In a significant compliance shift under the Goods and Services Tax regime, the GST Network (GSTN) on Saturday announced that the monthly GST payment form GSTR-3B will become non-editable from the July 2025 tax period onward. Starting with returns filed in August 2025, taxpayers will no longer be able to manually alter the tax liability…
ITR filing FY 2024-25: Even if you don’t have taxable income, you may still be required to file a return under certain conditions. (AI image) By Kuldip KumarThe Government recently notified the income tax return (ITR) forms for the financial year 2024–25. While there aren’t many changes, most of them are aimed to facilitate the…
NEW DELHI: The Income Tax Department has officially notified the updated return form, called ITR-U, allowing taxpayers with an extended window of four years to rectify or update their income tax returns. This move comes in line with the amendments introduced in the Finance Act, 2025.Previously, taxpayers had a 24-month period to file an updated…
The morning after his 67th birthday, Marty McGowan filed for Social Security. That wasn’t his original plan. He had intended to wait until he was 70 to claim benefits, in exchange for a heftier payment that would have yielded an extra $800 a month. But like other retirees in recent months, he was watching the…
New ITR-2 form notified: The Central Board of Direct Taxes (CBDT) has notified the ITR-2 Form for AY 2025-26, which includes key changes such as separate reporting of capital gains, allowance of capital loss on share buybacks from October 1, 2024, and a raised threshold for reporting assets and liabilities to Rs 1 crore. The…
ITR filing: For individuals and those not requiring account audits, the submission deadline remains July 31. New ITR forms for FY 2024-25: The Income Tax Department has issued a new ITR-1 and ITR-4 for tax filing purposes for the assessment year 2025-26, simplifying the process for individuals with long term capital gains up to Rs…
A New York county clerk on Thursday blocked Texas from filing a legal action against a New York doctor for prescribing and sending abortion pills to a Texas woman. The unprecedented move catapults the interstate abortion wars to a new level, setting the stage for a high-stakes legal battle between states that ban abortion and…
Karnataka CM Siddaramaiah and RTI activist Snehamayi Krishna (File Image) NEW DELHI: RTI activist Snehamayi Krishna, the petitioner in the Mysore Urban Development Authority scam case, on Wednesday has filed a complaint against 3 IPS officers, claiming that false reports were submitted in an attempt to protect the accused.He alleged that though there is a…
The Trump administration started firing about 6,700 employees at the Internal Revenue Service on Thursday, according to people familiar with the matter, extending its cost-cutting measures to the federal agency responsible for collecting tax revenue from millions of Americans. The job cuts at the I.R.S. are hitting probationary employees who were recently hired around the…
ITR filing: The zero-tax income threshold has been increased from Rs 7 lakh to Rs 12 lakh. Income Tax Slabs FY 2025-26 after Budget 2025: Finance Minister Nirmala Sitharaman’s big announcement that taxpayers will no longer have to pay tax for income up to Rs 12 lakh from FY 2025-26 onwards has been met with…