The Income Tax Department in India is cracking down on big spenders who might be underreporting their income. They’re doing this by keeping a close eye on high-value financial transactions, and they’ve roped in banks, post offices, and even fintech companies to help. These institutions now have to report certain activities to ensure everyone pays … Read more
Advisory regarding non-editable of auto-populated liability in GSTR-3B Jun 7th, 2025 1.GST Portal provides a pre-filled GSTR-3B, where the tax liability gets auto-populated based on the outward supplies declared in GSTR-1/ GSTR-1A/ IFF. As of now taxpayers can edit such auto populated values in form GSTR 3B itself. 2.With introduction of form GSTR 1A, taxpayer … Read more
Barring of GST Return on expiry of three years Jun 7th, 2025 As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years … Read more
What is Form 26AS? The Tax Form That Can Save You From Notices The tax filing season for 2025 is officially underway, with Income Tax Return (ITR) Excel Utilities for ITR-1 and ITR-4 already available for download. So far, over 1.23 lakh ITRs have been filed. As taxpayers begin the process, it’s crucial to carefully … Read more
Big news for those sticking with the old tax regime this tax season! The Income Tax Department is rolling out some significant changes for Assessment Year 2025-26 (that’s for income earned in Financial Year 2024-25). Get ready for increased scrutiny and enhanced disclosure requirements if you’re claiming deductions. Why the Change? The main goal here … Read more
India’s Income Tax Department Cracks Down on Fake Deductions: 200% Penalty and Prosecution Await! The Indian Income Tax Department is no longer playing around when it comes to fraudulent tax deductions. A recent investigation uncovered over 90,000 salaried individuals who falsely claimed deductions, costing the national treasury a staggering ₹1,070 crore. Now, the department has … Read more
ITR filing for the financial year 2024-25 (Assessment Year 2025-26) has officially begun, with the Income Tax Department permitting Excel Utility-based returns since May 30th. While online filing is still on the horizon, nearly 55,000 returns have already been filed as of June 2nd, 2025. Who Needs to File an Income Tax Return (ITR)? Whether … Read more
The Income Tax Department has released the offline Excel-based utilities for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (which is the Assessment Year 2025–26). You can now download these tools for ITR-1 (Sahaj) and ITR-4 (Sugam) from the official income tax e-filing website. While the direct online filing facility isn’t active yet, … Read more
Filing ITR for AY2025–26? 7 new details you must provide in ITR-1, ITR-4 under Old Tax Regime Currently, individuals eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) can begin preparing and submitting their returns using these utilities. However, the facility for direct online filing of ITRs has not yet been activated. The due date to … Read more