[ad_1] After notifying all income tax forms from ITR-1 to ITR-7, Central Board of Direct Taxes (CBDT) has now notified ITR-U (updated) as well via notification dated May 19, 2025. To encourage voluntary compliance, the Government of India, via Finance Act 2025, extended the time limit to file the updated return from 24 months to 48 months…
[ad_1] ITR 1 (Sahaj) is meant for resident individuals and Hindu Undivided Families (HUFs) with total annual income up to â‚ą50 lakh from sources like salary, pension, interest, dividends, and rent from one house. LTCG relief This year’s Budget raised the tax-exempt limit for long-term capital gains (LTCG) on securities from â‚ą1 lakh to â‚ą1.25…
[ad_1] New Delhi: The Central Board of Direct Taxes (CBDT) has amended its rules to improve accuracy and transparency in reporting of income distributed to unit holders by trusts –vehicles used to pool in investments. The Income-tax (Fifth Amendment) Rules, 2025, notified on Monday, mandate reporting by entities such as real estate and infrastructure investment…
[ad_1] Though the announcement was widely welcomed, it failed to address a critical question – does income from capital gains affect a person’s eligibility for the rebate? In other words, if a person with a â‚ą12 lakh salary earns an additional â‚ą1 lakh from capital gains, will they lose the rebate or will they only…
[ad_1] Mumbai: India’s capital markets regulator is set to ease the registration of foreign portfolio investors (FPIs) if they want to invest in government-backed securities, even as it proposed doubling the equity investment threshold set for granular disclosures by FPIs to â‚ą50,000 crore. The Securities and Exchange Board of India’s (Sebi) whole time member Ananth…
[ad_1] To provide relief to some taxpayers and reduce litigation, the Central Board of Direct Taxes (CBDT) has notified the e-dispute resolution scheme, 2022, wherein a taxpayer can seek resolution in cases where the department has passed an order asking for additional tax liability of an amount lower than â‚ą10 lakh. Under this provision, taxpayers…
[ad_1] A recent decision by the Mumbai bench of the Income Tax Appellate Tribunal in the case of one of the Tata Trusts has brought attention to a challenge faced by many charitable trusts in claiming tax exemptions for spending on charitable activities. The case involved the trust providing loan scholarships to Indian students pursuing…
[ad_1] In the budget for 2024-25, Union finance minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, aiming to make it concise, lucid and easier to understand.  According to Sitharaman, with these reforms the finance ministry seeks to reduce disputes and litigation, providing tax certainty to taxpayers.  While all these objectives…
[ad_1] The Central Board of Direct Taxes (CBDT) has released the Central Action Plan (CAP) for the fiscal year 2024-25, charting a roadmap for the Income Tax Department as India approaches the centenary of its independence in 2047. CAP 2024-25 calls for quick resolution of high-priority tax demand cases, identification of above â‚ą2 lakh cash…
[ad_1] Finance minister Nirmala Sitharaman gave us a reason to smile during her presentation of the Union budget 2023 when she announced that those with income up to â‚ą5 lakh do not have to pay any income tax in both old and new tax regimes. She proposed increasing the rebate limit in the new tax…
