The blog post announces the early notification of ITR-1 (Sahaj) and ITR-4 (Sugam) forms by the CBDT for the Assessment Year 2025-26 (corresponding to Financial Year 2024-25). It details the eligibility criteria for using these forms, explains the significance of the early notification for taxpayers (more preparation time, potentially earlier filing utility release), clarifies the difference between form notification and utility release, reminds readers about the AY/FY distinction, and advises taxpayers to start gathering necessary documents while waiting for the official filing utilities to be launched on the Income Tax portal.

This blog post details the recently announced final deadline of April 30, 2025, for filing declarations under the Direct Tax Vivad se Vishwas Scheme, 2024 (VSV 2.0). It explains the scheme's purpose, eligibility criteria (including the expansion for certain cases), key benefits like waiver of interest/penalty, the procedural steps involving Forms 1-4, and urges eligible taxpayers to act before the deadline to resolve pending direct tax disputes.

This blog post examines the clarified disallowances under Section 37(1) of the Income Tax Act following the Finance Act 2022 amendment to Explanation 1. It details how expenses related to illegal activities, penalties, compounding fees, prohibited benefits/perks (like certain freebies), and violations of foreign laws are now more explicitly non-deductible, emphasizing the need for businesses to ensure compliance and maintain thorough documentation.

This post details India's new 1% Tax Collected at Source (TCS) regulation, effective April 22, 2025, under Section 206C(1F). It applies to specific luxury goods (watches, art, yachts, etc.) when the sale value exceeds ₹10 lakh. The article explains the TCS mechanism, lists affected items, clarifies calculation, outlines buyer and seller responsibilities, differentiates it from Section 206C(1H), and highlights that the TCS paid is adjustable against the buyer's income tax liability.

This blog outlines the key changes to Form 3CD (Tax Audit Report) implemented by CBDT Notification 23/2025, which takes effect from Assessment Year 2025-26. It discusses possible updates in reporting related to MSME payments, Virtual Digital Assets (VDAs), concessional tax regimes, and depreciation, as well as the necessary steps for both taxpayers and auditors.

This guide explains the newly introduced ITR-B form for taxpayers involved in search/requisition operations under sections 132/132A/153A/153C. It covers filing requirements, deadlines, consequences of non-compliance, and essential details to include.

The 7th Amendment Rules 2025 established by the CBDT introduces Section 194T, which requires a 10% TDS on salaries, bonuses, commissions, and other earnings. Understand its implications, necessary compliance measures, and how both businesses and individuals should adjust.

The blog explores the important updates brought forth by Notification No. 21/2025 for the assessment year 2025-26, focusing on the amended Safe Harbour Rules under Section 92CB. It emphasizes crucial modifications, criteria for eligibility, and actionable steps for taxpayers to achieve compliance and minimize disputes.

The CBDT is seeking stakeholder input as it drafts new Income Tax Rules and Forms for the Income Tax Bill, 2025. This blog discusses the relevance of the consultation, main emphasis areas, and how stakeholders may help build a more efficient tax system.

Notification No. 19/2025, issued by the Central Board of Direct Taxes (CBDT), recognizes Power Finance Corporation Ltd.’s Ten Year Zero Coupon Bond under Section 2(48) of the Income Tax Act. This notification provides clarity on the bond’s tax implications, making it a more transparent and attractive investment option. Investors should consider tax planning, financial goals, and risk assessment before investing in such instruments.

This blog discusses the distinctions between ITR-U and Condonation of Delay for late tax filing in India. Learn about eligibility, methods, and how to select the best solution for your needs.

To help taxpayers comprehend the proposed amendments in the Income Tax Bill 2025, the Central Board of Direct Taxes (CBDT) has introduced a cutting-edge Self-Help Tool. This online resource makes tax compliance simpler for both people and corporations by providing real-time updates, tax calculators, and streamlined legal explanations. Discover the main aspects of the Income Tax Bill 2025, as well as how to utilize this instrument and its advantages.