TDS on Post Office schemes: Not all post office schemes are tax-free: check TDS applicability here

Post Office investments have diverse tax implications, with interest on some schemes being taxable. Crucially, new TDS thresholds take effect from April 1, 2025. Senior citizens will face TDS on interest income exceeding Rs 1 lakh, while general citizens will see deductions above Rs 50,000.

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Gurugram-based professional can save Rs 1.16 lakh tax in old tax regime this way

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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New GST rates from September 22, 2025: Step-by-step guide to update your software

New GST rates took effect on September 22, 2025, necessitating software updates for registered taxpayers. A step-by-step guide, using Tally as an example, details how to implement these changes, including bulk updates and effective dates. The article also clarifies various scenarios concerning time of supply, Input Tax Credit, and specific exemptions for insurance policies.

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CBDT asked to extend ITR filing deadline to October 31, 2025 for tax audit cases, orders Gujarat High Court

Following directives from the Rajasthan and Karnataka High Courts, the CBDT extended the tax audit report deadline to October 31, 2025. Subsequently, the Gujarat High Court further directed CBDT to extend the ITR due date for tax audit cases to November 30, 2025, addressing the gap created by the audit report extension.

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Do I have to pay income tax if I gift a flat to my wife?

My father-in-law plans to gift a flat, valued at approximately Rs 30 lakh, to my wife, the eldest of three siblings, and has asked the developer to register it in her name. Will this gift result in any tax liability or significant charges for my wife?

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Will UPS subscriber or spouse have to pay income tax on withdrawals or family pension?

The Department of Financial Services clarifies the tax implications of the UPS scheme, including family pensions, partial withdrawals, and monthly payouts. Withdrawals up to 60% of the corpus at retirement are tax-exempt, while family pensions are taxed as 'Income from other sources.' Monthly pensions are considered 'Salaries' and subject to income tax, as per DFS FAQs.

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Will ITR filing due date be extended now for audit cases to November 30, 2025, due to tax audit deadline extension by CBDT?

The CBDT has extended the income tax audit report filing due date to October 31, 2025, prompting debate on whether the ITR filing deadline for audit cases will also be extended to November 30, 2025. While one expert anticipates a separate notification for ITR extension, another believes it's implied due to amendments enabling pre-filing.

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CBDT extends due date for filing income tax audit report for FY 2024-25 to October 31, 2025 from September 30, 2025

Tax audit last date extension: The CBDT has extended the deadline for filing various audit reports for the Previous Year 2024-25 (Assessment Year 2025-26) from September 30, 2025, to October 31, 2025, for specific assessees. This decision follows representations from professional associations citing difficulties due to floods and natural calamities, despite the Income-tax e-filing portal operating smoothly.

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CBDT extends the due date for filing income tax audit reports for FY 2024-25 from 30 September to 31 October, 2025

The CBDT has extended the deadline for filing various audit reports for the Previous Year 2024-25 (Assessment Year 2025-26) from September 30, 2025, to October 31, 2025, for specific assessees. This decision follows representations from professional associations citing difficulties due to floods and natural calamities, despite the Income-tax e-filing portal operating smoothly.

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Demand for extension of due date of tax audit report and ITR filing is getting wider with many tax bodies writing to finance minister and PMO

The Karnataka State Chartered Accountants Association (KSCAA) has appealed to the PMO, highlighting critical issues with the Income Tax e-filing portal. They cite delayed form releases, persistent glitches, and a non-functional helpline, causing significant stress and financial burden for taxpayers and professionals. Read more about tax audit due date extension.

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Income tax audit due date extension: Rajasthan High Court orders government, CBDT to extend tax audit report deadline to October 31, 2025

Tax audit due date extension latest news: Hearing the writ petitions filed by the Bhilwara and Jodhpur tax bar associations, the Rajasthan High Court in its interim order today (Wednesday, September 24, 2025) directed the central government and CBDT to extend the tax audit report (TAR) due date to October 31, 2025.

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Who needs to file income tax audit report for AY 2025-26?

For AY 2025-26, businesses exceeding turnover limits and certain professionals must file tax audit reports by September 30, 2025, potentially facing penalties for delays. The Bombay Chartered Accountants’ Society has requested an extension due to challenges like delayed utility releases and systemic portal issues, impacting compliance quality and deadlines.

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Are large income tax refunds getting delayed? Here’s what you can do if you are yet to receive refund

Taxpayers awaiting income tax refunds, especially for larger amounts, may experience delays due to extra verification steps. Mismatches in forms, unvalidated bank accounts, or pending dues can also cause holdups. Taxpayers can check their refund status online, file grievances, or contact the CPC helpline to resolve delays and may be entitled to interest on delayed refunds.

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Relief from GST annual return filing for these taxpayers; Know its impact

Small businesses with turnover up to Rs 2 crore are exempt from filing GST annual returns starting FY 2024-25, offering relief from compliance burdens and associated costs. While simplifying processes, this exemption removes an opportunity for taxpayers to self-correct errors from monthly/quarterly filings. A new table introduced in GSTR-9 aims to improve clarity and transparency in input tax credit claims.

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Tax Dept gives relief to income taxpayers regarding Section 87A tax rebate claim

The CBDT's circular 13/2025 addresses issues arising from taxpayers incorrectly claiming Section 87A tax rebates on special rate incomes like short-term capital gains. While rectifications are underway, leading to tax demand notices, the CBDT offers a waiver on interest under Section 220(2) if demands are paid by December 31, 2025.

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ITR-5 and ITR-7 forms enabled for online filing: Who should file these income tax forms? What are their deadlines?

The Income Tax Department has activated online filing for ITR-5 and ITR-7 forms, pre-filled with data, on its official website. ITR-5 and ITR-7 forms are meant for specific categories of taxpayers and not for individuals or Hindu Undivided Families (HUFs).

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Top five changes in income tax audit form 3CD for AY 2025-26; Check details

The CBDT has announced changes to Form 3CD, applicable for FY 2024-25, impacting tax audit reporting. Key changes include revised reporting for MSME payments, new requirements for share buybacks, and disallowed expenses for legal settlements. Coded reporting for loans and inclusion of presumptive income for cruise ships are also introduced, aiming for greater compliance.

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Extend income tax audit deadline due to ITR portal glitch, AIS errors, new ICAI enhanced reporting needs: Nagpur Chamber of Commerce

Nagpur Chamber of Commerce urges the Central Board of Direct Taxes for tax audit deadline extension. They request pushing it to November 30, 2025, citing ITR portal glitches and form delays. Kailash Jogani emphasizes timely action to avoid trader hardship. The chamber highlights delayed form availability and portal issues. They also mention overlapping deadlines and potential for errors.

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Will a 20% discount on readymade shirt priced Rs 3000 save 13% more on GST for you?

Effective September 22, 2025, India implements revised GST rates on apparel. Clothing priced between Rs 1,000 and Rs 2,500 will benefit from a reduced 5% GST, while items exceeding Rs 2,500 will be taxed at 18%. Discounts reflected on invoices can lower the final transaction value, potentially shifting items into a lower GST bracket, impacting consumer costs.

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Will you need to pay a late fee for filing ITR after due date if you have nil tax liability?

Taxpayers filing belated ITRs after the deadline of September 16, 2025, may face late fees, even with no tax liability under the new regime. As per the rule, if your total income is above the basic exemption limit, you must file your return within the due date. If you miss it, a late fee under Section 234F will apply — ₹1,000 if income is up to ₹5 lakh, and ₹5,000, if it is more than ₹5 lakh.

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ITR filed but e-verification yet to done? You can do it in this time frame; here’s how to e-verify your return using Aadhaar OTP

ITR e-verification: Income tax filers, remember verification is mandatory! Complete it within 30 days to avoid penalties and ensure your return is valid. E-verify easily through Aadhaar OTP, net banking, or other methods. The date ITR-V is received at CPC determines the 30-day period. Delay leads to consequences of non-filing, though condonation requests are possible.

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ITR filing deadline extension: Tax bodies in Punjab to approach high court if finance ministry does not act on their demands

The Income Tax Practitioners Association of Amritsar is deeply concerned about the persistent technical issues plaguing the Income Tax e-filing portal, causing significant challenges for taxpayers and practitioners. It is demanding immediate action from the Finance Ministry to rectify the situation, including a comprehensive system audit and a dedicated grievance redressal mechanism.

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Why your income tax refund is delayed? In how many days can you get it after filing ITR? Here's how to check refund status

Income tax refund: Taxpayers await income tax refunds after the September 16, 2025, deadline. E-verification starts the refund process. Refunds usually arrive in four to five weeks. Delays occur due to data mismatches or incorrect bank details. Check refund status on the Income Tax portal. Ensure bank details are pre-validated and PAN is linked to Aadhaar. There is no upper limit on refunds.

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ITR can still be filed after September 16, 2025 with payment of late fee and losing some benefits

Individuals had until September 16 2025, to file their income tax returns. Filing after this date incurs penalties and limitations, including late fees and potential loss of certain deductions. Choosing the old tax regime requires filing by the original deadline. No HRA tax deduction, EPF 80C deduction, LTA claims deduction if ITR is not filed on or before September 15, 2025.

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Income tax portal still not working! Site faces fresh glitches, payment errors; can we expect another ITR deadline extension, ask netizens

Income tax return deadline: Taxpayers faced persistent glitches on the Income Tax Department's portal despite the extended ITR filing deadline. Many users expressed frustration on social media, citing unresolved technical issues and questioning the effectiveness of the one-day extension.

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ITR filing deadline is September 16, but you can still file income tax return up to December 31 with late fee

The Income Tax Department has extended the ITR filing deadline to September 16, 2025. Taxpayers missing this date can file a belated return until December 31, 2025, with a late fee.

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Good news: Income tax return filing due date extended again by tax dept

The Ministry of Finance has extended the ITR filing due date again to September 16, 2025. While initially the ITR filing deadline was set for July 31, 2025, and then extended to September 15, 2025. However, since the last few days there were several issues with the income tax e-filing portal.

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Good news: Income tax return filing deadline extended again by tax dept

The Ministry of Finance has extended the ITR filing deadline again to September 16, 2025. While initially the ITR filing deadline was set for July 31, 2025, and then extended to September 15, 2025. However, since the last few days there were several issues with the income tax e-filing portal.

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House property received by an individual as a gift is taxable in these situations

Gifting property to close family isn't taxed for the recipient, but rental income tax depends on the relationship. Gifts to spouses or daughters-in-law may trigger 'clubbing' provisions, taxing the original owner. When the recipient sells, capital gains are calculated using the parent's original cost and holding period. Gifts from friends are taxable if the stamp duty value exceeds Rs 50,000.

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ITR Filing last date FY 24-25: Has Income tax filing deadline been further extended to September 30, 2025?

A notice circulating online on Sunday added more confusion to it, as it was referring to a press release from the Ministry of Finance, saying that the ITR filing deadline has been extended to September 30, 2025.

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GST reforms set to reignite consumption growth, spur corporate profitability

India is set to implement new Goods and Services Tax reforms. These reforms aim to simplify tax structure and boost spending. Revised rates will take effect from September 22, 2025. Experts believe that the reforms will play a key role in addressing the demand challenges. Lower taxes on essential and processed goods will create savings for consumers and improve spending and consumption.

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ITR filing 2025: What you should know about Form 26AS, AIS and TIS

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 68th part of this series, ET Wealth explains the difference between the three forms that help you file error-free income tax returns. Note that September 15 is the last date to file your ITR.

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ITR can still be filed after September 15, 2025 with payment of late fee and losing some benefits

Individuals have until September 15, 2025, to file their income tax returns. Filing after this date incurs penalties and limitations, including late fees and potential loss of certain deductions. Choosing the old tax regime requires filing by the original deadline. No HRA tax deduction, EPF 80C deduction, LTA claims deduction if ITR is not filed on or before September 15, 2025.

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ITR filing portal facing very high traffic resulting in access and download related issues; What should you do

The Income Tax Return filing portal is experiencing high traffic. This is causing access and download problems. Taxpayers are struggling to download the Annual Information Statement. The Income Tax Department suggests using specific browsers and clearing cache. Some chartered accountants are also facing difficulties. They cannot access AIS via third-party software. The tax department advises contacting support for assistance.

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Property and assets gifted to son's wife: Will the income from it be clubbed to your income for tax purposes?

Clubbing of income occurs when one person is taxed on another's income, often involving transfers to family. Tax expert Suresh Surana clarifies that gifting assets to a son's wife without adequate consideration triggers income clubbing, but this doesn't apply to daughters or a step-son's wife. Understanding these provisions is crucial for tax compliance and avoiding penalties.

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Even if you made zero capital gains income from sale of property you still need to pay tax in this situation; CA explains why

Recent changes in India's income tax law, specifically the Finance (No. 2) Act, 2024, impact property sale transactions. Even with zero capital gains due to grandfathering relief, taxpayers may face increased tax liability. This is because non-indexed gains elevate total income, potentially triggering surcharge, as illustrated by a case study where a taxpayer paid an extra Rs 61,360.

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Last three days left for ITR filing; Step-by-step guide on how to file ITR 1, 2 for free on e-filing ITR portal

With the ITR filing deadline approaching on September 15, 2025, individuals need to file their income tax returns promptly to avoid late fees. The article provides step-by-step guides for filing ITR-1 online and ITR-2 using the excel utility. It also outlines who needs to file ITR-2, including those with income from salary, capital gains, or unlisted equity shares.

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Seven situations when gifts received by an individual are free from income tax

The Income Tax Department clarifies that monetary gifts to individuals/HUFs are tax-free in specific scenarios, including those from relatives, on marriage, or through inheritance. Gifts exceeding Rs 50,000 annually from non-relatives are taxable. An illustration clarifies the tax implications of gifts from friends and relatives, emphasizing the Rs 50,000 threshold.

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Income Tax law for senior citizens and super senior citizens: What’s new for AY 2025-26

The Income Tax Department has provided details on tax rules for senior and super senior citizens. For assessment years 2025-26 and 2026-27, they can choose between old and new tax regimes. The old regime offers exemptions, while the new regime has lower rates but fewer deductions. Form 15H can be submitted for no TDS on FD. Read more.

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If we sell or develop land transferred to my brothers by my grandfather, how will LTCG be taxed?

My grandfather and his brothers had purchased some land, which had been held in a private family trust. The property was then transferred to all the grandsons equally. Now, if we decide to sell the land or develop it for sale, how will the long-term capital gains be taxed?

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Online ITR filing charges across popular websites for AY 2025-26

There are several third-party websites that provide ITR filing services for payment of a fee. While filing on the government portal is free, using the services of CAs or specialised tax filing websites usually comes with a fee. Read more to know more about how much fee you need to pay for filing ITR through these private portals.

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What if you fail to file ITR by due date 15 September 2025? You should be ready to pay late fee, delayed refund, and scrutiny

The Income Tax Return (ITR) filing deadline is September 15, 2025. Missing it results in a late fee. Belated ITR filing is allowed until December 31, 2025. However, failing to file can lead to legal issues. Late filing also means interest on tax dues and delayed refunds. Taxpayers cannot switch tax regimes when filing a belated ITR.

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Capital gains: Latest LTCG and STCG rates and holding periods for various assets for AY 2025-26

Recent changes in capital gains taxation, including updates in Budget 2024, impact holding periods and tax rates for various assets. While tax rates remain consistent across old and new tax regimes, Section 87A rebate availability faces restrictions, particularly for LTCG exceeding Rs 1,25,000. Discrepancies exist between legal provisions and ITR utilities, potentially leading to manual rebate claims.

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Can you change your tax regime from new to old and vice-versa, while filing ITR? Not always

For FY 2024-25, the new tax regime is the default, impacting ITR filing. Switching to the old regime requires careful consideration, especially for those with business income who must file Form 10-IEA before the due date. While revised ITRs allow regime changes, belated ITRs restrict this option, emphasizing the importance of timely filing.

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Should you pay your income tax via credit card: Here's what you need to know

While most people are familiar with payment options like net banking, UPI, or debit card, fewer know that they can also pay their income tax using a credit card. For those facing fund shortage, or keen to earn reward points, this facility can be useful. Read this story to know how you can benefit from using your credit card to make your income tax payment.

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Extend ITR Deadline to October 15 demands ATBA due to tech issues and glitches with ITR portal like errors in validation, slow uploads

Karnataka State Chartered Accountants Association (KSCAA), CIRC of ICAI, and Advocates Tax Bar Association (ATBA) have urged the Ministry of Finance to address critical issues with the e-filing ITR portal. They highlighted glitches, delayed form releases, and overlapping compliance burdens. The CIRC of ICAI and ATBA requested extensions for income tax return and tax audit deadlines to alleviate taxpayer and professional hardships.

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Pay more than Rs 20,000 in cash for these transactions and get ready to pay up to 100% penalty, says tax dept

The Income Tax Department warns against excessive cash transactions, citing penalties for violations under Sections 271DD, 269SS, 269ST, and 269T of the Income Tax Act, 1961. Exceeding thresholds like Rs 20,000 for loans or Rs 2 lakh for single transactions can attract fines. Read below to know more about what the income tax dept said.

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Facing data mismatch in Form 26AS, AIS, and Form 16 while filing ITR? Here’s what you can do

Chartered accountants highlight persistent data mismatches in the income tax portal's Form 26AS and AIS, causing reconciliation issues and filing complications. Taxpayers are advised to provide feedback for data correction, file ITRs based on accurate calculations with supporting proofs, and be prepared to address potential scrutiny notices. Read below to know what can you do.

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Income Tax Filing Deadline: Excel utilities for filing updated returns in ITR-5, ITR-6, ITR-7 now available on Income Tax Department’s website

The Income Tax Department has released Excel Utilities for updated returns. These are for ITR-5, ITR-6, and ITR-7 forms. This applies to Assessment Years 2021-22 and 2022-23. Forms are available on the department's website since September 6, 2025. ITR-5 is for firms and LLPs. ITR-6 is for companies. ITR-7 is for specified companies.

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Income tax: New TDS/TCS statement correction deadline; do it now to avoid tax notice later

Income Tax Department said that March 31, 2026 is the deadline for TDS, TCS correction statements. This applies to FY 2018-19 Q4 to FY 2023-24 Q3. Deductors, collectors must correct errors before deadline. New rules shorten correction window. Experts advise reviewing tax demands, taking action promptly. Missing deadline may cause tax notices, delayed refunds. Act now to avoid issues.

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Now even BJP CA cell asks for ITR deadline extension due to technical glitches, data mismatch on the ITR portal

The Bharatiya Janata Party (BJP) CA Cell in Pune has urged Finance Minister Nirmala Sitharaman to extend Income Tax Return (ITR) and tax audit deadlines, citing challenges like delayed utility releases, technical glitches on the income tax portal, and reduced working days due to festivals and heavy rains. Several other associations like BCAS, have also requested extensions due to similar difficulties.

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Sold your house property or land? These nine sections in Income Tax law can help save capital gains tax

Indians can save capital gains tax on property sales. The Income Tax Act offers nine sections for tax reduction or zero tax. Sections cover residential, industrial, agricultural land sales. Investment in new properties or bonds provides exemptions. Relocation of industrial units to specific zones also offers tax benefits. Investing in eligible startups can reduce tax burden.

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You have to file ITR if you carried out any of these eight transactions

Even with income below Rs 2.5 lakh (old regime) or Rs 3 lakh (new regime), filing ITR is mandatory if certain transactions occurred. These include spending over Rs 2 lakh on foreign travel, holding foreign assets, high TDS/TCS amounts, significant deposits in current or savings accounts, high business turnover or professional receipts, or substantial electricity bill payments.

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Learn how to file ITR if you have sold house or land in FY 2024-25

For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.

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ITR Filing Deadline Extension: Now Karnataka commerce body, Surat CA unit seek ITR due date extension

Several bodies are requesting an extension to the Income Tax Return (ITR) filing deadline. The Federation of Karnataka Chambers of Commerce & Industry and the Chartered Accountants Association, Surat, have also joined. They cite technical issues, form changes, and portal glitches as reasons for the delay.

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Consider filing a 'nil' Income Tax Return - Sometimes it's mandatory, and other times it can benefit you

While it is true that you may not have any tax dues, that alone does not mean you can skip filing your return. Filing ITR is not just about paying taxes-it is also about reporting your income formally to the government, complying with certain rules, and enjoying several benefits that come along with it.

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ITR filing deadline extension now demanded by this Tax Bar Association due to many issues including technical glitches with ITR portal

The tax bar association, which includes tax practitioners, chartered accountants, company secretaries, advocates, and consultants, in its letter, highlighted how taxpayers and professionals have been struggling this year due to the late release of utilities, ongoing technical issues with the ITRportal, and additional compliance steps.

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GST impact: Like premium air travel tickets, will premium railway tickets cost more after GST 2.0?

Get ready for changes in Goods and Services Tax or GST on air travel. From September 22, 2025, premium air tickets will cost more with an 18% GST. Economy class tickets will remain at 5%. Train tickets will not change. AC and premium train tickets will continue with a 5% GST. Non-AC train travel will remain exempt from GST.

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GST impact on air travel: Do you have to pay extra GST if your travel date is after September 22, 2025?

The GST council is implementing a two-tier GST rate system starting September 22, 2025, impacting air travel. Premium class tickets will see an increase to 18% GST, while economy remains at 5%. The GST rate at the time of booking and payment determines the applicable tax, even if the travel date is after the change.

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Extend income tax audit deadline due to ITR portal glitch, enhanced reporting needs: BCAS

The Bombay Chartered Accountants' Society (BCAS) has urged for extensions to income tax deadlines, citing persistent glitches on the e-filing portal. BCAS, along with other associations, highlighted challenges like delayed utility releases, technical bottlenecks, and overlapping deadlines. They propose extending deadlines for tax audit reports and ITR filings to alleviate taxpayer burden and ensure compliance quality.

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ITR filing deadline: How much penalty amount you need to pay if you miss September 15 due date?

The ITR filing deadline is September 15, 2025. This is for individuals not requiring audits. Missing it means late fees. Section 234F details penalties up to Rs 5,000. Lower income taxpayers may pay Rs 1,000. Penal interest also applies. Certain high-value transactions mandate ITR filing. Filing ITR is a duty. It validates creditworthiness for financial benefits.

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ITR filing deadline needs to be extended as portal glitch, Navratri, Dushera festive season and new ICAI format for non-corporates, says RTCA

ITR filing due date: Tax consultants in Rajasthan are requesting an extension for the Income Tax Return filing deadline. They cite glitches on the e-filing portal as a major issue. The new format from ICAI for non-corporates is also causing delays. The festive season adds to the challenges. Associations want the deadline extended to November 15.

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How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F

Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.

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I am an NRI. How can I take money out of India after selling inherited property and shares with minimum taxes?

I am an NRI with inherited property and shares in India. What are the best ways to repatriate funds without triggering high taxes or violating Foreign Exchange Management ACT (FEMA) rules?

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ITR filing after deadline: What is condonation of delay request? How it can save you from penalties

The Income Tax Department has enabled condonation of delay applications for Form 10A filings, offering relief to taxpayers who missed deadlines due to genuine reasons. If approved under section 119(2)(b), taxpayers can file their ITR without penalties, interest, or additional taxes.

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Have foreign income or income from equity? Know how to report this in ITR form for AY 2025-26

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.

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