In a move to protect employment and promote environmental goals, the Swadeshi Jagran Manch (SJM), the economic arm of the RSS, has appealed to Finance Minister Nirmala Sitharaman to reduce the Goods and Services Tax (GST) on beedi and plastic waste. The request comes ahead of a GST Council meeting scheduled for September 3-4, where … Read more
Indian Tyre Industry Seeks GST Relief The Automotive Tyre Manufacturers Association (ATMA) is urging the Indian government to reduce the Goods and Services Tax (GST) on tyres, which are currently taxed at the highest slab of 28%. ATMA argues that tyres are not luxury goods but essential components for mobility across critical sectors like transportation, … Read more
In 2025, the Income Tax Department introduced new rules that require a detailed review of certain Income Tax Returns (ITRs), potentially delaying refunds for some taxpayers. While a significant number of ITRs have been filed and verified, about 1.2 crore returns are still pending. Mandatory Scrutiny and New Rules Under the new regulations, a full … Read more
Filing your Income Tax Return (ITR) can be tricky, especially if you have a joint bank account. A common point of confusion arises with fixed deposits (FDs), where the entire investment amount can show up in the Annual Information Statement (AIS) of both joint account holders. This can lead to a mismatch that may trigger … Read more
The Income Tax Department has extended the deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 to September 15, 2025. This extension applies to salaried individuals, pensioners, non-resident Indians (NRIs), and non-audit cases. The new deadline also provides a crucial benefit: it waives the penal interest under Section 234A for late payment … Read more
A New Approach to Anti-Profiteering for GST 2.0 As India prepares for GST 2.0, a key debate is whether the National Anti-Profiteering Authority (NAA), which was dissolved due to its flawed methodology, should be revived. States like Kerala, West Bengal, and Tamil Nadu are pushing for a stronger framework to ensure businesses don’t pocket tax … Read more
Cigarette and pan masala distributors in India are proposing a major overhaul to the GST tax system for their products. The Federation of All India Distributors Associations (FAIDA) has urged the Finance Ministry to switch to an upfront, Maximum Retail Price (MRP)-based tax model. Current System: Complex and Prone to Leakage Under the current system, … Read more
PAN card fraud is becoming a serious issue, with recent reports highlighting how easily a person’s financial identity can be stolen. Two similar cases in Uttar Pradesh and Karnataka have brought this to light. In Uttar Pradesh, a grocery shop owner in Bulandshahr was shocked to receive a ₹141 crore tax notice. He discovered that … Read more
No ITR, No TDS Refund: A Crucial Reminder for Senior Citizens Many senior citizens rely on interest income from their bank deposits. However, even if your total income is below the basic exemption limit, you may still need to file an Income Tax Return (ITR) to get a refund on taxes deducted at the source … Read more
As of September 2, 2025, the Central Board of Direct Taxes (CBDT) has not officially extended the deadline for filing Income Tax Returns (ITR) for the financial year 2024-25 (Assessment Year 2025-26) beyond September 15, 2025. The due date was previously extended for 45 days, from July 31 to September 15, for non-audit taxpayers (including … Read more
