A substantial 70% extra tax on files after the two-year mark is the catch of the planned extension of the revised ITR filing term from two to four years in the Union Budget 2025. The goal of this action is to deter tax evasion and promote prompt compliance. This article examines the ramifications, professional viewpoints, and actions that taxpayers must take to avoid fines.

In order to rectify prior errors, record extra income, or file missed reports, taxpayers can now file an Updated Income Tax Return (ITR-U) for the preceding four years. This tutorial provides detailed instructions on how to submit an ITR-U, as well as information on who is eligible, deadlines, and penalties.

The Income Tax Department (ITD) has started sending SMS alerts to taxpayers who have claimed Section 80GGC deductions for donations made to political parties and electoral trusts. The notice applies to Assessment Years 2022-23, 2023-24, and 2024-25 and urges taxpayers to verify their claims on the Compliance Portal. If the claim is incorrect, taxpayers must file an Updated Return (ITR-U) under Section 139(8A) before 31st March 2025 to avoid penalties under Section 270A (up to 200% fine) and interest under Section 234F (₹5,000 late fee). This blog explains Section 80GGC deductions, compliance requirements, and the steps to correct errors in tax filings.

The new TDS rate chart for AY 2025–2026, which details the relevant rates for residents and non-residents, has been made public by the CBDT. Important clauses, noteworthy modifications, compliance dates, and advice on implementing the most recent TDS rates into your financial procedures are all highlighted in this article. To guarantee timely tax filing and prevent fines, be informed.

The CBIC has issued new rules for GST arrests, aimed for safeguarding honest taxpayers from arbitrary proceedings. These regulations categorize violations, require prior authorization, and emphasize respect for individual rights in order to promote openness, accountability, and a balance between enforcement and justice.

The CBIC has updated the arrest and bail standards for GST 2025, concentrating on fairness, transparency, and legal compliance. Taxpayers now have protection against arbitrary arrests and clearer bail provisions. These amendments aim to boost business confidence and protect taxpayer rights.

According to Circular No. 20/2024, the Central Board of Direct Taxes (CBDT) has extended the deadline for computation and payment under the Vivad Se Vishwas Scheme, 2024, from December 31, 2024, to January 31, 2025. This program gives taxpayers a hassle-free option to settle outstanding cases while attempting to swiftly address direct tax disputes. The extension gives taxpayers more time to figure out their obligations, collect the required paperwork, and finish payments without worrying about the final minute. This action demonstrates the government's dedication to creating an environment that is favorable to taxpayers while increasing tax collection and compliance. To guarantee seamless compliance, taxpayers are urged to utilize this extension.

A revolutionary move toward streamlining tax compliance is the Indian government's proposal to implement a single rate and section for Tax Deduction at Source (TDS). This program seeks to reduce compliance obligations, promote a pro-business environment, and remove the confusion brought about by different rates and sections. Find out how this change helps taxpayers, simplifies compliance, and supports India's objective of raising the Ease of Doing Business index.

For 'Nil' GSTR-7 filings, the Goods and Services Tax Network (GSTN) has eliminated late costs, which is a comfort to taxpayers. Businesses and individuals that do not have TDS deductions during a tax period will find compliance easier as a result of this change. Find out about 'Nil' files, GSTR-7 filings, and the advantages of this waiver for taxpayers.

The deadline for filing income tax returns for the assessment year 2024–25 has been extended by the Central Board of Direct Taxes (CBDT) to October 7, 2024. This blog discusses the rationale for the extension, who stands to gain from it, and how taxpayers should use the additional time to make timely and proper filings in order to avoid fines. It is recommended that people and businesses take early action to prevent last-minute issues.

Beginning in September 2024, the GST Portal will begin deleting return data older than seven years, which is a significant change for Indian GST filers. Cost reasons, issues related to data security, and regulatory compliance have all motivated this adjustment. Taxpayers need to move quickly to protect their data by printing or downloading copies, utilizing external hard drives or cloud storage, and strengthening record-keeping procedures. Businesses will remain audit-ready and compliant even when past data is archived or removed from the GST Portal thanks to these proactive measures.

This blog article addresses the rationalization of TDS rates, which will take effect on October 1, 2024. It also covers the effects on individual taxpayers, the withdrawal of 20% TDS upon buyback by mutual funds and UTI, and the decreased rates for various sections. An summary of the modifications and how they affect the tax system is given.