Income Tax News

Income schedules from various sources, loss set-off, depreciation, deductions, exempt income, foreign assets, GST reconciliation, and tax relief are part of the ITR-5 filing structure. 

As a responsible taxpayer, it’s important to stay updated on key deadlines and follow the guidelines set by the Income Tax Department. It’s important to keep in your mind that last date to file your ITR for the Assessment Year 2025-26 is September 15, 2025.

 The government has extended the ITR filing deadline for those originally due on July 31, 2025, to September 15, 2025.  

The statement makes it clear that the new legislation is focused on making the law easier to understand and streamlining the existing provisions, without introducing any changes in the current tax structure.

The Income Tax Department clarified that the new Income Tax Bill, 2025 only aims to simplify the tax law’s language and remove outdated sections, without changing any tax rates or exemptions. This statement was made to counter media rumors about changes to Long Term Capital Gains (LTCG) tax and equity investment benefits. The bill, introduced in February 2025, intends to replace the old Income Tax Act from 1961 with a modern, clearer, and more technology-friendly law. It has undergone detailed review by a Lok Sabha committee and marks the first full rewrite of India’s tax code in decades.  

Filing your ITR, even with zero tax, has important long-term advantages.  

Section 80C lets you claim a deduction of up to ₹1.5 lakh on your taxable income. This deduction isn’t only for investments—it also covers some expenses.

Despite the simplification of the process over the years, procrastination remains common.

Urging the I-T Department to accelerate disposal of disputed tax demands pending before faceless appellate authorities and ensure timely resolution of litigation backlog, she said the Department should identify and withdraw departmental appeals falling below the revised monetary thresholds announced in Union Budget 2024-25 within 3 months.

Taxpayers who sold their property, plot of land, or even shares during the financial year 2024–25, can choose between old regime (with indexation) or new regime (without indexation).

Here is the list of 10 countries in the world that does not levy any personal income tax from its citizens.

Filing a belated return—after the due date but before December 31, 2025—is permitted, but it comes with penalties and other drawbacks.  

The introduction of pre-filled returns, automation in refund processing, real-time TDS adjustments and online grievance redress mechanisms has led to reduced delays by as much as 81 per cent and improved taxpayer experience, according to official figures.

There’s now an extra step while updating your contact details on the Tax e-Filing portal to keep your information secure e-verification. 

Aadhaar-based OTP authentication process to email ID or mobile number on the e-filing portal has been necessiated to prevent unauthorised changes to taxpayer profiles.

Filing ITR as an NRI can be confusing, we have made an step by step guide to help you with this process

The tax authority asked Tata Steel to explain, within 30 days, why the GST amounting to Rs 1,007.54 crore should not be demanded and recovered from the company. 

PAN Card 2.0 is a major upgrade by the Income Tax Department, introducing a digital e-PAN with a secure QR code for instant verification and enhanced security.

Key Financial Changes From July 1, 2025: From July 1, several new financial rules will come into effect that may affect your personal finances and travel. These changes include updates to GST invoice filing, income tax return deadlines, NSE bidding rules, IRCTC Tatkal ticket booking, and train fares. As a new quarter begins, It is important that you should be aware of these updates to manage their finances efficiently. 

To prepare for the rollout, Oman is developing a modern electronic tax system that will link government databases to ensure accurate income reporting and encourage voluntary compliance.