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The Income Tax Department has released a revised Income Tax Return (ITR) Form 5, notified by CBDT via Notification No. 42/2025 dated May 1, 2025, applicable from April 1, 2025, for the Assessment Year 2025-26.
This article covers all the critical changes introduced, the implications for taxpayers, and how to prepare for the new reporting requirements.
CBDT has officially notified the updated ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26 (Financial Year 2024-25), effective from April 29, 2025
The Central Board of Direct Taxes (CBDT) has announced a new rule on Tax Collected at Source (TCS) for luxury goods. This was first mentioned in the Budget 2024 and is now officially notified through two new announcements on April 22, 2025.
A major change has been proposed in the new Income Tax Bill, 2025, which could significantly impact how tax is deducted at source (TDS) for both resident and non-resident taxpayers, including NRIs.
CBDT's Notification No. 30/2025 brings robust procedural clarity to the process of block assessment under search and seizure cases. By introducing Form ITR-B and mandatory digital filing, it enforces transparency and compliance.
In a significant move to enhance India's financial ecosystem, the RBI has introduced six key regulatory proposals aimed at improving risk management, customer experience, and digital innovation across banks and fintech companies.
This article provides an expert analysis of the key amendments, their implications, and the necessary compliance measures for affected organizations.
Tax Changes That Will Make (or Break) Your Wallet
If you pay more than ₹50,000 in monthly rent, simply claiming House Rent Allowance (HRA) while filing your tax return may not be enough to keep the Income Tax D...
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