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The Rajasthan High Court's Jodhpur Bench has issued an interim order in response to a writ petition filed by the Tax Bar Association Jodhpur. Similar petitions have been filed across the country.
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No interest will be levied if the income tax due is deposited by December 31, says CBDT circular.
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Chartered accountants and trade bodies demand more time as compliance workload and portal issues mount.
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Uniform penalty structures for modifications beyond such FPI groups is also being discussed, alongside exemptions for ETF market makers transferring trades to asset management companies (AMCs) to enable smoother settlement.
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CBDT rolls out a standard operating procedure for tighter monitoring of real estate transactions. CBDT has directed all its investigation directorates to adopt the model and submit compliance reports by October 31
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However, the e-filing portal will be in maintenance mode until 2:30 am to enable change in utilities
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While you can file belated returns by December 31, 2025, not adhering to the September 15 deadline will attract late-filing fees of Rs 1,000–Rs 5,000, besides other restrictions
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Difficulty in accessing AIS has been the chief complaint of many tax professionals ahead of the September 15 ITR filing due date. It is important to review AIS to avoid missing out on disclosures, which can then trigger scrutiny and notices from the tax department.
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Completing the ITR filing process after September 15 will mean coughing up penalties of Rs 1,000-5,000.
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File ITR by September 15, 2025; understand TDS on fixed deposits, threshold limits, rates and refund process.
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Taxpayers can claim exemptions on interest income under Section 80TTA (up to Rs 10,000 for those under 60) and Section 80TTB (up to Rs 50,000 for senior citizens).
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However, income tax officials have refuted claims of technical snags on the official e-filing portal.
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Tax return: If a taxpayer misses the December 31 deadline for filing belated return, she can still file an updated return (ITR-U) under Section 139(8A) of the Income-tax Act within four years from the end of the relevant assessment year.
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The fastest increase in ITR-2 and ITR-3 filers, the categories linked to capital gains and market activity, is coming from Indians under the age of 25. While this highlights extraordinary enthusiasm, it also signals risk.
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Nine different sections of the Income Tax Act allow property sellers to reinvest gains and cut down capital gains tax significantly.
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Filing income tax returns in a hurry can increase the risk of errors, defective returns and, thus, I-T notices. Here’s a last-minute guide to avoiding costly mistakes.
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India’s high interest income tax deters individual investors, limiting affordable debt for infrastructure and SMEs. Reforming to a concessional rate could unlock domestic capital, reduce costs, and boost economic growth
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A granddaughter (whether the son’s daughter or the daughter’s daughter) is treated as a lineal descendant of the donor and therefore falls within the definition of a 'relative'
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The GST rationalisation, income tax relief and lower rates could set the consumption theme up for a long-awaited comeback, Ikigai’s Pankaj Tibrewal has said.
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The actual exercise of choosing between the two regimes has to be done by the employee at the time of filing the ITR.
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The new income tax Act will come into effect from April 1, 2026
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In line with Budget 2024’s announcement to waive the penalty for non-disclosure of low-value foreign assets of up to Rs 20 lakh, the I-T department has decided to eliminate prosecution provisions as well
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For many middle- and upper-middle-class taxpayers, a one-time sale of property can inflate their gross total and push them into higher surcharge brackets, despite having no actual capital gain (after inflation adjustment).
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Under Centre’s proposed plans, government wants to reduce the current rate structure to just two slabs of 5 percent and 18 percent, removing 12 percent and 28 percent rate tiers.
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Chartered accountants differ over whether small taxpayers will be able to obtain section 87A rebate on their STCG income for FY 2024-25 (AY 2025-26) based on the Ahmedabad tax tribunal’s recent order.
