In a move to simplify India’s direct tax laws, the Indian government has withdrawn the Income-Tax Bill, 2025, which was originally introduced on February 13.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
Jio BlackRock Asset Management has launched five new index funds through a New Fund Offering (NFO). This is the company’s first suite of passive investment products. The NFO began on August 5 and will close on August 12. Here’s a breakdown of the new funds: You can invest in these funds through the JioFinance app … Read more
ITR Processing and Refunds: A Snapshot of AY 2025-26 The Income Tax Department has significantly cut down the time it takes to process Income Tax Returns (ITRs) and issue refunds. According to recent reports, the average processing time has dropped to a remarkable 17 days, a huge improvement from 93 days a decade ago. In … Read more
India’s Forex Reserves Climb to $698.192 Billion India’s foreign exchange reserves rose by $2.703 billion to reach a total of $698.192 billion for the week ending July 25. This increase, reported by the RBI on August 1, follows a drop of $1.183 billion in the preceding week. The growth in reserves was driven by increases … Read more
Gross GST collections in India rose to ₹1,95,735 crore in July 2025, a 7.5% increase from the same period last year. This growth signals continued economic activity, though the pace has slowed. On a year-to-date basis (April–July), gross GST revenue surged 10.7% to ₹8.18 lakh crore. Key Figures for July 2025: Net Revenue Growth Stalls … Read more
Income Tax Bill 2025 Set to Be Tabled in Parliament on August 11 The Income Tax Bill, 2025, a landmark legislative proposal aimed at modernizing and simplifying India’s tax laws, is scheduled to be tabled in Parliament on August 11. This follows its initial introduction by Finance Minister Nirmala Sitharaman on February 13, 2025. The … Read more
In order to ensure the quality of tax audit, the Council of the Institute has, at its 442nd meetingheld on 26th and 27th May, 2025 and its 443rd meeting held on 30th June, 2025 and 1st July, 2025,decided the limit on the number of tax audits, to be effected by issuance of new guidelines, asfollows … Read more
Missed Your ITR for AY 2021-22 or 2022-23? Last Chance to File! Good news for taxpayers who either missed filing their Income Tax Returns (ITR) for Assessment Years (AY) 2021-22 or 2022-23, or need to correct past errors! The Income Tax Department has officially opened the window for filing Updated Returns (ITR-U). This is your … Read more
The Income Tax Return (ITR) filing deadlines for FY2024-25 (Assessment Year 2025-26) aren’t the same for everyone. Due to significant changes in ITR forms and system readiness, the Income Tax Department has extended some dates. Key ITR Filing Deadlines for FY2024-25 What Happens if You Miss the Deadline? Even if you miss your initial deadline, … Read more
