2025: 5 things you need to plan before Dec 31 for next year

Effective tax planning not only allows you to optimse your tax payments but also helps you achieve both short-term and long-term financial goals.

One should note that the Income Tax department will process your refund only after verifying your ITR.
Updated : Dec 27, 2024

ITR 2024: Have you received your income tax refund? If not, check this detail to resolve issue

One must note that prior to issuing a refund, the Income Tax Department must ensure that certain criteria are met. One of the primary reasons for delay as identified by the Income Tax Department can be due to an unvalidated bank account.

Transactions between non-GST registered individual sellers will be exempt from this tax
Updated : Dec 26, 2024

GST on used cars: Check details on when GST rates will be applicable on pre-owned cars, EVs

As per the GST rules, the 18% GST slab is applicable to electric vehicles (EVs) as well as petrol cars with an engine capacity exceeding 1,200 cc or a length exceeding 4,000 mm. Additionally, diesel cars with an engine capacity over 1,500 cc or a length exceeding 4,000 mm, and SUVs are also subject to this tax rate.

The Centre informed the lower house that there has been consistent growth in net direct tax collection from April to October in the last four financial years.
Updated : Dec 26, 2024

Tax evaders: Centre says surveys being conducted to identify evaders under Income Tax Act

In the Lok Sabha, MP Arun Kumar Sagar asked the Ministry of Finance about the government's efforts to identify tax evaders and enhance taxpayer services in the preceding three years.

In the existing system, vehicles running on petrol, LPG, or CNG, with an engine capacity of 1200cc or greater and a length surpassing 4000mm, are subject to an 18% tax.
Updated : Dec 24, 2024

GST on used cars: No new tax imposed on old, used cars, single tax rate fixed at 18%, say experts

The GST Council clarified that it has simplified the tax rate and recommended unifying and prescribing a single rate of GST on the sale of all old and used vehicles including EVs at 18%.

The GST Council has affirmed that GST will not be levied on penal charges imposed by banks and NBFCs for loan defaults.
Updated : Dec 24, 2024

55th GST Council Meeting: No simplification and no ease of Compliance!

During the 55th meeting of the GST Council, important decisions were revealed by Union Finance Minister Nirmala Sitharaman to simplify the Goods and Services Tax (GST) framework and tackle sector-specific issues.

The GST Council has clarified that popcorn will attract three kinds of GST rates based on its spice mix.
Updated : Dec 24, 2024

GST on popcorn: Varying rates may be difficult to implement, lead to classification disputes, say experts

Call for rationalised rates and review of multiple rates on various forms of a single product

The Finance Act 2019 raised the tax rebate threshold under section 87A to Rs 12,500 for individuals earning Rs 5 lakh or less in the old tax regime.
Updated : Dec 24, 2024

ITR filing deadline: Bombay HC asks CBDT to extend timing to file ITRs for taxpayers claiming 87A rebate

ITR filing deadline: Effective July 5, 2024, the rebate under section 87A was not applicable on certain special rate incomes when filing income tax returns (ITR). This includes short-term capital gains on equity shares or equity-oriented mutual funds taxed at 15% under Section 111A.

Pai’s criticism follows a fiery statement from former Chief Economic Adviser Arvind Subramanian, who labeled the system a “national tragedy.”
Updated : Dec 22, 2024

'This is silly...': Mohandas Pai says GST complexity will hold Indians hostage to 'rent-seeking officials'

The outrage stems from decisions made at the 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman. While some announcements aimed to provide relief — like reducing GST on fortified rice to 5% and exempting gene therapies — others sparked ridicule.

Labeling the decisions as a “national tragedy,” Subramanian accused policymakers of violating the foundational principles of the “Good & Simple Tax” that GST was meant to embody.
Updated : Dec 22, 2024

'A national tragedy...': Former CEA Arvind Subramanian slams GST moves amid popcorn tax fury

Under the revised framework, pre-packaged salted popcorn attracts a 12% GST, while caramelized variants move to the 18% slab. Subramanian pointed to such changes as evidence of an overly convoluted system. He shared a post outlining the rate disparities.

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