Income Tax Notice Triggers: Common Reasons You May Get an ITR Notice for AY 2025-26 As the deadline to file Income Tax Returns (ITR) for Financial Year 2024-25 (Assessment Year 2025-26) approaches on September 15, 2025, taxpayers need to be extra cautious—not just …
ITR Refund Delay for AY 2025-26: Income Tax Department Reviewing Past Returns Before Issuing Refunds The filing of Income Tax Returns (ITR) for the Assessment Year (AY) 2025-26 began at the end of May 2025. So far, over 75 lakh ITRs have …
With the Income Tax Return (ITR) filing deadline for Assessment Year (AY) 2025–26 extended to September 15, 2025, for select categories, many taxpayers have already begun submitting their returns, especially after receiving Form 16. However, tax experts caution that even minor mistakes or …
The Central Board of Direct Taxes (CBDT) has issued Circular No. 08/2025, dated July 1, 2025, providing much-needed clarity on the waiver of interest levied under Sections 201(1A)(ii) and 206C(7) of the Income Tax Act, 1961. This circular addresses the concerns raised by …
The Income Tax Department recently brought attention to an insightful post by Chartered Accountant (CA) Pradeep Goyal on X (formerly Twitter) that sheds light on how the current income tax scrutiny process works in India. The department highlighted the post …
Income Tax Return Filing 2025: With the ITR filing season for Assessment Year (AY) 2025-26 already underway, salaried employees, freelancers, and professionals are once again faced with the crucial decision — Should I opt for the old tax regime or the new tax regime? While the new …
The Income Tax Department of India is rolling out several important changes from July 1, 2025, impacting PAN-Aadhaar linkage, ITR forms, e-filing utilities, and tax payment deadlines. Taxpayers, both individuals and businesses, must stay updated to avoid penalties and ensure …
The Income Tax Department has introduced a more stringent scrutiny framework for FY 2025-26, powered by AI and advanced data analytics. From high-value transactions to undisclosed incomes, the tax authorities are leaving no stone unturned in identifying suspicious cases. Experts warn …
As the income tax return (ITR) filing season for Assessment Year 2025-26 progresses, many taxpayers are facing uncertainty due to the delayed release of utilities for ITR-2 and ITR-3 forms. While the Excel and JSON utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) …
Filing an Income Tax Return (ITR) is not just a responsibility but a legal obligation for many individuals in India. Whether you are a salaried employee, a businessperson, a freelancer, or even a non-resident, understanding the rules for mandatory ITR …
In a significant development for India’s GST framework, the Central Board of Indirect Taxes and Customs (CBIC) has issued clear guidelines on the appeal, review, and revision process for Orders-in-Original (O-I-Os) passed by Common Adjudicating Authorities (CAAs) in cases investigated by the Directorate General of GST …
Advocate, Associate Arrested for Running Fake GST Firms and Issuing Bogus Bills New Delhi, June 2025: In a major crackdown on GST fraud, the Delhi Police have arrested two individuals, including an advocate, for allegedly operating a racket of fake GST-registered …
In a landmark decision, the Rajasthan High Court has strongly criticized the arbitrary freezing of bank accounts by investigating agencies, stating that such actions are increasingly causing severe financial distress to businesses and individuals across the country. The ruling came in the case titled Smt. …
The Indian Income Tax Department (ITD) has intensified its crackdown on undisclosed cryptocurrency income, sending out notices to thousands of investors who failed to report earnings from Virtual Digital Assets (VDAs) such as cryptocurrencies and NFTs. With the implementation of …
The Reserve Bank of India (RBI) has released new draft guidelines to regulate gold loans amid a sharp rise in gold prices and growing non-performing assets (NPAs) in this segment. The central bank aims to improve transparency, reduce risks, and protect …
The Reserve Bank of India (RBI) is set to introduce a unified interest rate framework for Non-Banking Financial Companies (NBFCs), aligning them more closely with the norms followed by banks. This move aims to improve the transmission of monetary policy …
As the Income Tax Return (ITR) filing season for Assessment Year (AY) 2025–26 kicks off, tax experts are urging taxpayers—especially businesses and professionals—to pay close attention to the reconciliation of their Goods and Services Tax (GST) returns with income tax …
The Income Tax Department of India has officially released the Excel utilities for ITR-1 and ITR-4 for the Assessment Year (AY) 2025-26 (pertaining to Financial Year 2024-25). This announcement was made on May 30, 2025, through a post on its official social media platform X (formerly Twitter). The …
In a major development for the financial sector, non-banking financial companies (NBFCs) and banks have reached a consensus to levy 18% Goods and Services Tax (GST) on service charges arising from co-lending arrangements. This GST will likely apply to 0.5%–1% of the total …
In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …