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New Delhi: The use of simplified language in the new Income Tax Bill, 2025 marks a significant shift in making the provisions easier to understand, reducing the potential for misinterpretation and enhancing taxpayer-centricity and compliance, according to Finance Minister Nirmala Sitharaman. Urging the I-T Department to accelerate disposal of disputed tax demands pending before faceless…
Mumbai36 minutes ago Copy link On Monday (July 21), Panda presented the report of the Select Committee on the new Income Tax Bill in the Lok Sabha. The government is bringing a new income tax bill to make tax laws easier. For the convenience of taxpayers, the number of words of the Income Tax Act…
ITR Filing 2025 Scam Alert: Money-related frauds are a scammer’s favourites! With the Income Tax Return Filing (ITR Filing 2025) on, such fraudsters have left no stone unturned. These scammers are sending emails to taxpayers, asking them to click on a link and fill their personal and financial details manually to get a Rs 50,000…
Last Updated:July 17, 2025, 13:39 is Tax experts expect more taxpayers to receive notices this time amid tighter scrutiny. Here’re common types of income tax notices, their possible reasons, and how to deal with them. Receiving an income tax notice can be stressful, but it doesn’t always mean you’ve done something wrong. ITR Filing FY…
Last Updated:July 16, 2025, 10:30 p.m. is Notably, no opposition MP has raised any objections to the bill The parliamentary committee, chaired by BJP leader Baijayant Panda, has made a total of 285 recommendations to the draft legislation. Pic/News18 The central government is set to introduce and seek to pass the Income Tax Bill, 2025during…
New Delhi: The average number of days it takes for taxpayers to get refunds from the Income Tax Department in India has come down drastically from 93 days in 2013 to a mere 17 days in 2024, reflecting the increased efficiency in the system on the back of rising digital infrastructure that enables faceless online…
New Delhi: The gross direct tax collection (corporate tax, non-corporate tax, securities transaction tax and other levies) in the current fiscal (2025-26) rose by 4.86 per cent to Rs 5.45 lakh crore (as of June 19), according to the latest figures released by the Income Tax (I-T) department. However, net collections saw a marginal decline…
New Delhi: The Central Board of Direct Taxes on Friday said that it regularly receives detailed financial data under global tax cooperation frameworks, including the Automatic Exchange of Information (AEOI) with over 100 jurisdictions, including Switzerland, which it uses to verify ITRs filed by Indian taxpayers. As a result, a total of 24,678 taxpayers reviewed…
CA Sunil Kumar Jain14 minutes ago Copy link If your income comes under the purview of the tax slab, then you need to fill the Income Tax Return (ITR). Often people miss the ITR. This increases the possibility of getting income tax notice. Revised ITR filling can be fined. This time the last date for…
common mistakes you must avoid while filing ITR in Source link [ad_3]