Income Tax Department notifies ITR-1, ITR-4 forms for AY 2025-26
New Delhi, The Central Board of Direct Taxes (CBDT) has notified the income tax return forms ITR-1 and ITR-4 for …
Income Tax
New ITR Forms Released for AY 2025–26: Major Highlights & Changes
The Central Board of Direct Taxes (CBDT) has notified the Income Tax Return (ITR) Forms 1 and 4 applicable for the Assessment Year 2025–26, under …
CBDT’s drive against tax dodgers, sets targets for Income Tax dept
New Delhi, The Central Board of Direct Taxes (CBDT) has directed the field formations of the Income Tax Department to …
What is ITR? Who Should File, Benefits of Filing, When is it Mandatory, Who are exempted from ITR filing?
Income Tax Return (ITR) is a form that taxpayers in India submit to the Income Tax Department to declare their income, …
Net direct tax collections rise 13.57% year-on-year for FY25
India’s direct tax collections, in gross terms, have witnessed a robust growth of 15.59 per cent year-on-year, reaching Rs 27.02 …
KEY HIGHLIGHTS OF FINANCE Act, 2025
The Finance Act, 2025, marks a pivotal step in India’s ongoing efforts to modernize its tax framework and stimulate economic …
List of New items come under TCS from 22 April 2025
A variety of luxury items, including wristwatches, handbags, shoes, sunglasses, art, paintings, and home theater systems, priced over Rs 10 …
Luxury Purchases Over Rs 10 Lakh Now Under Tax Lens
In a significant move to curb black money and bring high-value luxury spending under the tax net, the Central Board …
No tax deductions for settling legal proceedings under certain laws
No tax deduction can be claimed for settling legal proceedings under four laws including Securities and Exchange Board of India …
FAQ on TCS on Luxury Goods applicable from 22 April 2025 on shoes, bags, watch, sunglasses etc.
To widen the scope of Tax Collection at Source (TCS) and enhance revenue from high-value purchases, the Finance (No. 2) Act, …
