In a move to simplify India’s direct tax laws, the Indian government has withdrawn the Income-Tax Bill, 2025, which was originally introduced on February 13.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
India’s salaried middle class is feeling the squeeze, carrying a disproportionate share of the nation’s direct tax burden. Startling figures reveal that just 3% of these taxpayers now contribute more in taxes than all of corporate India combined. This significant disparity, highlighted by Chartered Accountant Kapil Gupta, is sparking widespread discontent and urgent calls for … Read more
India’s Tax Picture: Gross Collections Up, But Refunds Cause Net Dip in FY26 India’s direct tax collections are showing a mixed trend in the current financial year (FY26) so far. While gross direct tax collections have risen by 3.17% to ₹6.64 lakh crore as of July 10, the net collections have slipped by 1.34% to … Read more
The Central Board of Direct Taxes (CBDT) has just dropped some significant updates regarding Income Tax Return (ITR) filing for 2025, particularly concerning mandatory scrutiny. If your case falls into certain categories, it’s highly likely you’ll be getting a notice. New Rules for Mandatory ITR Scrutiny The CBDT has outlined specific conditions that will trigger … Read more