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The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has released a corrigendum to its earlier notification G.S.R. 290(E) dated May 6, 2025, introducing key amendments related to income tax return forms and deductions under Section 80-IE of the Income Tax Act, 1961. According to the corrigendum (G.S.R. 356(E)) published in the Gazette of India, two important changes have been made: Correction in Schedule CG: On page 154 of the earlier notification, in Schedule CG, the refer
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FAQ :
The main change is the inclusion of Sikkim among the North-Eastern states eligible for tax deductions under Section 80-IE of the Income Tax Act, 1961.
Section 80-IE provides a 100% tax deduction for eligible undertakings in specified North-Eastern states for 10 consecutive assessment years, intended to promote industrial growth.
Eligible businesses operating in Sikkim can now claim tax benefits under Section 80-IE, effective immediately.
A correction was made in Schedule CG, changing the reference '(4ca -biva)' to '(4a-biva)' to ensure consistency in the computation of capital gains.
Taxpayers filing their Income Tax Returns for Assessment Year 2025-26, Chartered Accountants, tax professionals, and software providers must be aware of these changes.
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