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Here’s a relief for taxpayers – the Central Board of Direct Taxes (CBDT) has extended the last date for filing income tax returns (ITRs) for the assessment year 2025–26. The earlier deadline of July 31, 2025 has now been pushed to September 15, 2025. WHY DID THE CBDT EXTEND THE ITR DEADLINE? The main reason…
New Delhi: The Central Board of Direct Taxes (CBDT) on Thursday issued FAQs to explain the new capital gains tax regime in Budget 2024-25. Q: What are the major changes brought about in the taxation of capital gains by the Union Budget 2024-25? A: The taxation of capital gains has been rationalised and simplified. The…
New Delhi: Finance Minister Nirmala Sitharaman, presenting the Budget 2024 in Parliament made two significant announcements for the employed people to make for those opting for the New Tax Regime. First, the standard deduction for salaried employees is proposed to be increased from Rs 50,000 to Rs 75,000. Similarly, deduction on family pension for pensioners…
New Delhi: Finance Minister Nirmala Sitharaman presented the first budget of Modi 3.0 and middle-class taxpayers were expecting some tax cuts. Their expectations were genuine because the government got bumper non-tax revenue in the form of dividends from RBI and GST collections are also rising. The central government is no longer under any obligation to…