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The Income-tax Act, 2025, in India, which replaces the decades-old Income-tax Act, 1961, was passed by Parliament in August 2025 and received the President’s assent. The government has confirmed that it will come into force from 1 April 2026. Latest Updates Current Tax Law Challenges New Income Tax Act 2025 The Income Tax Act, 2025, […]
Recently, the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, approved the PAN 2.0 project. Rs. 1,435 crore has been allocated for the same project by the government, which aims to overhaul the existing PAN/TAN system to rectify the efficiency and assessee convenience. As per Union Minister Ashwini Vaishnaw, a PAN […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form 12BAA specifically designed for the disclosure of non-salary income and the inclusion of information on Tax Collected at Source (TCS). What is the New Tax Form 12BAA? The Form 12BAA is the statement that depicts the particulars for the objective of sub-section […]
Are you unsure about the legitimacy of an Income Tax Notice or Order you received lately? No need to worry some remedies can help you avoid this unnecessary dilemma. The Income Tax Department has introduced a method that uses a computer-generated Document Identification Number (DIN) to help you validate any information received from them. From […]
In India, Income tax forms 60 and 61 serve specific roles in financial transactions. Form 60 is utilised when an individual lacks a Permanent Account Number (PAN) and engages in specific transactions necessitating a PAN. It functions as an affirmation of identity and location. For instance, if someone intends to open a bank account without […]
Particularly in the rise of medical cases during and post-pandemic, the insurance sector was in demand. Experts see that the 18% GST is higher on health and term insurance and the same must be reduced. Much more people shall take health and term insurance for their medical security if the government cancels the 18% GST […]
Through the motive to make it effective for the one’s income assessees, the centre would work to rectify the 2-year former exceptions free income tax regime, furnishing fewer tax rates post to the failure of the new system to attain the benchmark. Finance Ministry, seems to remove the old personal income tax regime, that provides […]
What is the New Foreign Tax Credit (FTC)? Furnishing relief to the assessee for the case of claiming the Foreign Tax Credit (FTC), the Central Board of Direct Taxes (CBDT) has changed Rules 128 of the Income Tax Rules 1962. Before the revision, the assessee can exclusively avail of FTC, via furnishing Form 67 including […]
The latest e-filing web portal was successfully launched on 7, June 2021 by the income tax department on the website www.incometax.gov.in. the motive to launch the new e-filing portal is aimed at giving the assessee convenience and a modern, seamless experience to the assessee. FM Instructs Infosys to Develop Taxpayer Friendly New E-portal On Tuesday […]
