NEW DELHI: The income tax department has extended the deadline for filing of tax returns by individuals from July 31 to Sept 15 in the wake of several amendments to the law, which have necessitated revisions in the notified ITRs for this assessment year, requiring the authorities to rework the technology platform, among other things.“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…
Indian Students Abroad Face New Tax Scrutiny Under Budget 2025 Changes. (Representative Image) The Union Budget 2025, while focused on accelerating domestic growth and fiscal consolidation, also signals a more stringent tax regime for Non-Resident Indians (NRIs), including students and young professionals abroad. As the government moves to strengthen regulatory oversight and clamp down on…
In its first full Budget on July 23, 2024, the re-elected govt had announced a revamp of the Income-Tax Act to make it simpler and easier to understand. This exercise has commenced, and with Budget 2025 almost here, businesses are expecting simplification of the tax deduction at source (TDS) provisions as part of the Budget…