With the September 15, 2025, ITR filing deadline fast approaching, the Income Tax (I-T) Department has released new Excel Utilities for filing updated returns for Assessment Years (AYs) 2021-22 and 2022-23. These utilities, which became available on September 6, 2025, cover forms ITR-5, ITR-6, and ITR-7, and are designed to help taxpayers correct or revise … Read more
PM Modi’s Call to Action for NDA MPs: Promote GST 2.0 and ‘Make in India’ Prime Minister Narendra Modi has issued a clear directive to NDA Members of Parliament (MPs): actively promote the new GST reforms and the “Make in India” campaign. During a recent meeting, he emphasized that these initiatives are crucial for easing … Read more
FMCG Companies Brace for Short-Term Disruption as GST Changes Loom FMCG (Fast-Moving Consumer Goods) companies are facing a significant challenge as they prepare for a new GST regime taking effect on September 22. The government’s decision to cut taxes on many common-use products has left the industry with a massive amount of inventory that has … Read more
General Impact of New GST Rates The new GST rates and slabs are designed to have a significant and positive impact on heavy industries by making products more affordable, stimulating demand, and simplifying the tax structure. The key changes include: Impact on Specific Heavy Industries 1. Automobiles The GST rate cuts in the automobile sector … Read more
GST Reforms for a Fitter, More Mobile, and Empowered Youth The Government of India’s recent GST reforms are a significant step towards empowering the nation’s youth, promoting healthy lifestyles, and making daily life easier. These changes align with key national initiatives like the Fit India Movement, aiming to increase participation in sports and fitness while … Read more
Major GST Overhaul: Tax Relief on Processed Foods In a landmark decision, the GST Council has simplified India’s tax structure, bringing significant relief to consumers and the food processing industry. Effective September 22, 2025, the previous four-slab GST system (5%, 12%, 18%, and 28%) has been streamlined into two main rates: a 5% “merit rate” … Read more
An important update for Indian taxpayers: A wealth advisor is suggesting that the Section 87A rebate on capital gains from mutual funds might still be available for FY25. This controversial position is based on a recent ruling from the Ahmedabad ITAT, which argues that the law explicitly barring this rebate on special-rate incomes only takes … Read more
The “extend due date immediately” hashtag is trending again in 2025 because tax professionals and taxpayers are facing a recurring set of issues that make it difficult to file Income Tax Returns (ITRs) by the deadline. Even with the deadline for non-audit cases already extended from July 31 to September 15, a new wave of … Read more
Chartered accountants and business groups are sounding the alarm: with the September 15 deadline for income tax filing looming, millions of honest taxpayers could be at risk of non-compliance. But this isn’t due to their own delays; it’s because of a system in disarray. Major organizations like the Federation of Karnataka Chambers of Commerce & … Read more
Missed the ITR Deadline? A Lifeline Under Section 119(2)(b) The usual deadlines for filing your Income Tax Return (ITR) can sometimes be missed due to unforeseen circumstances. But don’t panic! The Income Tax Department offers a crucial lifeline: the condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961. What is Condonation of … Read more
