In a move to simplify India’s direct tax laws, the Indian government has withdrawn the Income-Tax Bill, 2025, which was originally introduced on February 13. A new and revised version of the bill is set to be tabled on August 11. The decision to withdraw the initial draft came after a Select Committee, led by … Read more
In a major relief for thousands of taxpayers, the Central Board of Direct Taxes (CBDT) has extended the deadline for processing electronically filed income tax returns (ITRs) that were incorrectly marked as invalid. This crucial move aims to fix long-standing issues caused by technical errors at the Centralised Processing Centre (CPC), Bengaluru, which led to … Read more
Income Tax Department Extends Deadline for Erroneously Invalidated ITRs to March 2026! New Delhi, July 29, 2025 – Good news for taxpayers! The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has extended the deadline for processing Income Tax Returns (ITRs) that were wrongly invalidated due to technical glitches. This significant relief, … Read more
The Income Tax Department is stepping up its game, using Artificial Intelligence (AI) to keep a closer eye on taxpayers. They’re building detailed profiles by tracking your online activity, like how often you check your Annual Information Statement (AIS), and flagging high-value transactions that don’t match your tax returns. AI Uncovers Discrepancies and Targets Misleading … Read more
Inoperative PANs and Higher TDS/TCS: CBDT Offers Significant Relief New Delhi: The Income Tax Department, through the Central Board of Direct Taxes (CBDT), has announced crucial relief for taxpayers and businesses concerning higher Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) rates applied when Permanent Account Numbers (PANs) are inoperative. The Root … Read more
Income Tax Department Uncovers ₹1,045 Crore Fraud in Fake Refund Scam New Delhi, India – The Income Tax Department has launched a major crackdown on a widespread scam involving fake I-T refunds and fraudulent claims of deductions and exemptions. Starting July 14, 2025, a large-scale verification operation is underway across multiple states, targeting individuals and … Read more
ITR Filing Deadline for FY 2024-25 Extended to September 15, 2025! Good news for individual taxpayers! The Income Tax Return (ITR) filing deadline for the Financial Year 2024-25 (Assessment Year 2025-26) has been extended by the Central Board of Direct Taxes (CBDT). The new due date for filing your ITR is now September 15, 2025. … Read more
Good News for NSS Holders: No Need to Report Withdrawals in ITR for AY 2025-26 (If withdrawn after Aug 29, 2024) Are you a senior citizen, or anyone, who holds a National Savings Scheme (NSS) account, specifically the NSS-87 Account? If you’ve made a withdrawal recently, you might be wondering about its tax implications. Here’s … Read more
Expect Delays: Income Tax Refunds to Be Slower This Year Taxpayers with diverse income streams, including those with capital gains or business income, should prepare for potential delays in their income tax refunds this year. The primary culprits are the late release of crucial ITR-2 and ITR-3 forms and a new, more stringent verification process … Read more
Heads Up, Taxpayers! ITR-2 & ITR-3 Utility Delays Affecting Early Filers If you’re a salaried professional, HNI, or freelancer planning to file your income tax return early for Assessment Year (AY) 2025-26 (FY 2024-25), you might face a delay. The Income Tax Department has not yet released the offline utilities for ITR-2 and ITR-3 forms. … Read more