Income Tax Act, 2025: Complete Transition Guide & April 2026 TDS Compliance
1. THE NEW INCOME TAX ACT, 2025 — A HISTORIC OVERHAUL After 64 years, the Income Tax Act, 1961 stands repealed. The Income Tax Act, 2025 (ITA 2025) came into force on 1st April 2026, replacing every provision of the old Act with a cleaner, simplified framework. The Central Board of Direct Taxes (CBDT) also […]
Direct Tax Update For the Month of September 2025
CBDT extends due date for filing Tax Audit Report for A.Y 2025-26 to 31st October 2025 The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing audit reports under the Income-tax Act, 1961 for AY 2025-26 (PY 2024-25). · Original Due Date: 30th September 2025 · Extended Due Date: 31st October […]
Rebate u/s 87A available even if tax payable on STCG on listed shares under section 111A : ITAT
Section 87A of the Income Tax Act, 1961 provides a tax rebate to resident individual taxpayers whose total income does not exceed a specified threshold. For the financial year 2023-24 (assessment year 2024-25), under the new tax regime, individuals with a total income up to ₹7,00,000 are eligible to claim a rebate of up to […]
Income Tax Department cracks down on bogus claims of Deductions & Exemptions
The Income Tax Department initiated a large-scale verification operation across various locations in the country on 14th July 2025, identifying individuals and entities that have undertaken fraudulent claims of deductions and exemptions in Income Tax Returns (ITRs). Investigators have uncovered organized rackets by certain ITR prepares and tax consultants, who have been filing returns claiming […]